Refinery Catalysts Market: China Continues to be Most Lucrative Country, Analysis By 2024

The global refinery catalysts market represents a highly organized and consolidated structure formed by four companies, who held more than 75% shares of the market in 2015. These four companies are Royal Dutch Shell Plc., Sinopec Corporation, Chevron Corporation, and ExxonMobil Corporation. Besides dominating with an impressive product portfolio and extensive geographical presence, these companies constantly focus on research and development of new products to negate the emergence of new players.

Volatility of crude oil prices continues in the global market, which has significantly affected the production and revenue of several refinery catalysts, and the pattern is expected to persist for a few years to come until the oil prices settle at a profitable margin. This factor is reflecting negatively over the growth rate of the global refinery catalysts market, which is projected for a CAGR of 4.6% during the forecast period of 2016 to 2024. This report by Transparency Market Research (TMR) evaluates that global refinery catalysts market had an opportunity worth US$11.5 bn in 2015, and estimates it to reach a valuation of US$17.0 bn by the end of 2024.

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Zeolites Remains Most In-demand Material

On the basis of material, the report categorizes the global refinery catalysts market into zeolites, cobalt, molybdenum, nickel, and others including platinum. Out of these, the segment of zeolites had the maximum demand in 2015, accounting for 65% of the global market in 2015. This high demand for zeolites is a reflection of growing usage of fluid catalytic cracking process in refineries, which is essential to meet the escalating demand for high octane gasoline globally. Adjustable acidity and high porosity are some of the properties of zeolites that encourage its use as catalysts in refining and petrochemical production. The report detects that round about 95% of the total zeolites manufactured across the world are used across fluid catalytic cracking operations. The segment of molybdenum catalysts is also expected to flourish during the forecast period, gaining extended demand from the Middle East and Asia Pacific.

Geographically, the report studies the opportunities available in the regions of North America including the U.S. and Canada, Europe including Germany, France, and the U.K, Asia Pacific including China and India, the Middle East and Africa, and Latin America. Among these, Asia Pacific, and China in particular, are the most profitable regional and country-wide markets for refinery catalysts. The report observes that China served 70% of the demand for zeolite in the global market in 2015.

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Stringent Eco-Friendly Regulations Driving Demand

Stringent regulations by several governments pertaining to environmental friendly performance is the most prominent driver of the global refinery catalysts market. The Environmental Protection Agency (EPA) and the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) are strictly curtailing sulfur and NOx emissions from refinery, and thereby are augmenting the demand for refinery catalysts. The requirement to optimize tight oil and sour crude processing as well as complexity of refineries are other factors favoring the growth rate.

Moreover, rapidly increasing number of passenger vehicles is escalating the demand for low-sulfur fuels. In India, which resides vast population, government has decided to set new emission regulation norms, the Bharat Stage VI, which will significantly increase the demand for refinery catalysts form this country-wide market. The inclination of European Commission towards decreasing the GHG emissions, along with regulatory bills to promote biofuel industry are anticipated to propel the demand for enzyme catalysts in the Europe refinery catalysts market.

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