Refining Catalyst Market to grow by USD 1.41 billion from 2022 to 2027 | Growth Driven by Increasing demand for crude oil products - Technavio

NEW YORK, Sept. 15, 2023 /PRNewswire/ -- The refining catalyst market by product (FCC catalysts, alkylation catalysts, hydrotreating catalysts, hydrocracking catalysts, and catalytic reforming catalysts), type (zeolites, metals, and chemical compounds), and geography(APAC, North America, Europe, Middle East and Africa, and South America) - Forecast and Analysis 2023-2027" report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the refining catalyst market from 2022 to 2027 is USD 1.41 billion, according to Technavio. Increasing demand for crude oil products is a key factor driving market growth. This increase in demand can be due to a number of factors, including population growth, industrialization, and increased consumption of petroleum products. One of the main factors driving the demand for crude oil products is the growing global population. Moreover, a number of factors such as geopolitical developments and public policy are also influencing the demand for oil products in the refinery catalyst market. Government policies that seek to limit carbon emissions and promote the use of renewable energy sources could also have a positive effect on oil product demand. Hence, these factors are expected to drive the market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Dynamics

Significant Challenge

The rising demand for electric vehicles (EVs) is a significant challenge restricting market growth. The global refining catalyst industry is likely to be substantially depressed as a result of the increased demand for electric cars. As more and more consumers turn to electric vehicles as an eco-friendly alternative to traditional gasoline engines, demand for refined petroleum products such as gasoline and diesel is expected to decrease. Furthermore, the economic situation of the oil refining industry is affected by the decrease in demand for refined petroleum products. Hence, these factors are expected to restrict market growth during the forecast period. 

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Market Segmentation

The refining catalyst market is segmented by product (FCC catalysts, alkylation catalysts, hydrotreating catalysts, hydrocracking catalysts, and catalytic reforming catalysts), type (zeolites, metals, and chemical compounds), and geography (APAC, North America, Europe, Middle East and Africa, and South America). 

• The FCC catalyst segments are estimated to witness significant growth during the forecast period.  The growing demand for cleaner, better-quality petroleum products is a major factor behind the worldwide demand for FCC catalysts. The refining sector must adjust to ensure that fuels meet more stringent specifications in order to maximize the efficiency of its production, as worldwide energy consumption continues to increase. FCC catalysts facilitate refiners' ability to meet those objectives more efficiently and at a higher price, by increasing yield and quality of high-value products. Hence, these factors are expected to drive segment growth during the forecast period. 

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Key Companies in the refining catalyst market:

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.

Related Reports

The oil refining market size is forecast to increase by USD 121.92 billion and is estimated to grow at a CAGR of 1.42% between 2023 and 2027. This oil refining market report extensively covers market segmentation by product (light distillates, middle distillates, fuel oil, and others), fuel type (Gasoline, Kerosene, LPG, and  Others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). One of the key factors driving the oil refining market growth is the surging demand for refined fuel. 

The bunker fuel market size is estimated to grow at a CAGR of 4.23% between 2022 and 2027. The market size is forecast to increase by USD 29.32 billion.  This bunker fuel market report extensively covers market segmentation by type (MGO, HSFO, and VLFSO), application (container, bulk carrier, oil tanker, general cargo, and chemical tanker), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The growth of the shipping industry is driving growth in the bunker fuel market. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio