Enjoy complimentary customisation on priority with our Enterprise License!
The refining catalyst market size is estimated to grow at a CAGR of 4% between 2022 and 2027. The market size is forecast to increase by USD 1,413.02 million. The growth of the market depends on several factors such as the increasing adoption of FCC processes, the increasing demand for cleaner fuels, and the increasing demand for crude oil products.
To learn more about this report, View Report Sample
The rising demand for fuel with high octane numbers is a primary trend in the refining catalyst market. A significant increase in fuel demand with a higher octane level has been observed in the global refining catalyst market. This surge can be attributed to several factors that have increased the need for high-octane fuel across various industries, including the automotive sector, aviation sector, and power generation sector.
Moreover, one of the main drivers behind the increased demand is the growing number of vehicles on the road. As economies continue to grow and urbanization increases, more people own cars and drive on a daily basis. Several technological developments in catalyst technology have been made as a result of a rise in demand for fuels with high octane values in the global refining catalysts market. Thus, it is expected to fuel the growth of the market in focus during the forecast period.
The FCC catalyst segments are estimated to witness significant growth during the forecast period. FCC catalysts are essential in the conversion of heavy hydrocarbon feedstocks into valuable lighter products, such as gasoline, diesel, and petrochemicals. FCC catalysts are efficient and effective in increasing refinery production and profitability, it has been widely applied by the oil refining industry.
Get a glance at the market contribution of various segments View the PDF Sample
The global demand for FCC catalysts is driven by the increasing need for cleaner and higher-quality petroleum products. As global energy consumption continues to rise, the refining industry must adapt to produce fuels that meet stricter specifications while maximizing production efficiency. By improving the yield and quality of high-value products, FCC catalysts make it possible for refiners to achieve these objectives in a more profitable way.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC holds a significant position in the global refining catalyst market. With its robust economies and growing energy demands, countries in APAC have witnessed a significant increase in refining activities in recent years. The strategically located region, which has benefited from favorable government policies and attracted investments by major refiners around the world, is becoming a hub for oil refining.
Moreover, China is one of the key contributors to the refining catalyst market in APAC. The country has witnessed rapid urbanization and industrialization, leading to a surge in energy consumption. The country has become one of the largest crude oil refining centers in the world, and refining catalysts play a crucial role in enhancing the efficiency and productivity of its refineries. Such factors will increase the market growth in this region during the forecast period.
In 2020, the COVID-19 pandemic severely affected overall economic growth in APAC. Governments in India, China, Australia, Japan, Indonesia, Vietnam, and other countries imposed stringent nationwide lockdowns to contain the spread of the disease. However, with the lifting of lockdowns in the second half of 2020, following the implementation of large-scale vaccination programs across APAC, In the early first half of 2021, operations have resumed at oil refineries, petrochemical plants, gas processing, and other sectors. Furthermore, the production of oil and gas has been increasing significantly in the region. Such factors will drive the growth of the regional refining catalyst market during the forecast period.
Increasing demand for crude oil products is driving growth in the refining catalyst market. The increased growth of demand for petroleum products is being observed in the global refining catalyst market. This surge in demand can be attributed to several factors, including population growth, industrialization, and increasing consumption of petroleum products. One of the main drivers of the increasing demand for crude oil products is the growing global population. As the world population continues to rise, so does the need for energy.
The demand for crude oil products in the global refining catalyst market is also influenced by factors such as geopolitical developments and government policies. The demand for crude oil products can also be positively affected by government policies designed to reduce carbon emissions and promote the use of renewable energy sources. It is expected to increase the demand for crude oil products, which will propel the growth of the global refining catalyst market during the forecast period.
The rising demand for electric vehicles (EVs) is a major challenge faced by the refining catalyst market. Due to the increased demand for electric cars, the worldwide refining catalyst industry is expected to be significantly negatively affected. As more and more consumers turn toward electric vehicles as an environmentally friendly alternative to traditional gasoline engines, the demand for refined petroleum products such as gasoline and diesel is expected to decline. This, in turn, will impact the demand for refining catalysts, which are a crucial component in the refining process during the forecast period.
However, the demand for gasoline and diesel is estimated to decrease significantly in the years ahead as EVs become more popular. Moreover, the economic situation of the refining sector is affected by a decrease in demand for refined petroleum products. during the forecast period. Refineries may face financial challenges and struggle to maintain profitability, as the demand for refined petroleum products decreases. This, in turn, will lead to refinery closures or downsizing, which will have a ripple effect on the refining catalyst industry during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Refining Catalyst Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Albemarle Corp. - The company offers refining catalysts such as fluid catalytic cracking FCC catalysts technology for the refining process as well as other refining catalysts through its brand Ketjen.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The refining catalyst market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Refining Catalyst Market Scope |
|
Report Coverage |
Details |
Page number |
186 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4% |
Market growth 2023-2027 |
USD 1413.02 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.55 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 31% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Albemarle Corp., Arkema Group, Axens, BASF SE, Chevron Corp., Clariant International Ltd., Dorf Ketal Chemicals I Pvt. Ltd., DuPont de Nemours Inc., Evonik Industries AG, Exxon Mobil Corp., Honeywell International Inc., Johnson Matthey Plc, KNT Group, Lummus Technology LLC, McDermott International Ltd., Shell plc, Sinopec Shanghai Petrochemical Co. Ltd., TechnipFMC plc, Topsoes AS, and W. R. Grace and Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.