A catalyst can be defined as a component that accelerates a chemical reaction without taking part in the process. The amount of catalyst required is small compared to the amount of reactants. In most cases, the entire quantity of catalyst is recovered at the end of the reaction process. In refining, catalysts play an important role in cracking heavy carbon chains into lighter products such as diesel and gasoline. Hence, these are mostly used in processes subsequent to the post atmospheric and vacuum distillation units.
Technavio’s analysts forecast the global refining catalyst market to grow at a CAGR of 3.28% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global refining catalyst market for 2016-2020. The report discusses segmentation in the refining catalyst market by process (FCC, alkylation, hydrotreating, hydrocracking, and catalytic reforming), by type (zeolites, metals, and chemical compounds).
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Refining Catalyst Market 2016-2020
Technavio recognizes the following companies as the key players in the global refining catalyst market: Albemarle, BASF, Honeywell, Shell, and W. R. Grace.
Other Prominent Vendors in the market are: ExxonMobil, Dow Chemicals, DuPont, Sinopec, and Axens.
Commenting on the report, an analyst from Technavio’s team said: “One of the key trends for market growth will be stricter regulations related to fuel specifications providing a boost to secondary processing units and refining catalysts. GHG emissions from the transport sector represent a major share of overall global emissions. As a result, developed markets such as the US and Europe have been enforcing stricter emission regulations since the 1990s in a bid to reduce the content of sulfur and NOx in vehicular emissions. European countries adopted the strict standards for diesel and gasoline for all types of vehicles in 1992. Since then, they have been tightening the regulations; we note that the latest EURO VI standard was rolled out in 2015.”
According to the report, one of the key drivers for market growth will be the increase in refinery construction across Asia and the Middle East. The Middle Eastern countries have shown an increased interest in developing their own downstream refining capabilities in a bid to reduce their dependence on imports. The countries in this region intend to utilize their abundant crude oil supplies to manufacture petrochemical products and eventually start exporting these products. Such plans have sparked concerns among other petrochemicals export-oriented countries. Over 1.9 mb/d of new refining projects are expected to come online in the region during 2015-2020. The construction of new refineries is going to result in increased consumption of refining catalysts during the forecast period.
Further, the report states that unstable regulatory environment will be a challenge for the market. The growth of the refining industry in any country is predicated on the political stability in that nation. Political instability has become a major challenge in countries dealing with riots and terrorism. Such instability increases the risks associated with the safe operation of an oil refinery. Investors are wary of investing in such countries where regulations are susceptible to change. In addition, the threat of misuse of refining operations by anti-social elements forces companies to suspend operations.
Albemarle, BASF, Honeywell, Shell, W. R. Grace, ExxonMobil, Dow Chemicals, DuPont, Sinopec, Axens.
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