Global Refinery Catalyst Market Is Estimated To Witness High Growth Owing To Increasing Demand for Cleaner Fuels
The global Refinery Catalyst market is estimated to be valued at USD 4.0 billion in 2020 and is expected to exhibit a CAGR of 2.9% over the forecast period 2020-2025, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Refinery Catalyst market refers to the catalysts used in petroleum refineries for various refining processes. These catalysts play a crucial role in enhancing the efficiency and productivity of refining operations. They help in converting heavy, high-sulfur crude oil into cleaner and lighter fuels, such as gasoline, diesel, and jet fuel. The increasing focus on reducing sulfur content in fuels and meeting stringent environmental regulations is driving the demand for refinery catalysts. Moreover, the growing demand for cleaner fuels and the need for efficient refining processes are further propelling market growth.
B) Market Dynamics:
1. Driver: Increasing Demand for Cleaner Fuels
The growing awareness about environmental pollution and the need for sustainable energy solutions are driving the demand for cleaner fuels. Refinery catalysts play a crucial role in reducing the sulfur content in fuels, helping refineries meet the increasingly stringent emission standards. By removing sulfur and other impurities from crude oil, refinery catalysts enable the production of cleaner and low-emission fuels. This driver is expected to fuel market growth during the forecast period.
2. Opportunity: Rising Investments in Refinery Expansion and Upgradation
To meet the increasing demand for refined petroleum products, several refineries are undergoing expansion or upgrading their facilities. These expansions and upgradations require the adoption of advanced refinery catalysts for improved efficiency, reduced energy consumption, and compliance with environmental regulations. The growing investments in refinery projects present significant opportunities for the refinery catalyst market.
C) Segment Analysis:
The Refinery Catalyst Market is segmented based on type, application, and region. Based on type, the market is further bifurcated into fluid catalytic cracking (FCC) catalysts, hydrotreating catalysts, hydrocracking catalysts, and others. Among these, the FCC catalysts segment is expected to dominate the market due to its extensive usage in converting heavy crude oil into lighter products, such as gasoline.
D) PEST Analysis:
- Political: Governments across the globe are imposing stringent regulations on sulfur content in fuels to minimize environmental pollution.
- Economic: Increasing investments in refinery expansion and upgradation projects are driving market growth.
- Social: Growing concern for environmental pollution and the demand for cleaner fuels are influencing market trends.
- Technological: Advancements in catalyst technology are leading to the development of more efficient and sustainable catalysts for refining processes.
E) Key Takeaways:
- The global Refinery Catalyst market is expected to witness high growth, exhibiting a CAGR of 2.9% over the forecast period, due to increasing demand for cleaner fuels and rising investments in refinery expansion and upgradation projects.
- Regional analysis indicates that Asia-Pacific is the fastest-growing and dominating region in the refinery catalyst market, owing to the presence of a large number of refineries and growing demand for petroleum products.
- Key players operating in the global Refinery Catalyst market include YARA International, Foster Wheeler AG, OXEA GmbH, W R Grace, Johnson Matthey, Albemarle Corporation, BASF SE, Technip SA, and UOP LLC. These players focus on strategic collaborations, product innovations, and geographical expansions to strengthen their market position.
In summary, the global Refinery Catalyst market is poised for significant growth due to the increasing demand for cleaner fuels, refinery expansion projects, and advancements in catalyst technology. The market offers lucrative opportunities for key players who can cater to the evolving needs of the petroleum refining industry and comply with stringent environmental regulations.
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