“Petroleum refining catalysts,” refer to the process of conversion or refining of the crude fossil fuel into the commercially viable and usable petrol. With ever increasing human needs, the need for fuels especially petrol is on a constant rise.
The petroleum refining catalysts market could be segmented into three major categories: on the basis of types into: isomer forming catalysts, fluid catalytic cracking catalysts, hydrogen producing catalysts, alkyl catalysts, hydrodesulphurization catalysts, H.P.C (hydroprocesssing) catalysts and other catalysts, on the basis of components into: chemicals, zeloites and metals, and on the basis of end users into: chemical industry, refining catalyst industry, petrol refineries, metal industry and others. The market could also be segmented on the basis of geography into: North America, Europe, Asia Pacific and the rest of the world regions.
The global revenue for petroleum refining catalysts market is expected to reach USD 4,950 million by 2017. The North American region holds the majority of the market share, followed by the European region. The Asia Pacific region is expected to exhibit the fastest growth rate, due to its rising economy. The fluid catalytic cracking catalysts is the most used process in the market, and so has the maximum market share.
The rising disposable incomes of consumers which are allowing them to make vehicular purchases, and the expansion strategies adopted by the companies dealing with petroleum refining are some of the factors driving the petrochemical refining catalysts market forward. The adoption of ‘go green’ or environmental policies adopted by nations, and the availability of alternative fuels such as biofuels are the restraining factors for the market. The rising number of vehicles in the Asia Pacific region induced by their rising economies will serve as an opportunity for the future growth of the market.
Some of the key players in the petroleum refining catalysts market are: BASF Catalysts, WR Grace, Albermarle Corporation, Exxon Moil Corporation, Evonik Industries, Johnson Matthey, Chevron Corporation, and others.
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