Refining Catalysts Market The refining catalyst market is estimated to value at USD 6.93 billion in 2018 and is projected to reach USD 8.26 billion by 2023, at a CAGR of 3.56% during the forecast period.
Refining catalysts are the substances, which accelerate the rate of 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 sufficing the fuel standards, emission standards, and improving selectivity and conversion.
Refineries face problems in processing tight oil such as heat balance effect (especially in shale oil), configuration imbalance, and presence of contaminant metals. Thereby, the refinery catalysts offers solutions to attain maximum conversion and selectivity on light feeds, solutions for metal tolerance, and for optimum butylene selection. Additionally, with the enactment of stringent emission regulations combined with growing environmental concerns the refinery catalysts manufacturers are focusing in developing new catalysts and technologies to maximize the output from tight oil feedstock with minimum emissions.
This market is driven by a number of factors, such as the enactment of stringent emission norms to reduce the NOx and sulfer content in the air, and rising demand for high-performance transportation fuel. However, this market faces certain drawbacks, such as declining crude oil reserves and high production costs. These factors may act as a roadblock to the growth of the refining catalysts market.
The Global Refining Catalysts market, on the basis of type can be broadly segmented into Fluid Catalytic Cracking Catalysts (FCC), Reforming Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, Isomerization Catalysts, Alkylation Catalysts, and Other Catalysts. the fluid catalytic cracking catalysts holds the highest share in the market. The demand for FCC catalysts from the refining industry in emerging economies, such as China and India, and stringent environmental regulations are key factors driving the growth of the FCC catalysts segment.
The market has also been segmented on the basis of ingredients, namely, Aluminosilicates, Metals, and Other Chemicals. Metal segment holds the highest share in the market due to its primary usages in hydrocracking & hydrotreating to remove impurities and reduce emission of harmful gases into the environment.
The market has also been geographically segmented into Asia-Pacific, North America, Europe, South America, and Middle-East & Africa. Asia-Pacific region dominates the market in 2017 followed by North America and Europe. The increase in demand for transportation fuels has contributed to the growth of the refinery catalyst market in the Asia-Pacific region.
Furthermore, the growing popularity of the high-performance catalysts and shifting focus of the refining catalysts manufacturers towards the manufacturing of nanocatalysts will offer numerous opportunities in the growth of the Global Refining Catalysts Market. Some of the major companies dominating this market for its products, services, and continuous product developments are ExxonMobil, W.R. Grace & Co., BASF SE, Chevron Corporation, Johnson Matthey PLC clariant International, Criterion Catalysts & Technologies L.P. and Sinopec among others.
NOTABLE DEVELOPMENTS IN THE MARKET
Nov 2017 - BASF introduces Fortress™ NXT FCC catalyst to help refiners increase liquid product yields with heavy resid feeds Oct 2017 - W. R. Grace & Co. will increase the price of its Fluid Catalytic Cracking (FCC) catalysts by 3 to 9 percent, depending on product type and specific customer contract terms and commitments, effective from January 1, 2018. Key Deliverables in the Study
Market analysis for the Global Refining Catalysts Market, with region specific assessments and competition analysis on global and regional scales Market definition along with the identification of key drivers and restraints Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale Extensively researched competitive landscape section with profiles of major companies along with their market shares Identification and analysis of the macro and micro factors that affect the Global Refining Catalysts market on both global and regional scales A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped