CHICAGO, Aug. 16, 2024 /PRNewswire/ -- The report "Refinery Catalysts Market by Type (FCC Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, Catalytic Reforming Catalysts), Ingredients (Zeolites, Metals, Chemical Compounds), and Region - Global Forecast to 2029", is projected to reach USD 6.8 billion by 2029, At A CAGR Of 4.0% From USD 5.6 billion in 2024. The Refinery Catalysts market is driven by increasing industrialization and urbanization. The increasing application of refinery catalysts in oil refineries to produce high quality fuels with low emissions is significantly influencing the market. Refinery catalysts are used to enhance the chemical reacting rates in petroleum refineries without undergoing any permanent chemical change. Increasing population and expenditure parity in developing countries like India, China, and Indonesia are influencing the growth of automotive sector. This is directly driving the demand for high octane fuels and petroleum products in the region. Refinery catalysts are used in the production of these fuels.
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Hydrocracking catalyst is projected to be the fastest growing type of refinery catalysts, in terms of value, during the forecast period.
The hydrocracking catalyst type is the fastest growing refinery catalyst market as it reduces high levels of impurities from the feedstock and delays the drop in the pressure built up in hydroprocessing units. Hydrocracking catalysts are used in petroleum refineries to upgrade oil products by reducing the content of nitrogen, metals, sulfur, carbon, aromatics and other impurities from feedstock. This decreases the rate of sedimentation and increases the rate of conversion in an ebullating bed reactor. With the increase in global energy needs, the demand for efficient refining process increases. This influences the rapid growth in adaption of hydrocracking process.
Metals is the largest type of ingredient used as refinery catalysts, in terms of value.
Metals are widely used as refinery catalysts in refineries to enhance the chemical process. Metals are resistant to corrosion and have high mechanical strength. Metals provide large surface areas for chemical reactions to take place. They help in reducing pollutants such as nitrogen oxides and sulfur content to improve the quality of refined products. Metals like platinum, palladium, and nickel are used for their exemptional prowess in performing catalytic reaction. The use of these metals significantly improves the chemical reactions during the refining process, this leads to achieving higher yields of desired products. Metal catalysts are useful in hydrocracking and hydrotreating process, which are efficient in producing cleaner fuels.
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Asia Pacific captures the largest share in the refinery catalysts market during the forecast period, in terms of value.
Asia Pacific has experienced significant industrialization and urbanization over the past few decades, leading to increased demand for various fuels. The region's booming automotive sector, particularly in countries like China, India, Japan, and South Korea, have driven the demand for refinery catalysts in oil refineries. The region's economic expansion is also a significant contributor to the expansion of the global refinery catalysts market. The availability of cheap raw materials and labor has influenced manufacturers of refinery catalysts to expand their production in Asia Pacific region.
Mergers, new product launches and expansions are the major growth strategies adopted by the key players in the market. The key global players in the refinery catalysts market Albemarle Corporation (US), W R Grace (US), BASF (Germany), Haldor Topsoe (Denmark), Honeywell UOP (US), Clariant (Switzerland), Axens (France), Johnson Matthey (UK), China Petroleum and Chemical Corporation (Sinopec) (China), and Shell Catalyst & Technologies (Netherlands).
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