Refinery Catalyst Market Set for Rapid Growth and Trend, by 2025
Asia Pacific is the largest market for refinery catalysts. The countries such as China and India have the largest population which in turn has enabled burgeoning growth in Industrialization, Urbanization, and Construction activities. Thereby, driving the growth of refinery catalyst market in Asia Pacific at the fastest rate. The rapid expansion and industrialization of polymer manufacturing and refining companies in the Asia-Pacific region is also expected to increase growth of refinery catalysts in the region.
Increasing Oil and Gas exploration activities has led to an increase of demand in the Middle East region. Therefore, refinery catalysts market is expected to have a high growth rate in this region.
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In Europe, the economic slowdown has hindered the market from the past few years. But, the growing construction and automotive industry has enabled the refinery catalyst market to grow at a steady rate.
Shale gas boom has attracted many markets in North America and has led to the establishment of many exploration and refining projects. This, in turn, has led to the use of the catalyst to convert heavy crude oil into lighter parts. The increasing use of petroleum feedstock in North America is creating the highest growth opportunities in the refinery catalysts market.
Fluid Catalytic Cracking (FCC) is one of the major secondary procedure used in petroleum refineries which converts the high molecular weight and high boiling fractions of petroleum crude oil into more valuable products such as olefin gases, gasoline, and others. Cracking of petroleum hydrocarbons was earlier done by thermal cracking, which is now completely replaced by catalytic cracking. Hence, making the hydrocracking segment of refinery catalysts market to grow at a high rate during the forecast period.
Zeolite ingredient segment is the largest market in the global refinery catalysts market, as it is the most widely used in the FCC process. Owing to its affordable cost coupled with beneficial properties has enhanced the growth of refinery catalyst in FCC process.
Furthermore, other metals such as platinum, tungsten, nickel, cobalt molybdenum and various other metals are usually used for hydrocracking and hydrotreating process to remove impurities and reduce the emission of harmful gases into the environment. As the demand for fuels containing less sulfur content increases, the demand for metals is witnessed to have significant growth during the forecast period.
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Key players in the global refinery catalyst market
The market of Refinery Catalysts is dominated by large multinationals such as BP Global and Royal Dutch Shell. Other key industry participants include YARA International, Foster Wheeler AG, OXEA GmbH, W R Grace, Johnson Matthey, Albemarle Corporation, BASF SE, Technip SA, and UOP LLC.
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