Global Refinery Catalyst Market to Grow at a CAGR of 5.14% by 2030

According to ChemAnalyst report, “Global Refinery Catalyst Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Refinery Catalyst market has shown tremendous growth in the past five years and is anticipated to achieve a CAGR of 5.14% during the forecast period. Increasing population and growing demand for petroleum and its derived products, demand from transport sector, increasing consumption of natural gas in household sector, development of new technologies would drive the demand for Refinery Catalyst in the forecast period. These catalysts are also used in various processes like reforming, isomerization, catalytic cracking, desulfurization, etc.

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Majority of refinery catalyst being produced in the world today is used in various processes like reforming, isomerization, catalytic cracking, desulfurization, etc. which take place in refineries. The major end uses of these chemicals are in FCC catalyst, alkylation catalyst, hydrotreating catalyst, hydrocracking catalyst, catalytic reforming. The remaining of the demand of chemicals comes from other applications, such as rise in demand for high Octane fuel, demand for ultra-low sulfur diesel and many more. The catalyst are manufactured by reacting different types of material in different compositions which includes chemical compounds, metals and zeolites. This revolutionary technology is known to be the most economical one, with remarkable benefits such as reduced capital investments, maintenance costs, and waste treatment.

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Among various applications of catalyst, FCC (Fluid Catalytic Cracking) catalyst dominate the Global refinery catalyst market. As of 2020, the FCC (Fluid Catalytic Cracking) catalyst dominate Refinery catalyst end user market and are expected to propel the market growth backed by drivers like increasing e-commerce activities which is dependent on petroleum and its derived products, rapid urbanization, and growing rate of per capita consumption of petroleum and its derived products globally. In the past few years, the increasing industrialization and urbanization and increasing demand from e-commerce activities. These factors are likely to propel the demand for global refinery catalyst in the forecast period.  Moreover, increased use of high-octane fuel and demand for ultra-low sulfur diesel are further driving the catalyst demand in the forecast period.

Refinery catalyst prices are linked to its increasing demand from various sectors like e-commerce, household gas, transport, and refineries. Over the past few years, catalyst prices have become highly susceptible to the demand of the petroleum and its derived products. In the first half of FY20 sudden outbreak of novel coronavirus followed by unprecedented fall in demand rendered a sharp downfall in the global Refinery Catalyst prices. Various industrial operations shutdown in the first half of the FY20 which impacted various industries including these chemicals market as it is majorly used in refineries for the efficient production of petroleum derived products. Therefore, catalyst market has also being affected due to shaken market outlook.

Regionally, Asia Pacific dominates the Global refinery catalyst market and holds the largest market share in 2020. Asia’s catalysts market is anticipated to grow in the economies like India, China and Japan due to continuously rising population and high demand from the industrial and e-commerce sector. South Asia, particularly India, seems to be the key market for catalyst as the country is seen as a generally under-supplied market with limited domestic manufacturing. Moreover, increasing focus of the Indian government towards spreading awareness for production in India through campaigns such as MAKE IN INDIA Project would stimulate the growth of the global Refinery catalyst market in the forecast period.

According to ChemAnalyst report, Global Refinery Catalyst Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating global Refinery Catalyst market are Albemarle Corporation, Haldor Topsoe, W R Grace, Honeywell UOP, Clariant, Axens, Johnson Matthey, JGC Catalyst and Chemicals, Shell Catalyst & Technologies, Arkema, Anten Chemicals, Chempack, China Petroleum and Chemical Corporation, Dorf-Ketal Chemicals Pvt. Ltd., BASF, Exxon Mobil Corporation, Gazprom, KNT Group, etc.

“Being directly linked to the chemicals industry, the global refinery catalyst industry has shown a robust growth alongside growing population and increase of dependency on petroleum and its derived products. India is forecasted to become the world’s fifth largest consumer market by 2025. In addition, growing use of petroleum and its derived products globally poised a stronger outlook to the country’s catalyst demand. The nationwide lockdown affected the demand and increased the price due to minimum demand.  China also serves as the key growth region with sufficiently installed capacities. With new competitors emerging across the Asian catalyst market, players anticipate that supply will soon outpace demand soon. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

Source : ChemAnalyst

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