Refining catalysts are chemical compounds used in petroleum refining to either accelerate or decelerate chemical reactions for the desired results. Refinery catalysts facilitate petroleum refining processes such as reforming, hydroprocessing, and fluid catalytic cracking among others. Reformulated gasoline-producing hydrocracking and reforming processes require specific catalysts that can withstand severe operating conditions. Stringent fuel specifications have increased the use of hydroprocessing catalysts for deep desulfurization and denitrogenation of fuel products.
Key Takeaways:
Key players operating in the refinery catalyst market are Ashok Leyland, General Motors Company, Bosch Rexroth AG, Xiamen Golden Dragon Bus Co., Ltd., Daimler AG, Volvo Group, Volkswagen AG, Mahindra and Mahindra Ltd., Toyota Motor Corporation, and Tata Motors Ltd. These players are focusing on developing advanced catalyst formulations that can withstand high temperatures and pressures while maximizing conversion rates.
Some of the major opportunities in the Refinery Catalyst Market Demand include increasing for distillate fuels along with stringent environmental regulations. Moreover, emerging economies across Asia Pacific and Middle East are increasing investments in oil refinery capacities which is anticipated to boost regional demand. Global players are expanding their production and R&D facilities across major refining hubs to cater to the growing demand.
Market drivers:
One of the key drivers for refinery catalyst market is the rising oil refinery capacities around the world. According to International Energy Agency, global refining capacity is projected to increase by over 15 million barrels per day by 2030 with major additions from China and India. Stringent environmental regulations regarding fuel sulfur content are also driving higher demand for advanced hydrotreating catalysts that can remove impurities effectively.
Market restraints:
Fluctuating price of raw materials required for catalyst production poses major challenge for market players. Geopolitical conflicts and volatile crude oil prices can negatively impact capacity utilization of refineries thereby restraining catalyst demand. Technical limitations of existing catalyst technology also limit their applicability in production of niche petroleum products.
Segment Analysis
The refinery catalyst market is divided into segments based on product type and application. In terms of product type, the FCC catalysts segment holds the largest market share currently as it enables the production of high-octane fuels from heavier crude oil feedstock. FCC catalysts boost profits of refiners by allowing the conversion of lower-value feedstocks into high-value products with lower energy consumption. The application segment of fluid catalytic cracking occupies the dominant position in the market due to increasing usage of cracking catalysts in oil refineries worldwide.
Global Analysis
Regionally, Asia Pacific accounted for the highest share in the refinery catalyst market during the historical period due to high demand from India and China. These countries have been the major importers of crude oil worldwide and have been expanding their refining capacities significantly. Going forward, the market is expected to be the fastest growing in Asia Pacific as well due to expansion of crude distillation unit capacity and construction of new refineries. Countries such as India, China, and South Korea are expected to offer immense growth opportunities owing to rising energy demand and expansion of oil refining facilities. North America and Europe are expected to witness moderate growth on account of maturity of refineries in these regions. However, Middle East and Africa region may offer lucrative opportunities for market participants over the forecast period.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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