SELBYVILLE, Del., April 2, 2019 /PRNewswire/ -- The refinery catalyst market is expected to hike from USD 4 billion in 2018 to around USD 5.5 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Refinery catalysts are used all over the refining sector to convert heavy crude oil to lighter derivatives. Tightening of the fuel quality standards including reduction of olefins, benzene, and other aromatics in gasoline, along with the global shift towards fuels with extremely low sulfur content will require refining industry to undertake significant upgrading.
Petroleum refiners investing heavily for the upgrading and expansion of the refineries for meeting the emission norms and sulfur content regulations will have a positive impact on refinery catalyst market size in coming years. The product finds wide range of applications in many processes which include reforming, isomerization, catalytic cracking, desulfurization, etc.
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The rapid development of unorthodox oil reserves will further boost the growth of the global refinery catalyst market during the forecast period. The products provide the most favorable butylene selectivity, improved metals tolerance ability and optimum selectivity & conversion on light feeds which will propel the growth of the product market in coming years.
Refinery catalysts production includes high usage of rare earth metals like molybdenum, tungsten, vanadium, etc. which are found in limited locations around the world, making the raw material supply strenuous and heavily reliant on the global trade laws. This factor causes volatility in the raw material price trends and may hinder the market growth over the coming years.
The key product variants include FCC (fluid catalytic cracking), alkylation, hydroprocessing, and reforming & isomerization. Among these product types, the FCC segment will accumulate more than two-thirds of the overall refinery catalysts market by the end of the forecast spell. These products are primarily used for breaking down heavy crude oils into lighter molecule hydrocarbons upon heating.
Browse key industry insights spread across 370 pages with 560 market data tables & 31 figures & charts from the report, "Refinery Catalyst Market Size By Type (Fluid Catalytic Cracking, Hydroprocessing [Hydrotreating, Hydrocracking], Alkylation, Reforming & Isomerization), By Material (Zeolite, Metal, Chemical Compound), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, U.K., France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
On the basis of materials, the market is segmented into zeolite, chemical compound, metal and others. The metal-based segment is likely to have a market share of more than 30 percent of the total refinery catalysts market size by 2025. Vanadium, molybdenum, cobalt, nickel and other precious metals are preferably used as the metal-based catalysts. These metals are vastly used in reforming and hydrotreating processes owing to their efficient eradication of impurities and reduction of hazardous and toxic gas emissions into the atmosphere.
In the Kingdom of Saudi Arabia, the refinery catalyst market will be worth more than USD 180 million by the end of 2025. The country has the second largest crude oil reserve in the world and is now shifting its focus towards the downstream petrochemicals sector, investing in development and expansion of the refineries. Steps such as expansion of the SATORP refinery (joint venture of Total and Saudi Aramco) in the country will prosper the regional product demand in the near future.
Major companies in the refinery catalyst market include Albemarle, Honeywell UOP, Royal Dutch Shell, W. R. Grace & Co., Haldor Topsoe, Clariant, Axens, Johnson Matthey, and BASF. These companies focus on new product development to increase refinery efficiency while following strict environmental regulations.
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Global Refinery Catalysts Market Size to exceed $5.5bn by 2025
In the Kingdom of Saudi Arabia, the refinery catalysts market will be worth more than USD 180 million by the end of 2025.
SOURCE Global Market Insights, Inc.