Refinery Catalyst Market Regional Analysis:
Asia Pacific Market Insights
Asia Pacific industry is likely to account for largest revenue share of 38% by 2035. The growth of the market is driven by huge investments being put into the refining infrastructure within countries, especially China and India. Additionally, rapid urbanization and a growing middle class have led to increased demand for refined petroleum products, which in turn is encouraging refineries to adopt more efficient catalytic processes.
Strong and rising demand for petroleum products, coupled with significantly large investments in upgrading the country's refining capacity, places India as one of the region's largest players within the APAC market. For example, Oil India signed an agreement to increase its stake in the Numaligarh Refinery Limited, India with the target of expanding the facility by 2024, raising demand for refinery catalyst in the Indian subcontinent.
China also holds a considerable share in the market due to its massive refining capacity. The focus on covering the massive domestic energy demand in the country and stringent environmental regulations will spur the use of more advanced refinery catalyst. Moreover, China is committed to lowering its emissions profile through these advanced technologies, which has prompted refineries to progress further in their catalyst systems to ensure strict compliance with every domestic and international environmental norm.
North America Market Insights
North America refinery catalyst market is likely to observe substantial growth through 2035, owing to increasing demand for clean fuels and extended capacities of refineries. Regulatory bodies in the U.S., including the Environmental Protection Agency (EPA), are focused on advocating for stringent emission standards that motivate the refiners towards using advanced catalytic technologies, leading to reduced sulfur and nitrogen content in the fuels.
The market in the U.S. accounts for the largest share in North America, mainly due to the existence of a wide refiner network and the adoption of new technologies. In March 2022, KBR and ExxonMobil Catalysts and Licensing LLC unveiled a noteworthy strategic agreement, working to combine their expert knowledge. The collaboration combined the proprietary catalyst technology of ExxonMobil and the unique K-PRO Propane Dehydrogenation Technology of KBR, allowing for high-efficiency conversion of propane to propylene. The partnership shall advise on production efficiency and partially support the increase in demand from propylene-using industries.
Canada refinery catalyst industry is expected to register moderate growth during the forecast period due to rising emphasis on the processing of the high availability of crude oil to reduce emissions. Canada's refining sector is projected to maintain investments in hydroprocessing catalysts to gain new sulfur standards coupled with increasing refinery throughput. Initiatives from the government such as the Clean Fuel Standard in 2022 require reduced emissions, therefore strengthening demand for advanced refinery catalyst.
