The market for refinery catalysts has shown rapid growth over the last five years and is predicted to increase at a CAGR of 5.14% over the projected period. The market for refinery catalyst is expanding as a result of the rising demand for transportation fuel on a global scale. The general market growth is driven by the increased demand for petroleum and the products that are derived from it, together with stringent regulatory regulations. By accelerating the cracking reaction during the process, refinery catalyst improves the functionality of petroleum. Additionally, it is projected that tight government restrictions in nations like India, Germany, the United States, the United Kingdom, and Japan would increase demand for high-octane fuel, which will have a favourable effect on the global market for refinery catalyst.
The catalysts are employed in a variety of processes, including desulfurization, catalytic cracking, reforming, and isomerization. Additionally, the tight oil processing employs refinery catalysts to address problems like the heat balance effect and metal contamination. The market for refinery catalyst is projected to be driven by the increased production of tight oil in China, the United States, Russia, and Argentina. The development of refinery catalyst is influenced by severe government regulation, Ultra Low Sulphur Diesel, and extremely strict emission regulations in major economies. Refinery catalyst market growth is being constrained internationally by the implementation of environmental policies by major economies, the adoption of several initiatives like “Go-Green,” and the availability of alternatives like biofuel.
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Different types of materials with various compositions, such as chemical compounds, metals, and zeolites, are utilised in the production of refinery catalyst. These substances can be used to make FCC catalysts, Alkylation catalysts, Hydrotreating catalysts, Hydrocracking catalysts, and Catalytic Reforming catalysts by processing them with various chemicals in various compositions. The APAC region dominated the global market for refinery catalyst among other geographical areas. Due to the active involvement of private sector enterprises in the establishment of refineries, particularly in India, China and India are the two largest markets for refinery catalyst.
Future Market Insights has provided a half-yearly comparison of the growth prediction for the industry for refinery catalysts with recent market occurrences. The market for refining catalyst is anticipated to develop as a result of urbanisation, increased industrialisation, and rising demand for chemical and petroleum products.
Key players are choosing a superior refining process to reduce emissions produced by diesel and gasoline engines in order to comply with increasingly rigors environmental laws. To address the growing need for efficient fuel production and increased refinery capacity, major firms are further increasing their capacity for producing catalysts.
In the first half of 2021, the global market for refinery catalysts expanded by 4.5%. The market’s expansion is still quite unevenly distributed across the globe, with low growth forecasts for Europe and Latin America. With a growth prediction of 4.2% for the first half of 2022, India, China, and other ASEAN nations are expected to experience rapid growth due to increased petrochemical industry demand.
When compared to earlier predictions, the consumption rate of refinery catalysts in H1 2022 increased by 10 bps due to higher growth prospects in China, India, and some ASEAN nations. The capacity of refineries in these nations has increased, which bodes well for continued growth.
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The increasing availability of alternative fuels like bioethanol and biodiesel, among others, the growing adoption of “Go Green” campaigns, strict emission standards in developed economies, and the growing use of electric vehicles globally are all expected to have an impact on the growth outlook of the global market in the years to come, despite the positive prospects.
Global Refinery Catalyst Market By Category
By Product Type :
- FCC (Fluidised Catalytic Cracking)
- Isomerization & Alkylation
By Ingredients :
- Chemical Compounds
By Region :
- North America
- Latin America
- Asia Pacific
- Middle East & Africa