July 23, 2018 - 9:32 AM EDT
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Refinery Catalyst Market Growth to Be Driven by Rising Number of Innovative Product Launches over 2018-2025

According to a new research report by Global Market Insights, Inc. "Refinery Catalyst Market is predicted to be valued USD 5.8 billion by 2025." The development of unconventional oil reserves will provide a lucrative growth to the global refinery catalyst market over the forecast spell. For instance, the processing of shale oil in North America will propel the product growth owing to the large amount of metal contaminants and heat balance issues. The refinery catalysts provide optimum butylene selectivity, maximum conversion and selectivity on light feeds and metals tolerance ability, which will spur the product market during the forecast time period.

Increasing investment by the refiners towards expansion and upgradation of refineries to meet the emission regulation and sulfur content will positively affect the refinery catalyst market size in upcoming years. These products are used for various processes including reforming, catalytic cracking, isomerization, desulfurization, hyroprocessing, etc. Increasing sour crude oil will augment the refinery catalyst market owing to more contaminants and heavy crude oil distillation, which necessitate the product demand.

On the other flip, fluctuation in raw material prices and production cost will encumber the product market. Rare earth metals such as molybdenum, vanadium, tungsten, etc. find excessive usage in the production of refinery catalysts. Concentration of these ores in specific locations across the globe make the supply difficult and dependent on international trade laws.

Refinery catalyst market has been fragmented on the basis of type, material and region. The different product types include fluid catalytic cracking (FCC), alkylation, reforming & isomerization, hydro processing, and others. Among all, FCC product will hold nearly one-third of the total product market throughout the forecast span. FCC product break heavy gas oil range feeds into smaller molecules in the presence of heat. It is used for the production of gasoline in refining process. Majorly used material for FCC product is zeolite with some amount of rare earth metals.

Based on materials, the product industry is classified into zeolite, metal, chemical compound and others. Metal based catalysts will account for over 35% of the global refinery catalyst market in 2025. Molybdenum, vanadium, nickel, cobalt and other noble and rare earth metals are among the metals used for metal-based refinery catalysts. These are majorly used in hydroprocessing catalysts as these are useful to eradicate impurities and reduce the emission of toxic and hazardous gas into the environment.

Asia Pacific has been the most significant automotive market with high production as well as demand. Unceasingly rising living standards and GDP growth coupled with the increasing number of people residing in the high and middle-income groups in the Asia Pacific region will fuel the product market demand. China, India, Japan, and South Korea accounted close to 40% of the global automotive sales in 2017, including both commercial as well as personal vehicles and this is likely to increase in the coming years. This will result in increase in consumption of diesel and petrol. Such trends are predicted to further fuel the refinery catalyst market over the forecast timeframe.

Saudi Arabia product market will generate revenue over USD 135 million in 2025 as the country is the largest producer of petroleum products in Middle East and Africa region, contributing to nearly 90 million tons per annum. In 2018, Saudi Aramco, the state oil company of Saudi Arabia, and Total signed an agreement for the expansion of their joint venture refinery SATORP in Saudi Arabia. This will increase the refinery catalyst demand in this region in coming years.

Key players in the refinery catalyst industry which holds the major market chunk include Shell, Criterion Catalysts & Technologies, China Petroleum & Chemical Corporation (Sinopec), Haldor Topsoe, Johnson Matthey, BASF, Albemarle, and Honeywell Uop.

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Source: Equities.com News (July 23, 2018 - 9:32 AM EDT)

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