Refinery Catalysts Market to Grow at a CAGR of 4.6% Through 2024

In the highly organized and consolidated global refinery catalysts market the top four companies collectively accounted for a share of over 75% in 2015, observes Transparency Market Research. These top vendors in the market, including Sinopec Corporation, Royal Dutch Shell Plc., ExxonMobil Corporation, and Chevron Corporation have the advantage of wide geographical presence and vast product portfolios. These companies are also at the forefront of research and development activities and the introduction of new product varieties in the global market.

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Owing to the highly volatile prices of crude oil in the global market, the revenue and production of a number of refining catalysts companies have been significantly affected in the past few years. It is expected to be a while until the global oil prices settle at a profitable margin, a scenario which is expected to lead to bleak development opportunities for the global refinery catalysts market.

Global Market to Exhibit Healthy Growth, Zeolites to Remain Leading Catalytic Material

Nevertheless, the market will gain from the flourishing automotive and automotive fuels market in Asia Pacific in the next few years. Transparency Market Research estimates that the global refinery catalysts market will exhibit a 4.6% CAGR in terms of revenue over the period between 2016 and 2024. If the number holds true, the market, with a valuation of US$11,454.2 mn in 2015, is expected to rise to US$17,059.2 mn by 2024.

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Of the key materials used as refinery catalysts, the segment of zeolites dominates the global market in terms of both revenue as well as volume (consumption). In terms of volume, zeolites accounted for a share of over 65% of the global refinery catalysts market in 2015 and is expected to hold on to its dominant position from 2016 to 2024 as well. From a geographic standpoint, Asia Pacific held the dominant position in the global refinery catalysts market in 2015, accounting for a nearly 31% share of the global market.

Rising Global Demand for Sweeter Fuels to Propel Market

In the past few years, the regulations governing emissions produced from vehicles have become more stringent, especially across developed regions such as North America and Europe. Such norms are expected to boost the global demand for refining catalysts for the increased production of sweet fuel. More sweet the processed oil, lesser the quantity of sulfur or other impurities, which in turn translates to less impact on the environment.

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The market for refinery catalysts is also expected to see significant gains across developed countries such as the U.S. and Canada that play an active role in the manufacturing of vehicles compatible with Euro-6 emission norms. Introduction of stringent emission control norms across developing economies such as India and China is also expected to expedite the growth of the refinery catalysts market in Asia Pacific in the next few years.

Underutilization of Refined Products in Europe to Restrain Market Growth

Over the past few years, a vast variety of refining products are being underutilized in Europe as compared to other regional markets. Owing to the presence of stringent environmental regulations and the rising demand for biofuels in the region, the trend is expected to continue during the next few years as well. Europe is an influential stakeholder in the global refinery catalysts market, accounting for a share of nearly 25% of the overall global consumption of refinery catalysts in 2015. As a result, decline in consumption of refinery catalysts in the region will have a notable negative impact on the growth of the global market from 2016 to 2024.

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This release was published on openPR.