Refinery Catalyst Market Size Worth US$ 5.8 Billion by 2026
Acumen Research and Consulting, Recently Published Report On “Refinery Catalyst Market Size, Share, Trends, Scope, Growth Opportunity and Forecast 2019-2026”.
LOS ANGELES, July 11, 2019 (GLOBE NEWSWIRE) -- The global refinery catalyst market size is estimated to grow at CAGR above 3.7 % over the forecast time frame 2019 to 2026 and reach the market value around USD 5.8 billion by 2026.
In terms of cost and time effectiveness, catalyst improves the rate of chemical reactions and is regarded as a critical aspect of the method. In refineries, refinery catalysts are used to convert petroleum product from crude to elevated octane liquids (kerosene, oil, diesel) to other liquid products. These catalysts are used for a variety of procedures, including hydrotreating and hydrocracking.
The increased demand for cleaner oil products is the key driver for the development in the worldwide catalyst refining industry during the evaluation period. In addition, the increasing population worldwide has caused the power needs, which contribute to the market development. Furthermore, the increasing operations associated with petroleum and gas are also likely to boost demand for refinery catalysts during the forecast era, particularly in the developing Asia Pacific region.
Hydrocracking catalyst segment is expected to exhibit the highest growth during the forecast period. The hydrocracking catalysts are widely used because it produces no coke as a by-product and thus the feedstock is efficiently conversioned. The ingredient represented the biggest share of the metal segment in 2018 and is expected to show the same trend in the forecast period. The metals are extremely used for hydrocracking and hydrotreating in the removal and reduction of unwanted particles.
Asia Pacific is the biggest market and is anticipated to develop during the evaluation period in an increasing CAGR. The existence of the most populous countries has increased energy demand in the region, an important driver of demand for the catalyst refinery in the region. Moreover there is a positive impact on market growth in the fast development of polymer production and refining businesses in the region. In addition, it is estimated that the existence of the region's biggest refinery will also lead to demand for catalysts. Due to increasing oil and gas exploration operations, the Middle East is anticipated to develop in a constant CAGR. Another dominant market for refinery catalysts is the North American area. The latest shale gas boom in the area has increased refinery catalyst requirements primarily in the United States. In addition, there are substantial revenues for the refinery catalyst industry under the strict laws for using raw emissions.
Refinery catalysts are used as light derivatives with a relatively small boiling point fraction to disintegrate heavier hydrocarbons. The industry has been motivated mainly by the increasing demand in China, Japan and India from the automotive sector. They focus on improving their refining capabilities to satisfy the increasing demand, which in the next few years can have a positive effect on product supply. The refinery catalyst development of the industry over a projected period will be further marked by strict legislation to control air pollution and carbon emissions by decreasing fuel sulphur content.
With the top five firms representing more than 50 per cent of the world markets, the worldwide refinery catalyst industry is extremely consolidated. Honeywell UOP, Haldor Topsoe, Albemarle, W.R. Grace & Co., Johnson Matthey, Axens, Clariant and BASF players are key players engaged in the industry. The businesses operate in collaboration with the refineries, thus preserving their market position to create better and more effective products.
Indian Oil Corp, one of India's top oil refiners. In order to increase the refining ability in the nation in the next five years, Ltd announced its plan to invest INR 1,8 trillion, along with the development of refineries in Barauni and Gujarat.
In addition, Rotary Engineering Ltd, Singapore has signed an agreement of USD 1 billion with Dubai's Emirates National Oil Co. (ENOC). Twelve storage tanks will be made by Rotary Engineering to store enhanced output of jet fuel, naphtha and petrol mixing. The market for refining catalysts in the area is anticipated to increase such investments during the forecast era.
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