DUBLIN--(BUSINESS WIRE)--The "Refinery Catalysts Market by Type (FCC Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, and Catalytic Reforming Catalysts), Ingredient (Zeolites, Metal, and Chemical Compounds), Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global market size of refinery catalysts was USD 4,418.2 million in 2019. It is projected to reach USD 4,697.4 million by 2025, at a CAGR of 2.9% between 2020 and 2025.
Emissions that are released into the environment from automobiles and industrial processing units have been harming the environment significantly. According to the US Environmental Protection Agency (EPA), a typical vehicle emits about 4.6 metric tons of CO2 per year. Therefore, increasingly stringent regulations, are driving the refinery catalyst market.
Demand for fuel with high octane number leads to a growing demand for refinery catalysts.
The quality of fuel is directly proportional to its octane number. High-octane fuel generates more energy from the same amount of fuel. At the same time, it also prevents the wear and tear of the engine. The market is now witnessing an intense demand for high-quality fuels that increase the life of the machines and vehicles in which they are being used. Refinery catalysts help obtain fuels with higher octane ratings as these catalysts can operate at variable temperatures and can increase activity rates even if used in small quantities. This factor has paved the path for the growth of the refinery catalysts market.
Hydrocracking catalysts to register the fastest growth during the forecast period.
The objective of hydrocracking catalysts is to convert heavy oil feedstock into high quality, lighter fuel products such as naphtha, gasoline, jet fuel or kerosene, and diesel, and hydro wax, which can be used as a petrochemical plant lube basestock or feedstock. Rising demand for petroleum derivatives and stringent regulations focusing on the use of ultra-low sulfur diesel (ULSD) are expected to drive the market for hydrocracking catalysts.
APAC to dominate the refinery catalysts market during the forecast period.
APAC to dominate the refinery catalysts market during the forecast period. Increasing population, growing industrialization, strict government norms, and environmental regulations are the key factors attributed to the overall growth of the market in the region. The increasing developments in capacities of oil production in oil refineries of emerging countries of the region are providing substantial growth opportunities for the refinery catalysts market.
- Growing Number of Stringent Regulations for Vehicle Emissions Across the World
- Rising Consumption of Petroleum Derivatives
- Demand for Fuel With High Octane Number
- Concerns Regarding Declining Crude Oil Reserves
- Increasing Demand for Electric Vehicles
- Backward Integration by Major Refinery Catalysts Manufacturers
- Increasing R&D Investments to Reduce Cost and Improve Quality of Catalysts
- Decreasing Demand for Crude Oil Due to Covid-19
- Fluctuating Prices of Pgms
- Albemarle Corporation
- W R Grace
- Haldor Topsoe
- Honeywell Uop
- Johnson Matthey
- China Petroleum and Chemical Corporation (Sinopec)
- Shell Catalysts & Technologies
- Anten Chemicals
- Dorf-Ketal Chemicals India Private Ltd.
- Exxon Mobil Corporation
- Jgc Catalyst and Chemicals
- Knt Group
- Kuwait Catalyst
- N.E. Chemcat
- Qingdao Huicheng Environmental Technology
- Taiyo Koko Co. Ltd.
- Unicat Catalyst Technologies
- Yueyang Sciensun Chemical
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