Latest Trends in Refinery Catalysts Market Industry Leaders & New Revenue Pockets

Northbrook, IL, USA, 2021-Sep-15 — /EPR Network/ —

The global refinery catalysts market is expected to witness high growth during the forecast period owing tothe increasing demand for fuel with high octane number around the globe.Refinery catalysts are materials used in petroleum refineries to enhance the rate of chemical reactions without undergoing any permanent chemical change. These catalysts are also used to improve the throughput from refineries.MarketsandMarkets projects the global refinery catalystsmarket size to grow from USD 4.0 billion in 2020 and USD 4.7 billion by 2025, at a CAGR of  2.9% during the forecast period.

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The FCC catalysts segment accounts for the larger share of the overall market. FCC catalysts play a vital role in the conversion of heavy atmospheric residues and vacuum distillates into fractions of motor fuels, mainly gasoline. However, the FCC catalysts market is gradually moving toward maturity and losing its market share to other high growing types of refinery catalysts. Hydro treating catalysts are used in petroleum refining to remove contaminants such as oxygen, nitrogen, sulfur, and metals from liquid petroleum fractions. The objective of hydro cracking catalysts is to convert heavy oil feed stock into high quality, lighter fuel products such as naphtha, gasoline, jet fuel or kerosene, and diesel, and hydro wax, which can be used as a petrochemical plant lube base stock or feed stock. Rising demand for petroleum derivatives and stringent regulations focusing on the use of ultra-low sulfur diesel(ULSD) are expected to drive the market for hydro cracking catalysts.

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APAC is the largest consumer and manufacturer of refinery catalysts globally. According to the BP Statistical Review of World Energy 2019, APAC’s total oil production was 7,633 thousand barrels per day (BPD) in 2018, with a global market share of 8.1%. APAC’s political and economic conditions have driven the market penetration of refinery catalysts.

Between 2019 and 2020, the refinery catalyst market has observed a slow growth rate due to COVID-19 and the consequent complete lockdown across the world. This has led to a decrease in the demand for fuels globally, leading to reduced production in oil refineries. Therefore, in 2020, the refinery catalysts market is expected to witness a dip.