April 07, 2020
As per the report titled ‘Refinery Catalyst Market Size By Type, By Material, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, the global refinery catalyst market is projected to cross USD 5.5 billion by the year 2025.
Resurgence of global oil & gas industry has boosted the demand for refinery catalysts. Increasing usage of refined petroleum products coupled with the extensive utilization of catalysts in various processes including isomerization, reforming, desulfurization, and catalytic cracking are augmenting the growth of refinery catalyst market. These materials help in maintaining operational efficiency and managing fuel standards without affecting the environment. Shifting preference for sustainable practices and increasing use of fuels with extremely low sulfur content are other factors boosting the demand for refinery catalysts.
On the reverse, low availability of unique earth metals such as vanadium, molybdenum, and tungsten, along with the volatile prices of raw materials may hamper the market growth during the forecast period.
Based on the type, refinery catalyst market is classified into fluid catalytic cracking, hydroprocessing, alkylation, and reforming & isomerization. Alkylation segment is expected to grow with 3% CAGR over the forecast timeline, owing to crucial application of refinery catalyst in converting low molecular weight alkenes and isobutane into alkylate.
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Elaborating on the material scope, the market is categorized into zeolite, metal, and chemical compound. Chemical compound segment is projected to grow with a CAGR of 2% through 2025, on account of their extensive use in alkylation processes.
Considering the geographical landscape, refinery catalyst market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is presumed to account for 20% revenue share of refinery catalyst market in the coming years due the presence of a well-established petrochemical industry and numerous refineries across the region. Meanwhile, Middle East & Africa market is slated to expand with a CAGR of 4% over 2019-2025, owing to massive crude oil & gas production in the region.
Prominent players of refinery catalyst market include Exxon Mobil Corporation, Unicat Catalyst Technologies, Inc., Haldor Topsoe, China Petroleum & Chemical Corporation (Sinopec Corp.), Albemarle Corporation, W. R. Grace & Co, Johnson Matthey, Honeywell UOP, BASF SE, Clariant AG, Royal Dutch Shell, Axens SA, Dorf-Ketal Chemicals India Pvt. Ltd., Pingxiang Chempack Imp & Exp Co., Ltd., and JGC Catalysts and Chemicals Ltd.
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