Petroleum Refining Catalysts Market

Petroleum Refining Catalysts Market - An Overview

The global petroleum refining catalysts market is expected to witness strong growth during the forecast period between 2021 and 2031.

Petroleum refining catalysts are products that have been deployed during refining procedures in a bid to remove harmful gases such as nitrogen, sulfur, and other metals. Some of the commonly-deployed petroleum refining catalysts include zeolites, molybdenum, zirconium, palladium, and calcium carbonate.

Refining catalysts have proven beneficial in offering provisions for metal tolerance, selectivity on light feeds, and obtaining highest conversion. These product features have helped in increasing product demand and fueled the growth in the overall petroleum refining catalysts market.

The outbreak of the COVID-19 pandemic negatively impacted the growth in the global petroleum refining catalysts market.

With different industries closing down owing to stringent social distancing regulations imposed by governments in a bid to contain the spread of the virus, the demand for petroleum refining catalysts witnessed a decline. This affected the growth in the overall petroleum refining catalysts market.

Petroleum Refining Catalysts Market - Trends and Opportunities

Rising demand for high octane fuel from the automobile industry is the key growth driver for the global petroleum refining catalysts market.

Also, increased deployment of petroleum-based products for different customer requirements could fuel the growth in the global petroleum refining catalysts market, in the coming years.

Advancements to existing products and the integration of new technologies could be a key growth strategy for leading petroleum refining catalysts market players, in the years ahead.

Reforming catalysts application segment is expected to make the largest contribution to the overall petroleum refining catalysts market because of increasing expansion of refineries from prominent companies, which could lead to a greater demand for petroleum refining catalysts.

Petroleum Refining Catalysts Market - Competitive Landscape

The global petroleum refining catalysts market is extremely competitive, with the presence of several leading players. Many of them are expected to account for a large share in the overall market, in the years ahead.

Growth strategies such as novel product launches could help well-established petroleum refining catalysts market players gain a competitive edge over others.

Research and development undertakings to produce improved quality of products could be a key growth strategy for prominent petroleum refining catalysts market players, in future.

Collaboration with smaller players could help well-established petroleum refining catalysts market players expand their market presence and increase their revenue shares.

In March 2022, Shenzhen Catalyst Petrochemical Co. Ltd and Cnooc & Shell Petrochemical Co. Ltd signed a collaborative agreement that was based on the development of new HDPE and metallocene catalyzed products.

Some of the leading players in the global petroleum refining catalysts market include BASF, Honeywell International, Chevron Corporation, ExxonMobil Chemical, and Axens.

Petroleum Refining Catalysts Market - Regional Assessment

The global petroleum refining catalysts market is classified into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.

Asia Pacific is expected to be the dominant region in the global petroleum refining catalysts market because of factors such as increased crude oil production, growing demand for transportation fuel, and improving economic conditions in countries such as India and China.

North America is expected to witness significant growth in the overall petroleum refining catalysts market in the years ahead because of large presence of oil reserves and rising oil imports in countries such as US and Mexico.

Europe is expected to witness strong growth in the overall petroleum refining catalysts market because of supportive regulations to promote the use of biofuels in countries such as UK and Germany.

Other regions of the world such as Latin America and Middle East and Africa are expected to witness moderate growth in the global petroleum refining catalysts market, in the years ahead.