Summary
Major players in the refinery catalyst market are Albemarle Corporation, W.R.
Grace and Company, Axens group, Haldor Topsoe Holding A/S, BASF SE, Johnson Matthey, Honeywell International Inc., Clariant AG, ExxonMobil Corporation, China Petroleum & Chemical Corporation (Sinopec), Arkema S.A, Chevron Corporation, Shell PLC., Evonik Industries AG, JGC C&C, and Air Products and Chemicals Inc.
The global refinery catalyst market is expected to grow from $5.63 billion in 2022 to $5.93 billion in 2023 at a compound annual growth rate (CAGR) of 5.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The refinery catalyst market is expected to reach $7.08 billion in 2027 at a CAGR of 4.6%.
The refinery catalyst market consists of sales of renewable catalysts, naphtha catalysts, residue upgrade catalysts and FCC pretreats catalysts.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Refinery catalysts are chemical substances used in the conversion of petroleum refinery naphtha into high-octane liquid products or reformat to change the rate of chemical reactions and improve the quality of the end product when treating petroleum, crude oil, and gasoline.
Asia-Pacific was the largest region in the refinery catalyst market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of refinery catalysts are FCC catalysts, hydrotreating catalysts, hydrocracking catalysts, catalytic reforming catalysts, and others.FCC catalysts are chemical substances that are used to induce the rate of a chemical reaction by reducing the activation energy in the petroleum industry to convert high-boiling point, high-molecular weight hydrocarbon fractions of petroleum (crude oils) into clearer petroleum end-product such as light alkenes, high-octane gasoline and aromatic middle distillates.
The major ingredient are zeolites, metals, and chemical compounds, and is used in various applications such as oil refineries, chemical synthesis, polymer manufacturing, environmental safety, and others.
The increasing demand for transportation fuel is expected to propel the growth of the refinery catalysts market going forward.Transportation fuels are the energy sources that are used to power motor vehicles that use internal combustion engines.
Refinery catalysts are used in petroleum refineries to convert crude oil into commercial products such as transportation fuels, engine fuels, and heating fuels by increasing chemical reactions to reduce heavy metals and harmful organic compounds to create cleaner end products that can be used as transportation fuel. For instance, according to the Energy Information Administration (EIA), a US-based federal agency for collecting, analyzing, and disseminating energy information, petroleum products accounted for about 90% of the total U.S. transportation sector energy use in the year 2021, which gasoline is the dominant transportation fuel followed by distillate fuels such as diesel fuel and jet fuel. Therefore, the increased demand for transportation fuel is driving the growth of the refinery catalysts market.
Product innovations have emerged as a key trend gaining popularity in the refinery catalyst market.Major companies operating in the refinery catalyst market are focused on developing new innovative products to strengthen their position in the market.
For instance, in March 2022, BASF SE, a Germany-based chemical manufacturing company, introduced Fourtitude™, a Fluid Catalytic Cracking (FCC) catalyst designed to maximize butylenes from resid feedstocks. Fourtitude™ works on multiple framework topology (MFT) technologies that are used to deliver superior selectivity to butylenes while maintaining catalyst activity, which enables increased propylene yields, gasoline octane, and improved coke selectivity.
In November 2020, Evonik Industries, a Germany-based specialty chemicals company acquired Porocel for $210 million.With the acquisition, both companies aim to meet the rising demand for sulfur-free fuels while also lowering CO2 emissions and conserving resources.
Porocel Corporation is a US-based developer of the EcoMax Catalyst Renewal technology, which cleans used hydroprocessing catalyst used in the desulfurization process of pollutants and restores it to its original activity.
The countries covered in the Refinery Catalyst market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The refinery catalysts market research report is one of a series of new reports that provides refinery catalysts market statistics, including refinery catalysts industry global market size, regional shares, competitors with a refinery catalysts market share, detailed refinery catalysts market segments, market trends and opportunities, and any further data you may need to thrive in the refinery catalysts industry. This refinery catalysts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
