Global Refining Catalysts Market - Segmented by Type, Ingredient, and, Geography - Growth, Trends, and Forecast (2018 - 2023)
The global refining catalysts market is valued at USD 3.84 billion in 2018 and is projected to reach USD 4.59 billion by 2023, at a CAGR of 3.17% during the forecast period, majorly driven by the increasing investments in refineries. 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.
Increasing Investments in Refineries Driving the Market
The market for refining catalysts has significantly benefitted from the increasing investments in oil refineries. For instance, Indian Oil has set a budget of INR 1.8 trillion in order to expand its refineries and expand businesses in the next 5-7 years. Petrol Corp, one of the leading Asian oil companies, invested USD 3.5 billion in order to expand its refinery in Malaysia by 2020. This expansion is estimated to add 90,000 barrels per day in its operations in Malaysia. Such investments and acquisitions of refineries, along with the increasing demand of fuel, are expected to increase the demand for refining catalysts.
Fluid Catalytic Cracking Catalysts the Dominating Type
The fluid catalytic cracking (FCC) process plays a crucial role in refineries while producing lighter products from crude oil. FCC unit helps in converting a variety of feed types, such as cracked gas oil, gas oil, deasphalted gas oils, vacuum/atmospheric resins, and others, into lighter and high value products, such as diesel oil, jet fuel, LPG, kerosene, and gasoline. Currently, there are more than 500 FCC units in the world. Around 35% of the total gasoline and 50% of the total transportation fuel is produced through FCC processing.
Asia-Pacific Dominating the Refining Catalysts Market
Asia-Pacific is estimated to be the largest market for refining catalysts, in terms of revenue, in 2016. China is a key consumer of refinery catalysts in the Asia-Pacific region. Positive growth from automotive industry in many countries, along with the growing investments for refineries, contributed to the growth of the refinery catalyst market in this region.
November 2017: BASF introduced Fortres NXT FCC catalyst to help refiners increase liquid product yields with heavy resid feeds
October 2017: W. R. Grace & Co. increased 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
Major Players: Grace, Albemarle, BASF, and Sinopec, amongst others.
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