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Refinery Catalyst Market Is Driven By Increasing Global Demand For Refined Petroleum Products
The refinery catalyst market involves chemicals that are used to accelerate and control chemical reactions without being consumed during the process of crude oil refinement. Refineries use catalysts to speed up the cracking process which involves breaking down heavier, more complex hydrocarbons into simpler, lighter molecules such as gasoline and diesel. Catalysts enhance activity, selectivity and stability which improves the yield of gasoline and other lighter petroleum products from a barrel of crude. The most widely used catalysts are FCC catalysts that are used in fluid catalytic cracking units for production of gasoline and LPG from heavy residual fractions of crude oil.
The Global Refinery Catalyst Market is estimated to be valued at US$ 4.34 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031.
Increased demand for petroleum-derived products from the transportation, residential and industrial sectors is driving capacities of petroleum refineries. This is boosting consumption of refinery catalysts globally.
Key Takeaways
Key players operating in the refinery catalyst market are Ashok Leyland, General Motors Company, Bosch Rexroth AG, Xiamen Golden Dragon Bus Co., Ltd., Daimler AG, Volvo Group, Volkswagen AG, Mahindra and Mahindra Ltd., Toyota Motor Corporation, and Tata Motors Ltd. These companies are investing in research and development to introduce more efficient catalyst systems for cleaner refining processes.
The growing Refinery Catalyst Market Size for gasoline and diesel from the transportation industry is another factor fuelling consumption of refinery catalysts.stricter environmental norms regarding reduced sulfur content in gasoline and diesel is necessitating innovation in refining technologies requiring advanced catalyst systems.
The global refinery industry is also witnessing expansion driven by setting up of new refineries especially in Asia Pacific and Middle Eastern countries.This is generating strong demand for refinery units and associated catalysts for crude distillation, cracking, treating and reforming applications.
In terms of value, the Middle Eastern region holds the largest share in the global refinery catalyst market. Countries like Saudi Arabia, UAE, Iran and Iraq have extensive refining capacities and cater to both domestic as well as international fuel demands. The region boasts of some of the largest refineries owned by giant corporations. Their continued plans of expanding refining volumes through greenfield projects, technological enhancements and capacity additions will sustain the demand for refinery catalysts.
The Asia Pacific region, driven by China and India, is emerging as the fastest growing market for refinery catalysts. Both nations are rapidly augmenting their refining infrastructure to meet the unabated growth in energy needs of their burgeoning populations and industrializing economies. This presents lucrative prospects for catalyst suppliers. The availability of low-cost skilled labor and proximity to raw material sources makes Asia Pacific an attractive production base as well, benefiting the regional catalyst industry.
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