Refinery Catalyst Market | Global Industry Statistics, Analysis 2019-2023 - Albemarle Corporation. W. R. Grace & Co., Honeywell, Uop Llc., Criterion Catalysts & Technologies L.P, Axens Sa, BASF SE, China Petroleum & Chemical Corporation and Johnson Matthe

Market Synopsis

Market Research Future (MRFR) reveals in its new study that the Global Catalyst Refining Market is predicted to register a CAGR of over 4% during the forecast (2018–2023). The fluid catalytic cracking (FCC) process plays a vital role in refineries, producing lighter products from crude oil. It helps in converting a variety of feed types, such as cracked gas oil, gas oil, deasphalted gas oils, vacuum/atmospheric resins, and others, into lighter and high-value products. These products are diesel oil, jet fuel, LPG, kerosene, and gasoline.

Market Growth Aspects

Growing Investments in Refineries Fueling the Market Growth

The Refining Catalysts Market has benefitted from the increasing investments in oil refineries. For instance, in August 2018, Oil marketing major Indian Oil Corporation Ltd (IOCL) is planning to invest USD 25 million to expand east India's first LPG pipeline. Such investments coupled with the increasing demand for fuel, are expected to augment the demand for Refining Catalysts.

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Rising Energy demand to Augment Market Growth

Another critical driver triggering the growth in the Global Refinery Catalyst Market is the surging energy demand. The steadily increasing demand for gasoline and diesel has fueled the requirement of raw materials for their production. However, the limited supply of raw materials lands the overall cost of production on the higher side. This factor attracts manufacturers towards refinery catalysts, as they help extract relatively more diesel and gasoline from the same amount of crude oil.

The Refinery Catalyst Market has thus managed to soar high on the back of the efficient use of catalysts helping the manufacturers to address the increasing energy demand better. Hence, the Refinery Catalysts manufacturers are increasing their production capacities to meet with the rising demand for Refinery Catalysts.

Market Restraints

Keeping in mind the impactful drivers leading the market, there are few restraining factors curbing the growth as well. Fluctuating raw material prices and rapidly depleting crude oil reserves serve to arrest the growth of the market in the long run.

However, forming the crux of the market development is the gradual and steady stabilization of the oil & gas industry, exponentially benefitting the overall market performance. Suffice to say, the market is well on its way to high growth trajectory and will remain unaffected by market restraints.

Market Segmentation

The Global Refining Catalyst Market is segmented on the basis of Type and Ingredients.

By Type, the market is segregated into fluid catalytic cracking (FCC) catalysts, hydroprocessing catalysts, catalytic reforming catalysts, and others. Increasing fuel standards, better operational efficiency, and stress on green resources are expected to augment the FCC Catalysts Market growth.

By Ingredients, the market is segregated into zeolites, metals, chemical compounds and others. Rising need for non-toxic and hydrophilic adsorbents for waste water treatment and water purification has led to increasing demand for zeolites in the market.

Regional Analysis

The Global Refining Catalyst Market is segmented into five major regions, namely Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa.

The report states that Asia Pacific is the largest market. It is expected to grow at a healthy CAGR throughout the assessment period. The region revels in the presence of the most populated economies which in turn augments the demand for energy in the region. This factor drives the demand for refining catalyst in the region. In addition, the rapid development of polymer manufacturing and refining companies in the region is also positively affecting the market growth.

The North America region is another eligible market for refinery catalyst globally. The boom in shale gas in the region has been instrumental in fueling the demand for refinery catalyst, particularly in the United States (U.S). Further, the strict regulations pertaining to the use of crude emission contributes majorly to the revenue of the Refinery Catalyst Market.

The Europe region accounts for a considerable portion of the global market on account of growing automotive production and increasing demand for lightweight vehicles and high-performance cars. The subsequent increase in adoption of turbocharging and other engine technologies to improve power and fuel efficiency has bolstered the market growth in the region. Also, in the region, Germany is a key consumer of Refinery Catalysts owing to the growing investments from refineries in the region.

The Middle East and Africa market is presumed to grow at a steady CAGR on account of the growing oil and gas exploration activities. The market growth in the region is also backed by various government policies in oil refinery sector along with company acquisitions.

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