Refinery Catalysts Market
Refinery Catalysts Market ( Material Type - Zeolites, Molybdenum, Cobalt, Nickel; Physical Form - Powders, Beads and Extrudates; Refining Unit - Fluid Catalytic Cracking Unit, Hydrocracking Unit, H-Oil Unit, Hydrotreating Unit, Catalytic Cracking Unit, Alkylation Unit) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Press Release :
Refinery Catalysts Market : Overview
Refinery catalysts are widely used in petroleum refineries owing to their property to alter the rate of chemical reactions. Apart from this, it also enhances quality of gasoline products produced through FCC and hydro-processing. Refinery catalysts market are known to minimize the adverse effects of gasoline and diesel on the environment. This is because they help in removing sulfur from crude oil. The growth in the global refinery catalysts market is mainly attributed to stringent government regulations on the use of crude oil products.
As per a research report by Transparency Market Research, the global refinery catalysts market is likely to reach a valuation of US$11.4 bn in 2015. The market is projected to expand at a steady CAGR of 4.60% from 2016 to 2024. Rising at this CAGR, the global refinery catalysts market is anticipated to reach a valuation US$17.0 bn by the end of the forecast period.
Refinery Catalysts Market to Observe Growth in rising Demand for Transportation Fuel
The increasing demand for various petroleum derivatives is responsible for the rise of the global refinery catalysts market. The said market is also expected to rise due to the rising demand for high-octane fuels. As demand for transportation fuel increases worldwide, the market is expected to observe considerable growth. Strict regulations combined with increasing demand for petroleum and products and chemicals obtained from petroleum is likely to propel growth of the market. In the petroleum refining industry, refinery catalysts are utilized to improve operating performance. Furthermore, the rising demand for high-octane fuel, especially in countries such as the US, India, Japan, Germany, and the UK is expected to positively influence the development of the global refinery catalyst market.
Sustainable Production methods and Technological Advancements are likely to Push Demand in the Market
Zeolites, metals, and chemical compounds are amongst some of the products utilized in the production of refinery catalysts. Manufacturing companies may make hydrocracking refinery catalysts, fluid catalytic cracking refinery catalysts, hydrotreating refinery catalysts, and alkylation refinery catalysts using these processes in different formulations or in conjunction with other chemicals.
Global manufacturers of catalytic processers are extremely focused on catalytic design, which can manage all types of feedstuff, ensuring that hydrocracking and hydrotreating are secure, credible, simple and financially beneficial. Deployment of performance refinery catalyst innovation, patented equipment, and superior process designs all have enabled manufacturers to achieve a competitive advantage over their rivals. Furthermore, companies are gradually using a mix of technological skills and sustainable production methods.
Alternative fuels such as biofuels are expected to be available in conjunction with the implementation of environmental policies and Go Green campaigns initiated by several countries to limit refinery catalysts' market expansion. Asia pacific region is likely to come up as one of the rapidly growing regions in the global refinery catalysts market. The most critical factor ascribed to the overall growth of the regional market is due to the growing population, increased industrialization, stringent regulatory standards, and environmental laws. Continuing oil capacity improvements in the oil refineries of the developing countries of the territory is likely to provide the catalyst refinery market with considerable growth prospects.