Olefin Reduction Catalyst: Introduction
- Catalysts are primarily used in a reaction to speed up a chemical synthesis by lowering the activation energy of the process. Catalysts are often known as the backbone of several industrial processes, as they are required to turn raw materials into the desired product. Moreover, catalysts play a major part in approximately 90% of all manufactured chemical products.
- Olefin reduction catalyst offer several benefits including excellent olefin reduction capability and high coke selectivity at the time of chemical reduction. Furthermore, olefin reduction catalyst have the capability of heavy oil cracking by modification of active components, shape-selective zeolite, and matrix. Olefin reduction catalyst also help in making a match in between selective hydrogen transfer and cracking activities owing to the high amount of modification of the active components. High amount of activity of olefin reduction catalyst helps in hydrogen transfer at the time of reduction of olefin in gasoline. Furthermore, high cracking capability of olefin reduction catalyst enhances the heavy oil cracking capability of the catalyst. Olefin reduction catalyst are included under the category of catalytic cracking catalyst.
Key Drivers of Olefin Reduction Catalyst Market
- Attributes of olefin reduction catalyst such as excellent olefin reduction ability, coke selectivity, and heavy oil cracking ability are expected to drive its demand in the near future
- Rapid urbanization coupled with increased expansion of the chemical industry in developing countries, such as China, India in Asia Pacific, is expected to drive the demand for petroleum products, which in turn is likely to boost the demand for olefin reduction catalyst in the near future. Additionally, increasing emphasis on reducing the operational cost of petroleum refining process is expected to boost the demand for olefin reduction catalyst as an alternative for the cracking of petroleum fractions.
COVID-19 Impact on the Global Olefin Reduction Catalyst Market
- The global petrochemical sector is experiencing a collapse in the wake of the spread of COVID-19. According to the American Petroleum institute, demand for petroleum in the U.S. declined to 19.4 million b/p (mb/d) in March 2020, leading to a decline in consumption by 4.6% as compared to that in February 2020. The outbreak of pandemic means people are required to stay at home, which in turn has led to a decline in the demand for oil. Furthermore, the pandemic has also led to the closure of manufacturing and refining sites, globally, consequently, hampering the demand for olefin reduction catalyst.
Asia Pacific to hold prominent share of the global olefin reduction catalyst market
- In terms of geography, the demand for olefin reduction catalyst can be split across five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global olefin reduction catalyst market in 2019. China has significant presence of major chemical and polymer manufacturing companies. Additionally, the country is also home to major manufacturing companies for chemical and petrochemical products and hence, the demand for plastics and petrochemicals is high across the country. Furthermore, low manufacturing cost associated with production of plastics and petrochemicals, as compared to that in the U.S. and the Europe, is expected to augment the demand for olefin reduction catalyst in manufacturing of various petrochemical-based products. Rise in investments in crude refineries in Asia Pacific drives the market in the region. In terms of refinery capacity, India-based Reliance Industries constitutes a prominent share of the market, as compared to that held by other refineries across the globe.
- The olefin reduction catalyst market in Europe is expected to expand moderately in the near future, due to presence of stringent regulation on the usage of olefin reduction catalyst. The region has presence of a handful of producers of olefin reduction catalyst. However, outbreak of the coronavirus has led to supply chain disruption, thereby hampering the production and supply of olefin reduction catalyst across the region.
Key Players Operating in the Market:
The global olefin reduction catalyst market is highly consolidated, with top producer being Sinopec Catalyst Co., Ltd. These manufacturers are focused on new product launches and increasing their product offering across the globe. A few of the key players operating in the olefin reduction catalyst market include
- Sinopec Catalyst Co., Ltd
- Liaoning Haitai Sci-Tech Development Co., Ltd
Global Olefin Reduction Catalyst Market: Research Scope
Global Olefin Reduction Catalyst Market, by Application
Global Olefin Reduction 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 and Africa
- South Africa
- Rest of Middle East & Africa