The global refinery catalyst market is estimated to garner a notable CAGR over the forecast period, i.e., 2021–2029. The growth of the market can be attributed to the growing demand for lighter fuels such as gasoline, diesel, and others backed by the increasing use of vehicles. The increasing manufacturing and sale of passenger cars, with more than 60 million cars sold globally in the year 2020, is estimated to positively influence the market growth. Furthermore, the increasing investment in the oil & gas industry is estimated to boost the market growth over the forecast period.
The global refinery catalyst market is segmented by material into zeolites, metals, chemical compound, and others, out of which, the zeolites segment is anticipated to hold the largest share in the market during the forecast period on the back of its application in selective catalytic reduction of diesel, as zeolites can withstand high temperatures and have large surface area for adsorption. On the basis of type, the market is segmented into hydrotreating, fluid catalytic cracking, hydrocracking, isomerization, and others, out of which, the fluid catalytic cracking segment is anticipated to hold a notable share in the market throughout the forecast period on the back of its ability to change long carbon chain into lighter hydrocarbons. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global refinery catalyst market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to hold the major share over the forecast period owing to the presence of major market players, along with the large number of refineries in the region. Canada is the 4th largest producer and exporter of oil, globally, and holds over 10% of the world’s share for oil wells. This is estimated to act as the major growth factor for the market. The market in the Asia Pacific is anticipated to witness the highest CAGR over the forecast period on the back of growing private manufacturing sector, especially the automotive industry. Moreover, increasing import of crude oil and establishment of domestic refineries in countries, such as, India and China, is estimated to boost the market growth in the region. The market in the Middle East and Africa is projected to witness modest growth over the forecast period, on the back of high number of oil wells and oil refineries, along with growing international investment in the oil & gas industry in the region.
The global refinery catalyst market is further classified on the basis of region as follows:
Our in-depth analysis of the global refinery catalyst market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for lighter fuel in vehicles and increasing fuel consumption are the major factors driving the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2029.
Fluctuating costs of raw material is one of the major factors estimated to hamper the market growth.
The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of large number of oil refineries, backed by increasing production of oil & gas in the region.
The major players in the market are BASF SE, JGC HOLDINGS CORPORATION, KNT Group, Albemarle Corporation, Honeywell International Inc., Clariant Ltd., Shell International B.V. and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, material, and by region.
The fluid catalytic cracking segment is anticipated to hold the largest market size over the forecast period as it is used to covert long carbon chains into light hydrocarbons which is required to breakdown crude oil.
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