What is Refinery Catalysts Market Scope?
Catalyst is used to make a chemical reaction process faster that automatically saves time, cost as well as energy. Whereas, refinery catalyst is used to convert low octane count into high-octane. In other words, refinery catalyst can convert petroleum refinery products into liquid products include gasoline, kerosene, and diesel. Thus, it is used to control emission. Increasing demand for refinery catalyst from rapidly growing industries such as the oil & gas industry and automotive industry is the major driver for the market. However, unpredictability in precious metal prices and continuously fluctuation in the prices of raw material have been limiting the market. Moreover, increasing investment in refineries and increasing the demand from Middle East region due to high oil and gas exploration activities can be considered as an opportunity for the market.
The Refinery Catalysts market study is being classified and major geographies with country level break-up. According to AMA, the Global Refinery Catalysts market is expected to see growth rate of 4.12% and may see market size of USD5.47 Billion by 2026.
The global refinery catalyst market was highly concentrated to very few players Honeywell UOP, Haldor Topsoe, Albemarle Corporation, and few others. Thus the market was showing strategic monopoly in the moderately competitive environment. However, with respect to minimal initial investments in refinery catalyst producing has favored the number of new entrants to gain market share from the local market. The global leaders business might be affected due to new entrants. Moreover, global leaders will continuously adopt strategic partnerships and technological developments to gain a competitive edge in a moderately competitive environmentThe Vendors having a strong hold in the market are Honeywell UOP, Haldor Topsoe, Albemarle Corporation, W. R. Grace and Company. Analysts at AMA predicts that Vendors from United States, European and Asian will contribute to the maximum growth of Global Refinery Catalysts market throughout the predicted period.
Honeywell UOP (United States), Haldor Topsoe (Denmark), Albemarle Corporation (United States), W. R. Grace and Company (United States), Royal Dutch Shell (Netherlands), Johnson Matthey (United Kingdom), Axens North America, Inc. (United States), Clariant AG (Switzerland), BASF (Germany) and Filtra Catalysts & Chemicals Ltd (India) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Anten Chemical Co., Ltd (China), Criterion Catalysts & Technologies L.P (United States) and JGC Catalysts and Chemicals (Japan).
Analyst at AMA have segmented the market study of Global Refinery Catalysts market by Type, Application and Region.
On the basis of geography, the market of Refinery Catalysts has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In November 2017, BASF had launched new refinery catalyst (Fortress fluid catalytic cracking (FCC) catalyst) specifically for heavy residuum (resid) oil feedstock applications.
Influencing Market Trend
- Growing Adoption of petroleum feedstocks in the ethylene, propylene, and butadiene in North America, particularly in the United States
- Rising Use of Refinery Catalyst in Clean Fuel Technologies and Emission Control to Reduce Air Pollution
- Increasing Demand from Rapidly Growing Industries such as the Oil & Gas Industry and Automotive Industry
- Increasing Investment in Refineries will further increase the demand for Refinery Catalyst
- Increasing the demand from Middle East Region due to High Oil and Gas Exploration Activities
- Presence of Alternative Energy
- Unpredictability in Precious Metal Prices
- Continuously Fluctuation in the Prices of Raw Material
Key Target AudienceRefinery Catalyst Producer, Raw Material Supplier, Distributors and Suppliers, Investors, Government Agencies, Private Research Organization and Others
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