Global Refinery Catalyst Market Growing at a CAGR of around 3.0% between 2015 and 2020
Zion Research has published a new report titled “Refinery Catalyst Market (FCC Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, Alkylation Catalysts and Catalytic Reforming) by Materials (Zeolites, Metals, Chemical Compound and Others): Global Industry Perspective, Comprehensive Analysis and Forecast 2014 – 2020.” According to the report, the global refinery catalysts market was valued at approximate USD 4.5 billion in 2014 and is expected to reach approximately USD 5.5 billion by 2020, growing at a CAGR of around 3.0% between 2015 and 2020. In terms of volume, global refinery catalysts market stood at approximately 1,500 kilo tons in 2014.
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Catalysts are one or more homogenous or heterogeneous substances introduced in any chemical reaction that starts or speeds up a chemical reaction while undergoing no permanent change itself. It rearranges the molecule of the reactants to produce new substances as products without changing characteristic. Catalysts perform different types of functions based on the need of a particular chemical process. They are commonly used in almost all industrial chemical processes.
Growing demand for petroleum products owing ever rising number of vehicles has been resulted into strong demand for refinery catalysts. Moreover, use of catalysts in refinery industry if growing to achieve maximum yield of petroleum products and to full-fill stringent environmental regulations. Growing demand for clean and efficient fuel is surging demand for refinery catalysts. However, rapidly depleting crude oil reserves and high cost of production is expected to present major challenge to the industry participants.
Based on their products types, refinery catalysts can be segmented as fluid catalytic cracking (FCC), hydro-cracking, alkylation, hydro treating, catalytic reforming and others. Refinery catalysts are widely used in oil refining industries. In the petrochemical industry, refinery catalysts find application in the catalytic cracking, isomerization and reforming processes. Fluid catalytic cracking catalysts dominated the refinery catalysts market in 2014 with over 45% share of total market. FCC catalysts is followed by alkylation and hydrotreating catalysts respectively. However, hydrotreating and hydrocracking catalysts are expected to witness fastest growth among all product segments.
Refinery catalyst market also categorized on the basis of types includes zeolites, metals, chemical compounds and others. Zeolites have excellent catalytic properties such as high selectivity. It provides most efficient and cost effective method for refinery conversions and it is basically used in improving refinery streams into petroleum process. Global refinery catalysts market was dominated by zeolites with market around 40% share of the total market in 2014.
Refinery catalysts market in North America and Europe has reached the state of maturity and expected to exhibit moderate growth. However, Asia Pacific, Middle East & Africa and Latin America are expected to witness significant growth of refinery catalysts market owing to strong economic growth of the emerging economies. Shift in manufacturing base of refinery catalysts from North America and Europe to Asia Pacific can be attributed to widely available cheap raw materials and labor.
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Some of the key participants in global refinery catalysts market include BASF SE, Albemarle Corporation, Royal Dutch Shell plc, Honeywell International Inc., China Petroleum & Chemical Corporation, Clariant AG, Haldor Topsoe, W.R. Grace & Co. and Huntsman Corporation.
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