Press release
Refinery Catalyst Industry Expected to Reach $7.95 Billion by 2029 at 5.8% CAGR
Refinery Catalyst
Refinery Catalyst Market Value Projection: How Much Will the Market Size by 2025?
In recent years, there has been consistent growth in the refinery catalyst market. The market, which was worth $6.15 billion in 2024 is projected to increase to $6.33 billion in 2025, maintaining a compound annual growth rate (CAGR) of 3.0%. The expansion during the historic period can be linked to factors such as the increasing demand for petroleum-based products, the rising need for transportation fuel, and a surge in oil and gas exports.
What Will Be the Market Growth Forecat for Refinery Catalyst in 2029?
Expectations for the refinery catalyst market size show a promising enlargement in the next few years. The projection sets the growth at $7.95 billion by 2029, with a compound annual growth rate (CAGR) of 5.8%. This anticipated progress in the forecast period can be credited to high octane fuel, the expansion of the petrochemical industry and the rising need for energy. Key trends for this period include the introduction of hydro processing catalyst solutions, emphasis on escalating their investments to create innovative product solutions to cater to the expanding market needs for refinery catalysts, concentration on advancements in cutting-edge fluid catalytic crac*king (FCC) catalysts, strategic acquisitions and partnerships to boost financial stability, bolster their product range and extend their geographic reach, harnessing hydro flex technology in refining to manufacture renewable diesel and focusing on catalysts' fundamental role in minimizing emissions and paving the way for cleaner energy sources.
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What Are the Core Competitive Drivers in the Refinery Catalyst Industry?
The refinery catalysts market is poised for expansion, driven by the escalating need for transportation fuel. Transportation fuels, which power vehicles with internal combustion engines, are increasingly in demand. They derive from crude oil which is transformed into usable commercial products such as transportation fuels, engine fuels, and heating fuels, via chemical reactions. This conversion process, facilitated by refinery catalysts, not only reduces heavy metals and noxious organic compounds, but also results in cleaner end products suitable as transportation fuel. In a report by the Bureau of Transportation Statistics, a government agency in the United States, in April 2024, there was a significant surge in for-hire transportation from 2021 to 2022, moving from 3.2% to 3.5%. Household transportation also demonstrated an uptick, with an increase of one percentage point over the same timeframe. However, the contribution of in-house transportation remained constant at 1.4% from 2021 to 2022. As such, the ascendant demand for transportation fuel is the key propelling force behind the growth of the refinery catalysts market.
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Which Refinery Catalyst Market Segment Is Projected to See the Fastest Growth?
The refinery catalyst market covered in this report is segmented -
1) By Type: FCC (Fluid Catalytic crac*king) Catalyst, Hydro Treating Catalyst, Hydro crac*king Catalyst, Catalytic Reforming Catalyst, Other Types
2) By Ingredient: Zeolites, Metals, Chemical Compounds
3) By Application: Oil Refineries, Chemical Synthesis, Polymer Manufacturing, Other Applications
Subsegments:
1) By FCC (Fluid Catalytic crac*king) Catalyst: Zeolite-Based FCC Catalysts, Rare Earth-Based FCC Catalysts, Ultra-Stable Y (USY) FCC Catalysts
2) By Hydro Treating Catalyst: Cobalt-Molybdenum (CoMo) Catalysts, Nickel-Molybdenum (NiMo) Catalysts, Noble Metal-Based Hydro Treating Catalysts
3) By Hydro crac*king Catalyst: Amorphous Silica-Alumina Catalysts, Zeolite-Based Hydro crac*king Catalysts, Bimetallic Hydro crac*king Catalysts
4) By Catalytic Reforming Catalyst: Platinum-Based Reforming Catalysts, Rhenium-Based Reforming Catalysts, Bimetallic Reforming Catalysts
5) By Other Types: Alkylation Catalysts, Isomerization Catalysts, Polymerization Catalysts
Which Trends Are Opening New Opportunities in the Refinery Catalyst Market?
The refinement catalyst market has seen a strong emergence of product innovations as a significant trend. Key players in this market are honing their strategies, specifically towards creating novel products, to consolidate their market presence. A case in point, in March 2022, BASF SE, a chemical production firm hailing from Germany, rolled out "Fourtitude", a Fluid Catalytic crac*king (FCC) catalyst specifically configured to optimize butylene production from reside feedstocks. This catalyst employs Multiple Framework Topology (MFT) technologies which aid in enhancing butylene selectivity while sustaining the catalyst's overall activity. Consequently, there is a surge in propylene yields, gasoline octane, and coerced coke selectivity.
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Who Are the Leaders in the Refinery Catalyst Market?
Major companies operating in the refinery catalyst market include Exxon Mobil Corporation, Royal Dutch Shell, China Petroleum & Chemical Corporation, BASF SE, Honeywell International,Chevron Corporation, W. R. Grace & Co, Albemarle Corporation, Arkema, Clariant International Ltd., Sinopec Catalyst Company, Tokuyama Corporation, Nippon Ketjen, S-Oil Catalyst, Qingdao Eno Chemicals, Hindustan Platinum, Dorf Ketal, AB Enterprises, Haldor Topsoe, Johnson Matthey, Axens, INEOS, Clal France, Zeochem AG, MOL Group, Evonik Industries AG, Metalor, Umicore, Heranius, NIS a.d. Novi Sad, OMV Group, Grupa LOTOS S.A, Rosneft, Unipetrol Group, Polimer Sp. z o.o, PolyComp s.r.o, RESINEX Czech Republic, Tecomelt s.r.o, CRI Catalyst Company, Unicat Catalyst Technologies, Grace Catalysts Technologies, INNOSPEC Limited, Fortuna Silver Mines Inc, Mottcorp
Which Regional Refinery Catalyst Markets Offer the Greatest Growth Potential?
Asia-Pacific was the largest region in the refinery catalyst market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the refinery catalyst market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Market Overview:
Refinery catalysts are used in petroleum refining operations to facilitate and accelerate chemical reactions for conversion of crude oil into useful petroleum products like gasoline, diesel, jet fuel etc. Without catalysts, refining processes would be inefficient or not commercially viable.
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