By 2025, Refinery Catalyst Market to grow at over 4% CAGR | BASF SE, Exxon Mobil Corporation, Clariant AG, Honeywell UOP LLC, W. R. Grace & Co., Johnson Matthey, Haldor Topsoe A/S

While the Middle East is anticipated to emerge as a lucrative avenue for refinery catalyst market, owing to the increasing oil exploration activities, analysts also project Europe to crop up as a pivotal regional ground for the industry. Apparently, Europe has been predicted to account for more than 20% of refinery catalyst market share by 2025. The marked surge is mainly attributed to the palpable presence of petrochemical industry in the continent. Not to mention, the region also houses a number of refineries and is gaining traction in the global landscape as far as the increase in oil exploration activities are concerned.

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Refiners are relentlessly witnessing a paradigm shift in Refinery Catalyst Market outlook that calls for decision about product slates, feedstock selection or refinery configuration. Accordingly, prominent players are developing enhanced versions of their products to generate higher unit output to enhance customer experience and maximize profit.

Refinery catalyst enables cost-effectiveness and sustainability by making its presence felt on the economies of petrochemical plants and refineries and lowering the production of low value by-products.

Meanwhile, effective grading material systems have become indispensable for the growth of refinery catalyst market as they considerably reduce the impact of deposits on the pressure drop in the reactor and enhance the distribution of the gas feed stream in the reactor. Moreover, they ensure elimination of mechanical impurities contained in the catalytic poisons and feed before the gas feed mixture reaches the catalyst.

As per Global Market Insights, Inc., refinery catalyst market size will potentially surpass US$ 5.5 billion by 2025.

Refiners are increasingly using catalyst technology to propel difficult feeds to diesel and other high-value products. In a bid to propel product portfolio, companies such as ExxonMobil have joined hands with other pioneering companies to offer tremendous hydrogenation power, hydrodenitrogenation (HDN) and aromatic saturation activity.

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Prominently, hydroprocessing is 2 times more active vis-à-vis traditional catalysts and has short payback period of 2 to 3 months, thereby helping enhance product and yield quality. As such, hydroprocessing sector will likely expand at a CAGR of around 5% during the assessment period 2019-2025.

According to the study, Saudi Arabia refinery catalyst market size will potentially surpass US$ 180 million by 2025-end. Housing the second largest crude oil reserve in the world, Saudi Arabia has upped research and development activities in expansion and development of the refineries. Additionally, the regional government is also working toward bettering the downstream petrochemical sector.

Unprecedented surge in the number of oil rigs will help bolster the refinery catalyst market outlook. With plunging demand and dip in price, oil and gas rig count has observed notable fluctuation over the years. For instance, global oil rig count was lowered by 197 and was pegged at 1772 in 2016 as compared to the preceding year.

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