Fuel Oil Catalyst: Introduction
- Fuel catalyst is a mechanism that increases fuel efficiency and gas mileage; and decreases emissions. Fuel oil catalyst improves the combustibility of hydrocarbon fuels by treating them immediately before they enter the combustion chamber.
- Fuel catalyst reformulates gasoline, diesel, fuel oil, propane, and natural gas, causing the reformulated fuels to produce more energy during combustion
- The catalyst acts on impurity molecules in fuel, converting them into extremely active small molecules, which have the effect of cracking any long-chain paraffin to form lower molecular weight saturated alkanes. As a result, fuel burns cleaner and more completely, thus improving the combustion process. Fuel oil catalyst also has no moving parts and is maintenance-free.
Key Drivers of Global Fuel Oil Catalyst Market
- Increase in demand for eco-friendly combustion of fuels is propelling the fuel oil catalyst market, as they help in enhancing fuel standards, increasing operational efficiency, and promoting clean fuel trends
- Fuel catalysts can be used on any size of internal combustion engine. Thousands of engines worldwide, ranging from small 1/4 horsepower string trimmers to large commercial and marine engines in excess of 3,000 horsepower, use fuel catalysts. This has resulted in rapid growth of these catalysts across the upstream petroleum industry. The fuel oil catalyst market is expected to expand at a significant pace during the forecast period owing to rapid recovery of the global chemical industry.
- The U.S. and countries in Asia Pacific and Europe have imposed stringent policies to control air pollution. As a result, the use of fuel oil catalysts has witnessed substantial growth in various industries.
- On April 17, 2019, the European Parliament and the Council adopted Regulation (EU) 2019/631, setting CO2 emission performance standards for new passenger buses and light commercial vehicles (vans) in the EU for the period after 2020
- On February 19, 2015, the EPA issued a Direct Final Rule to clarify regulations for light-duty Tier 3 motor vehicle emissions and fuel standards and for several other mobile source regulations
- Catalysts are primarily used in heavy duty and light duty vehicles to control emission and increase fuel efficiency
- Development of unconventional oil reserves is expected to provide lucrative growth opportunities to the global fuel oil catalyst market. For instance, the processing of shale oil in North America has resulted in large numbers of metal contaminants and heat balance issues. This is likely to propel the fuel oil catalyst market.
Global Fuel Oil Catalyst Market: Segmentation
- The global fuel oil catalyst market can be segmented in terms of type and application
- Based on type, the global market can be segmented into diesel fuel catalyst and gasoline fuel catalyst. The diesel fuel catalyst segment is expected to dominate the global market between 2021 and 2031.
- In terms of application, the global fuel oil catalyst market can be classified into off-road engines, on-road engines, marine, and boilers, furnaces, and ovens. Among these, the on-road engines segment is projected to expand at the maximum CAGR during the forecast period, due to higher demand for on-road vehicles across the globe.
Global Fuel Oil Catalyst Market: Regional Segmentation
- Based on region, the global fuel oil catalyst market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific held major share of the global fuel oil catalyst market in 2020. The market in the region is expected to expand at a significant rate during the forecast period, as countries such as China, Japan, and India witness high demand for fuel oil catalyst in automobile industry due to implementation of stringent environmental norms regarding pollution created by the automobile industry in the region. In terms of consumption, China holds major share of the market in the region.
- The market in North America is expected to expand at a significant CAGR during the forecast period. The U.S. is expected to lead the fuel oil catalyst market in North America during the forecast period.
COVID-19 Impact on Fuel Oil Catalyst Market
- The COVID-19 pandemic has put the world economy in major distress. Demand for on-road and off-road vehicles has been negatively impacted. This has resulted in lower demand for fuel oil catalysts. However, relaxation of lockdowns is expected to boost the demand for automobiles at a gradually pace. This is expected to propel the sale of fuel oil catalysts in the near future.
Key Players Operating in Global Market:
- Haldor Topsoe A/S
- Johnson Matthey
- Albemarle Corporation
- ExxonMobil Corporation
- Organica Biotech Pvt. Ltd.
- Rentar Environmental Solutions, Inc.
- D and Y laboratories
- Nano Fusion International LLC
Global Fuel Oil Catalyst Market: Research Scope
Global Fuel Oil Catalyst Market, by Type
- Diesel Fuel Catalyst
- Gasoline Fuel Catalyst
Global Fuel Oil Catalyst Market, by Application
- Off-road Engines
- On-road Engines
- Boilers, Furnaces, and Ovens
Global Fuel Oil Catalyst Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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