Refinery Catalyst Market size will be fueled by sustained production of crude oil & gas sector

Refinery Catalyst Market trend will be fostered by rising the number of oil rigs to speed up the production of refined petroleum products. Major revival of the global oil & gas sector will be playing a prominent role in the driving of the product market. The global count for oil rig had fallen from 3,570 in 2014 to about 1,969 in 2015 and it further dropped to approximately 1,772 by 2016 end.

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There has been a reduction in the standards of quality which includes shrinking of olefins, benzene among others, driving the shift towards fuels that have been very low in sulphur content. This has had a major influence on the demand for catalysts for chemical synthesis.

Refinery catalysts are essentially used in several processes which also include reforming, catalytic cracking, isomerization, and desulfurization, among others. The product is extremely useful in helping refiners to manage the fuel standards and meet the operational efficiency without having to hinder the environment.

The production of refinery catalysts mostly involves prominent use of unique earth metals like tungsten, vanadium and molybdenum among various others. Global refinery catalyst market size is projected to surpass $5.5 billion by the year 2025.

Eminent market players in the refinery catalyst industry include:

1. Albemarle
2. Haldor Topsoe
3. BASF
4. Axens
5. Honeywell UOP
6. Royal Dutch Shell
7. W. R. Grace & Co, Clariant
8. Axens SA
9. Pingxiang Chempack Imp & Exp Co. Ltd.
10. JGC Catalysts

These companies are majorly focusing on the research and development activities and also lay heavier emphasis on the enhancement and the advancement of the productivity of the refineries, while considering any strict regulations pertaining to the environment.

Refinery catalysts are offered as alkylation, FCC (fluid catalytic cracking), hydro processing and reforming & isomerization. The alkylation catalyst market share among the others will register a CAGR of over 3% over the projected time period. These catalysts tend to primarily convert all the low-molecular-weight alkenes like the mixture of propane and butene accompanied by isobutane into alkylate.

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Refinery catalyst market share, on the basis of materials, have been subdivided into zeolite, chemical compound, metal and others. The chemical compound segment has been anticipated to grow at the rate of more than 2% by the year 2025 in terms of revenue. Various chemical compounds are widely used in alkylation processes such as hydrofluoric acid, sulfuric acid that are suitably used in alkylation processes.

Several European countries have a significant number of petrochemical companies and refineries that contribute to the global oil and petroleum products along with its derivatives. The Europe refinery catalyst market share shall control over 20% of the global revenue size in the forthcoming years.

The Middle East & Africa region has one of the biggest oil markets in the world with 64 refineries and a barrel capacity in millions. Widespread production of crude and oil gas will result in MEA refinery catalyst market share registering an increase of more than 4% up to 2025.

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