Increasing use of transportation fuel is likely to have a direct impact on the demand for refinery catalysts, according to a recent report published by Future Market Insights (FMI). Catalytic processes are imperative for the production of transportation fuels such as gasoline, diesel, jet fuel, and other petroleum. The evolving composition of transportation fuel composition requirements to match the environmental regulations and changes in engine design are expected to drive the refinery catalyst market.
Environmental regulations are getting stricter across the world. Considering this, with the need for cleaner emissions growing stronger, companies are looking for newer ways to reduce their harmful emissions.
In order to adhere to these stringent rules, the use of cleaner emission fuels is encouraged. This has led to the high use of low-sulfur fuels as these cause less damage to the environment. Refinery catalysts play a major role as they are critical in reducing Sulphur from fuels. Owing to these applications, the global refinery catalyst market is expected to experience a surge in demand.
Furthermore, the increasing uses of different catalysts such as Fluidised Catalytic Cracking (FCC) and Hydroprocessing technologies are poised to boost the market growth. The report offers exclusive insights into the market. Some of the key takeaways are highlighted below:
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Key Takeaways in Refinery Catalyst Market Study:
- Asia Pacific is expected to emerge as the most lucrative market for refinery catalysts during the forecast period
- North America and Europe are likely to exhibit witness substantial growth during the forecast period 2020-2030
- FCC is projected to emerge as the most lucrative product type, however, the hydrotreating segment is expected to witness the highest growth during the forecast period
- Zeolites are likely to remain the highest-used ingredient segment
- Rising use of transportation fuel to boost the growth of the global refinery market.
“Regulations encouraging the use of cleaner emission fuels are expected to get more stringent in the near future as concerns over environmental safety is taking precedence globally. Hence the role of refinery catalysts in lowering the Sulphur levels of fuels is expected to gain more prominence, providing huge market potential for manufacturing companies in the industry” said an analyst at FMI.
Who is Winning?
The global refinery catalyst market encompasses established players who operate internationally as well as regional players. This has resulted in a highly competitive market. The key strategies adopted by players include strengthening the supplier base and improving distributor networks.
Furthermore, product innovation is a key strategy employed by large players to sustain themselves in the market and gain an advantage over competitors. For instance, a key player in the global refinery catalyst market, BASF has announced the launch of a new fluid catalytic cracking (FCC) catalyst product for gasoil feedstock. It is based on the multiple framework technology (MFT) by BASF.
This new product has confirmed its ability to deliver better economic performance during trials. This is achieved through butylene selectivity, high conversion, and coke selective bottoms upgrading in order to increase the refiner’s profitability.
Some of the key players in the global refinery catalyst market are Exxon Mobil, Albemarle Corporation, W.R. Grace and Co., Honeywell International Inc., Clariant AG, BASF SE, Axens SA, and Haldor Topsoe A/S.
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Get to Know More about Refinery Catalyst Market
The research report analyzes the total sales of refinery catalyst on the basis of volume (Units) and value (US$ Mn). The market is projected on the basis of factors such as petrochemical industry growth, fuel sales, global GDP growth, industry value added, and government regulations. The scope of the research report includes only new sales of refinery catalyst for OEM. The report offers critical insights into the refinery catalysts market in terms of product type (FCC, reforming, hydrotreating, hydrocracking, isomerization and alkylation), ingredients ( zeolites, metals and chemical compounds), and across 5 key regions (North America, Latin America, Europe, Asia Pacific & Middle East & Africa)
Global Refinery Catalyst Market By Category
By Product Type :
- FCC (Fluidised Catalytic Cracking)
- Reforming
- Hydrotreating
- Hydrocracking
- Isomerization & Alkylation
By Ingredients :
- Zeolites
- Metals
- Chemical Compounds
By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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