Refinery Catalysts Market will be worth of US$17,059.2 mn in 2024, expanding at a CAGR of 4.6% from 2016 -2024
The global market for refinery catalysts is chiefly driven by the rising stringency of fuel emission regulations across the globe. In developed as well as developing countries across the globe, as a rising set of regulations govern the compatibility of fuels and their usages across a number of industries, the demand for refinery catalysts is set to rise globally.
Transparency Market Research estimates that the market will tread along a healthy growth path in the next few years. The global demand for refinery catalysts is likely expand at a CAGR of 3.93% between 2016 and 2024 in terms of volume. In terms of revenue, the market, with a valuation of US$11,454.2 mn in 2015, is projected to expand at a CAGR of 4.6% over the said period and rise to US$17,059.2 mn by 2024.
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Zeolites to Remain Market’s Most Popular Catalytic Material
Zeolites are the most widely consumed materials used in the global refinery catalysts market, accounting for a share of over 65.5% in terms of volume in 2015. The high demand for zeolites is chiefly driven by the rising usage of fluid catalytic cracking process across refineries to support the rising global demand for high octane gasoline. Nearly 95% of the overall zeolites produced globally are used across fluid catalytic cracking operations.
China alone accounted for the production of over 70% of world’s zeolite production in 2015 and is also one of the world’s leading consumers of the material. The consumption of zeolites is expected to remain high across Asia Pacific and North America in the next few years. Although zeolites will maintain their position as most consumed refinery catalysts, the segment of molybdenum catalysts is projected offer high potential, primarily in the Middle East and Asia Pacific from 2016 through 2024.
North America to be Most Promising Regional Market, Asia Pacific to Maintain Dominant Stance
Of the key regional markets for refinery catalysts, Asia Pacific held the dominant share of nearly 31% in the global market in 2015. The region accounts for such as huge share in the global refinery catalysts market owing to the expansion of the automotive industry and increase in consumption of diesel in the past few years. Two of the region’s foremost developing economies, India and China, collectively accounted for a significant share of the region’s overall consumption of a variety of refinery catalysts in 2015.
The government of India has decided to implement a much stricter set of emission regulation norms, the Bharat Stage VI, for all varieties of passenger vehicles by 2020. The increased demand for low-sulfur fuels triggered by that these regulations and rise in consumption of fuels owing to the mounting number of vehicle owners in the country will stimulate the market for refinery catalysts in the near future.
North America is expected to be the most promising regional market for refinery catalysts from 2016 through 2024. The market will be chiefly driven due to the rise in the number of environmental regulations on fuel emissions and the rising consumption of gasoline. The U.S. was the major consumer of refinery catalysts in North America in 2015. Of the key refinery units utilizing refinery catalysts, the segment of fluid catalytic cracking is estimated to expand at a significant rate in North America, followed by the segment of hydrocracking catalysts. Consumption of zeolites is projected to increase in the region owing to the growth in demand for cleaner gasoline.
Some of the key players operating in the highly consolidated market for refinery catalysts are Royal Dutch Shell Plc, ExxonMobil Corporation, BASF SE, Honeywell International Inc, Johnson Matthey Plc., Albemarle Corporation, Sinopec Corporation, and Ch
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