Asia Pacific Refining Catalysts Market Outlook
The Asia Pacific Refining Catalysts Market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031 expanding at a CAGR of 4% during 2023 – 2031. The growth of the market is attributed to the increasing investment in refineries.
Refining catalyst is a substance used to transform naphtha into octane liquid product, also known as reformats. Additionally, it converts low octane hydrocarbons into cyclic naphthalene and other branch alkane.
This, in turn, are dehydrated to produce aromatic hydrocarbons with a high octane content. Using a catalyst for refining, companies can produce high-value ingredients used in the petrochemicals, diesel, and petroleum products. Refinery catalysts are used in petroleum refineries, and they are also used to modify chemical reaction and improve the quality of petroleum products produced by methods such as FCC and hydro-processing. Refinery catalysts improve the efficiency of essential hydrocarbons.
Moreover, they also reduce the negative effects of products such as gasoline and diesel on the environment by helping to extract sulfur from crude oil. In the refinery industry, they are used in hydrocracking, hydrotreating, fluid catalytic cracking, and alkylation processes.
Refinery catalysts are provided at all petroleum refineries to help refineries meet fuel standards, control operational efficiency, and improve yield and conversion, without affecting the environment. Refinery catalysts are widely used to combat problems such as metal contamination and the impact of thermal balance on solid oil processing.
Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for fuel with a high octane number is expected to drive the market growth.
- Growing number of stringent regulations for vehicle emissions is anticipated to spur the growth of market.
- Increasing demand for alternative sources of energy and rapidly depleting crude oil reserves can hinder the growth of the market.
- Volatility in precious metal prices can hinder the market growth.
- Environmental policies and Go Green campaigns can create challenges for the market.
- Expanding demand for cleaner petroleum products, growing oil and gas-related activities, and surging population across the globe are triggering the requirement for more energy, which is estimated to contribute the market growth.
Scope of Asia Pacific Refining Catalysts Market Report
The Asia Pacific refining catalysts market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Refining Catalysts Market - Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Ingredients (Chemical Compounds, Metal, and Zeolite) and Types (Alkylation Catalysts, Fluid Catalytic Cracking Catalysts, Hydrocracking Catalysts, Hydrotreating Catalysts, Isomerization Catalysts, and Reforming Catalysts)
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Geographical Scope
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India, Japan, China, South Korea, ASEAN Countries, and Rest of Asia Pacific
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Albemarle Corporation; BASF SE; Haldor Topsoe A/S; Sinopec (China Petroleum & Chemical Corporation); and W. R. Grace & Co.-Conn.
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Asia Pacific Refining Catalysts Market Segment Insights
Zeolite segment to hold a major market share
In terms of ingredients, the market is categorized as chemical compounds, metal, and zeolite. The zeolite segment is projected to expand at a considerable CAGR during the forecast period due to the catalysts’ use in almost all types of refining units most commonly used in catalytic fluidized cracking units. Zeolites are hydrated aluminosilicate minerals, belonging to the family of microporous solids. Naturally, zeolites are made by the reaction of ash layers and volcanic rocks using alkaline water. Natural zeolites are mixed due to the existence of other metals, minerals, and quartz.
Fluid catalytic cracking catalysts segment is anticipated to exhibit a high CAGR
On the basis of types, the Asia Pacific refining catalysts market is classified as alkylation catalysts, fluid catalytic cracking catalysts, hydrocracking catalysts, hydrotreating catalysts, isomerization catalysts, and reforming catalysts. The fluid catalytic cracking catalysts segment is expected to constitute a key share of the market during the projected period due to increasing demand for gasoline as a petroleum fuel for its use in automotive vehicles.
The fluid catalytic cracking (FCC) process plays an important role in refining processes while producing simple products in crude oil. The FCC unit assists in converting various types of feeds, such as cracked gas, gas oil, diesel oil, and vacuum/atmospheric resins into simple and high-value products, such as diesel fuel, jet fuel, LPG, paraffin, and gasoline.
China is anticipated to constitute a key market share
Based on geography, the market is segregated into India, Japan, China, South Korea, ASEAN Countries, and Rest of Asia Pacific. China is expected to constitute a key share of the market during the projected period. Increasing number of private sector corporations has played an important role in encouraging the refining industry in the country.
China's purification capacity is about 14,177 000 barrels per day, comprising about 14% of the world's purification capacity. The National Commission for Development and Transformation of China (NDRC) has accepted a refining project conducted by Risun Coal Chemicals Co. in Hebei area in China, with an expected production capacity of 810,000 t of fuel, 2.5 MMt of jet fuel, and 3.37 MMt of diesel each year.
Segments
The Asia Pacific refining catalysts market is segmented on the basis of:
Ingredients
- Chemical Compounds
- Metal
- Zeolite
Types
- Alkylation Catalysts
- Fluid Catalytic Cracking Catalysts
- Hydrocracking Catalysts
- Hydrotreating Catalysts
- Isomerization Catalysts
- Reforming Catalysts
Geography
- India
- Japan
- China
- South Korea
- ASEAN Countries
- Rest of Asia Pacific
Key Players
Competitive Landscape
The key players competing in the Asia Pacific refining catalysts market are Albemarle Corporation; BASF SE; Haldor Topsoe A/S; Sinopec (China Petroleum & Chemical Corporation); and W. R. Grace & Co.-Conn.
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