CHICAGO, Aug. 10, 2023 /PRNewswire/ -- The report "Catalyst Handling Services Market by Service Type (Catalyst loading/Unloading, Catalyst Screening, Segregation, & Storage, Catalyst Transport & Handling, Spent Catalyst Holding), End-use Industry (Petroleum Refining) and Region - Global Forecast to 2028", is projected to reach USD 732 million by 2028, at a CAGR of 4.5% from USD 588 million in 2023.
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167 - Tables
30 - Figures
183 - Pages
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The catalyst handling services market is mainly driven by the stringent environmental regulations. Moreover, it is also driven by increasing focus on energy efficiency and cost optimization.
'Spent catalyst handling segment is projected to grow at fastest CAGR, in terms of value, during the forecast period.'
Spent catalyst handling is a vital process in the refining and petrochemical industries, dealing with the safe and efficient management of used catalysts. These catalysts have reached the end of their useful life and require careful handling to ensure environmental compliance. The process includes collection, transportation, and proper disposal or regeneration. Effective spent catalyst handling not only adheres to regulatory standards but also contributes to sustainable practices, promoting responsible environmental stewardship within the refining and petrochemical sectors.
'Chemicals & fertilizers end-use industry segment is projected to be the second fastest growing end-use industry type in the catalyst handling services market, in terms of value.'
The global chemicals and fertilizers production scenario has witnessed robust growth, with the chemical industry playing a pivotal role in driving various sectors of the economy. Strong statistics highlight the industry's significance, as global chemical production reached over USD 5 trillion annually.
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In terms of regional contributions, Asia stands out as a powerhouse, accounting for approximately 55% of the global chemicals production. China, the world's largest chemical producer, leads the way with its substantial output, contributing over one-third of the global chemical production. India, with its expanding manufacturing and agricultural sectors, has also emerged as a significant player in the region's chemical industry.
'Asia Pacific is expected to be the fastest growing market for catalyst handling services market during the forecast period, in terms of value'
The markets of Asia Pacific are registering high growth, and the trend is projected to continue during the forecast period. Emerging economies such as India, and China are investing in various industrial developments that are driving the catalyst handling services market. The rapid industrial growth, increasing refining and petrochemical activities, and the rising demand for efficient catalyst management solutions in the region's expanding energy sector.
New technology launches and partnerships are the major growth strategies adopted by the key players in the market. The key global players in the catalyst handling services market include Anabeeb (Saudi Arabia), Mourik (Netharlands), Cat Tech International (UK), CR 3 (Thailand), Technivac (UK), Catalyst Handling Resources (US), Dickinson Group of Companies (South Africa), Buchen-ICS (Germany), Kanooz Industrial Services (Saudi Arabia), and Group Peeters (Belgium).
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