Global Catalyst Regeneration Market - Segmented by Product Type, End-user Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global catalyst regeneration market has been majorly driven by the growing demand from Asia-Pacific. The increase in demand has been witnessed by a number of end-user industries, which include petroleum refining, chemical synthesis, environmental, and polymer industries.
Petroleum Refining to Dominate the market
The catalyst regeneration process is extensively used in reforming. In this process, the amount of spent reforming catalysts, which are discarded as solid wastes, has increased significantly in the recent years. This is due to a rapid growth in the refining capacity in order to meet the rising demand for low sulfur fuels.
Spent catalysts are generally known as hazardous wastes due to their highly toxic and poisonous nature. Additionally, handling refiners have been experiencing pressure from environmental authorities. However, several methods, such as reclamation of metals, rejuvenation, and reuse, are being promoted.
Strict Environmental Regulations Increasing the Usage of Spent Catalyst
Spent catalysts consist of heavy reacting metals in the sulfide state. Catalyst regeneration is used to retain the catalyst’s properties by removing the heavy metals. The rapid industrialization in developing economies has led to an increase in the demand for petroleum products. This has directly impacted the amount of spent catalyst generation. To maintain good and safe living standards, regulatory authorities have been consistently trying to improve the product standards and promoting regeneration of catalysts. Additionally, stringent environmental regulations, norms laid by the governments to reuse the spent catalysts, and social awareness are the key socio-political factors, which are expected to drive the market during the forecast period.
Asia-Pacific to Lead the Market
APAC has witnessed a tremendous growth in catalyst regeneration. This is further expected to grow by significant rates owing to the increasing refinery capacities in China and India. APAC is expected to dominate the market with a 35% market share, followed by Europe.
Major Players: Eurecat US Inc., CRI Catalyst Company., Haldor Topsoe, amongst others.
Notable Developments in the Market
December 2016: Haldor Topsoe’s new catalyst by name HyOctane increased the global competition in FCC gasoline post-treatment
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