Secondary Reforming Catalyst Market To Make Great Impact In Near Future by 2028
There has been a rise in the demand for secondary reforming catalysts from petrochemical and fertilizer industries. Secondary reforming catalysts are metal oxides used for facilitating the reforming process. Reforming catalysts are generally made up of nickel and oxides of copper, zirconium, aluminum and nickel. A secondary reforming catalyst is primarily used in the reforming process in ammonia production. Secondary reforming catalysts find applications in processes such as methanol, ammonia, formaldehyde and syngas production. The activity of the secondary reforming catalyst decides the yield and conversion of feedstock. The use of a suitable catalyst in the reforming process is essential to the production output of the reforming plant. The performance of the catalyst is dependent on the reformer design.
Global Secondary Reforming Catalyst Market Dynamics
Secondary Reforming Catalyst Market Drivers
The rapid growth of the petrochemical industry has created an upsurge in the demand for secondary reforming catalysts in the manufacturing of various chemicals and gases. The refinery catalyst market is also growing at a high rate and increasing refinery capacities are pushing the demand for high-performance secondary reforming catalysts, which is projected to continue over the forecast period. Increasing populations and decreasing fertile lands are propelling the growth of the fertilizer industry and this growth in the fertilizer industry is resulting in a rise in the demand for ammonia. There has been a significant increase in the demand for hydrogen gas, ammonia and other chemicals, which has been driving the secondary reforming catalyst market growth. Strong growth of the global chemical industry and the increasing need for energy are expected to boost the demand for secondary reforming catalysts during the forecast.
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Secondary Reforming Catalyst Market Restraints
One of the major challenges faced by the global secondary reforming catalyst market is need for continuous research & development for product improvement. Large players in the market are continuously focusing on innovations and developing improved catalysts to maximize the process yield. Therefore, sustaining in the global competition is one of the major challenges for secondary reforming catalyst manufacturers.
Additionally, environmental regulations are getting stringent day-by-day, which may act as a restraining factor for the secondary reforming catalyst market during the forecast period.
Fluctuations in the oil & gas prices are expected to affect the market for secondary reforming catalysts during the forecast.
Secondary Reforming Catalyst Market Trends
Research & development activities have been driving new product developments in the market and the changing requirements of reformers and chemical manufacturers are creating new opportunities for secondary reforming catalyst manufacturers.
Additionally, technology providers are signing long-term contracts with end users including refiners and chemical manufacturers, to grab larger market shares.
Global Secondary Reforming Catalyst Market: Segmentation
The global secondary reforming catalyst market can be segmented on the basis of process, material, end use industry and region.
On the basis of process, the global secondary reforming catalyst market can be segmented as:
On the basis of material, the global secondary reforming catalyst market can be segmented as:
On the basis of end use industry, the global secondary reforming catalyst market can be segmented as:
Chemical & Fertilizer
Global Secondary Reforming Catalyst Market: Regional Outlook
The global secondary reforming catalyst market is anticipated to be dominated by Asia Pacific with China leading the market in terms of both production and consumption. India is also anticipated to witness sound growth in the demand for secondary reforming catalysts, owing to the rapid growth of the automotive industry in the country. North America and Europe are collectively anticipated to hold significant shares in the secondary reforming catalyst market and the increasing demand for green tires is anticipated to drive the demand in the coming years. Significant investments and economic recovery in Brazil and Argentina are projected to drive the Latin America secondary reforming catalyst market. The Middle East and Africa region is projected to witness moderate growth in the demand for secondary reforming catalysts over the forecast period.
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Global Secondary Reforming Catalyst Market: Market Participants
Some of the market participants identified across the value chain of the global secondary reforming catalyst market include,
Honeywell International Inc.
Tanaka Holdings Co., Ltd
China Petroleum & Chemical Corporation
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on
Demand & Supply Trends
Current Issues and Challenges
Companies and Competitor Landscape
Regional Segments Analyzed Include
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Middle East and Africa (GCC, S. Africa, N. Africa)
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
Highlights from the Report
Elaborated scenario of the parent market
Transformations in the market dynamics
Detailed segmentation of the target market
Historical, current and forecast market size based on value and volume
Latest industry developments and trends
Strategies adopted by the market players and product developments made
Potential and niche segments, along with their regional analysis
Unbiased analysis on performance of the market
Up-to-date and must-have intelligence for the market players to enhance and sustain their competitiveness
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