The refining catalysts market size is estimated to register a substantial CAGR of over 3% during the forecast period, 2021–2028. The growth of the market is attributed to rising demand for higher octane fuels and increasing investments in refineries.
A refining catalyst refers to the substance that is used to transform petroleum refinery naphtha’s into a high-octane liquid product, known as reformats. Besides, it also converts low octane hydrocarbons into cyclic naphthalene and other branched alkanes. With the help of refining catalyst, the companies can produce high valued elements that are used in, diesel, petrochemicals and gasoline. Refinery catalysts see predominant usage in petroleum refineries, where they are used to enhance the quality of gasoline products and alter the rate of chemical reactions
Refinery catalysts also increase the operational efficiency of valuable hydrocarbons. Furthermore, they also minimize the adverse effects of products such as gasoline and diesel on the environment by assisting in the removal of sulfur from crude oil. In petroleum refineries, they are used in hydrotreating, hydrocracking, fluid catalytic cracking, and alkylation processes. Refinery catalysts are provided across petroleum refineries to help refiners meet fuel standards, manage operational efficiency, enhance yield and conversion, without affecting the environment. The refinery catalysts are widely used to counter issues such as metal contamination and heat balance effect in tight oil processing.
The Covid-19 pandemic had an adverse impact on the refining catalysts market. The production and supply in the market has been on halt owing to lockdown; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Market Trends, Drivers, Restraints, and Opportunities
- The growing demand for cleaner petroleum products and surging oil and gas-related activities are expected to drive the market during the forecast period.
- Globalization and surging population around the world are estimated to boost the refining catalysts market in coming years.
- Volatility in precious metal prices is likely to impede the market growth.
- R&D investment and technological advancement in refining catalysts market are expected to offer lucrative opportunities for the market players.
Scope of the Report
The report on the refining catalysts market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Refining Catalysts Market –Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Ingredient (Zeolites, Metals, and Chemical Compounds), Type (Fluid Catalytic Cracking Catalysts, Reforming Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, Isomerization Catalysts, and Alkylation Catalysts)
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Geography
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Asia-Pacific, North America, Europe, South America, and Middle-East and Africa
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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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BASF SE, China Petroleum & Chemical Corporation, Albemarle Corporation, Haldor Topsoe A/S, and W.R. Grace & Co.-Conn..
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Market Segment insights
The zeolites segment is projected to constitute a large market share
Based on ingredient, the refining catalysts market is segregated into zeolites, metals, and chemical compounds. The zeolites segment is expected to account for a key share of the market during the forecast period owing to its application in almost all types of refining units with major consumption in fluidized catalytic cracking units.
The fluid catalytic cracking catalysts segment is expected to register a substantial CAGR
Based on type, the refining catalysts market is divided into fluid catalytic cracking catalysts, reforming Catalysts, hydrotreating catalysts, hydrocracking catalysts, isomerization catalysts, and alkylation catalysts. The fluid catalytic cracking catalysts segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to its applications such as producing lighter products from crude oil, converting a variety of feed types, such as gas oil, cracked gas oil, deasphalted gas oils, vacuum/atmospheric resins, and others, into lighter and high-value products, such as LPG, diesel oil, jet fuel, kerosene, and gasoline.
Asia pacific is expected to dominate the market
In terms of geography, the market is broadly classified into Asia-Pacific, North America, Europe, South America, and Middle-East and Africa. The market in Asia Pacific is anticipated to expand at a robust CAGR during the forecast period. Growing transportation, electricity generation along with domestic demand resulting from rising population, industrial production, and increasing income in this region is expected to drive the market growth in near future. Furthermore, various government policies in oil refinery sector along with company acquisitions have positive impact on the market.
Segments
Segments Covered in the Report
The refining catalysts market has been segmented on the basis of:
Ingredient
- Zeolites
- Metals
- Chemical Compounds
Type
- Fluid Catalytic Cracking Catalysts
- Reforming Catalysts
- Hydrotreating Catalysts
- Hydrocracking Catalysts
- Isomerization Catalysts
- Alkylation Catalysts
Geography
- Asia-Pacific
- North America
- Europe
- South America
- Middle-East and Africa
Key Companies
- BASF SE
- Albemarle Corporation
- Haldor Topsoe A/S
- W.R. Grace & Co.-Conn.
- China Petroleum & Chemical Corporation
Competitive Landscape
Key players competing in the refining catalysts market include BASF SE, China Petroleum & Chemical Corporation, Albemarle Corporation, Haldor Topsoe A/S, and W.R. Grace & Co.-Conn.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
