LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global refinery catalyst market and the market is poised to experience spend growth of more than USD 1 billion between 2019-2024 at a CAGR of over 3% during the forecast period. Request Free Sample Pages.
Read the 129-page research report with TOC and LOE on "The Global Refinery Catalyst Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Chemical-based refinery catalysts will account for the maximum consumption owing to the steady popularity of organometallic compounds used in manufacturing polyethylene and polypropylene. Zeolite, a refinery catalyst type, is an extensively utilized material that is essential in refining and petrochemical applications.
To reduce dependence on crude oil imports, buyers from the refineries in North America will exploit the abundant shale oil reserves available domestically. They will capitalize on the advances made in drilling technologies to reduce the cost of extraction and increase their drilling efficiency. This will motivate them to expand their production capacities which will lead to an increase in demand for refinery catalysts in the region.
Subscribe to our procurement platform to get instant access to over 1000 market-ready procurement intelligence reports without any additional costs or commitment.
Insights into the market price trends
- Usage of certain refinery catalysts requires the addition of rare earth elements, prices of which are high and their supply is limited. This will make significant additions to suppliers’ OPEX.
- Refinery catalyst suppliers will experience a substantial increase in their labor-related expenses owing to the worldwide increase in minimum wages. This will have an inflationary impact on the refinery catalyst price.
What are the strategies to adopt to optimize procurement spend in this market?
Adopt a regional sourcing model
Buyers are advised to use a regional sourcing model that can benefit them with reduced delivery timelines and transportation costs owing to their proximity to suppliers' facilities. This will assure buyers of suppliers’ compliance with regional regulations as suppliers will be more familiar with regional fuel standards and regulations such as those associated with permissible sulfur content.
Leverage suppliers' expertise for the management of spent catalysts
Buyers should engage with suppliers who have the necessary expertise regarding the management of spent catalysts. It is prudent of buyers to partner with suppliers who have the necessary expertise in the regeneration of spent catalysts, as this can maximize ROI on their procurement spend. Also, this will reduce the number of used catalysts generated, which will minimize their disposal costs.
Buy 1 report and get the second for 50% off. Buy 2 reports and get the third for free. Download the free sample of this report on the refinery catalyst market.
Some of the key topics covered in this report are:
- Refinery catalyst market spend segmentation by region
- Total cost of ownership analysis in the refinery catalyst market
- Regional spend opportunity for refinery catalyst suppliers
- Refinery catalyst suppliers cost structure
- Refinery catalyst pricing models analysis
- Refinery catalyst procurement best practices
- Category management objectives
- Cost saving opportunities in the refinery catalyst market
Free sample of reports that you may like:
- Global Coke Industry - Procurement Market Intelligence Report
- Global Iron Ore Market - Procurement Intelligence Report
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal