Europe Refining Catalysts Market - Segmented by Type, Ingredient, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Europe refining catalysts market is valued at USD 938.58 million in 2018 and is projected to reach USD 1062.44 million by 2023, growing at a CAGR of 2.51% during the forecast period, 2018 to 2023, majorly driven by the accelerating demand for higher octane fuels. Refining catalysts accelerate the rate of a chemical reaction without undergoing any permanent chemical change. They are primarily used by petroleum refineries to improve the output quantity by enhancing the operational efficiency during the petroleum refining process. These catalysts play a vital role in meeting the fuel standards, emission standards, and improving selectivity and conversion.
Accelerating Demand for Higher Octane Fuels Driving the Market
With the growth in the global automotive production and rising demand for lightweight vehicles and high-performance cars, there has been an increasing demand for higher octane fuels. Higher octane fuels lead to less knocking in automotive vehicles. This has led automakers to increasingly adopt turbocharging and other engine technologies to improve power and fuel efficiency. Thus, premium fuel has historically been required in performance and luxury vehicles that maximize power and torque.
Hydrocracking Catalysts to Grow Rapidly
Hydrocracking catalysts are expected to grow rapidly at a CAGR of 3.56% during the forecast period. Hydrocracker units play a key role in obtaining various distillate cuts. The heavy feed or residue from units such as atmospheric/ vacuum distillation units, decoking unit, visbreaker unit, and in some instances, from catalytic cracking unit, is fed as feed to the hydrocracking unit. Hydrocracker unit upgrades the feed injected by cracking the feed at high temperatures in the presence of hydrogen and catalyst to produce distillate cuts such as jet fuel, diesel, and kerosene. Hydrocracking process also reduce the sulfur content of the feed while processing, thus making the product viable to use in different countries. Increasing demand for jet fuel and diesel in the aerospace and automotive markets is likely to boost the demand for hydrocracking catalysts at a significant rate during the forecast period.
Germany Dominating the Refining Catalysts Market
Germany is estimated to be the largest market for refining catalysts, accounting for about 39% in Europe in terms of revenue, in 2017. Germany is a key consumer of refinery catalysts in the European region. Growth of the automotive industry, along with the growing investments from refineries contributed to the growth of the refinery catalyst market in this country.
October 2017: W. R. Grace & Co. will increase the price of its Fluid Catalytic Cracking (FCC) catalysts by 3-9%, depending on product type and specific customer contract terms and commitments, effective January 1, 2018.
Major Players: Albemarle, BASF, Honeywell, and Evonik, among others.
Reason to Purchase the Report
To understand the impact of various product type on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating product type and ingredient in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players.
3 month analyst support, along with the Market Estimate sheet (in Excel)
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