Global Refinery Catalyst Market is Expected to Reach $5.5 Billion in 2020
Deerfield Beach, FL -- (SBWIRE) -- 07/26/2017 -- Zion Market 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 basically used in any chemical reaction process that starts or speeds up a chemical reaction while undergoing no permanent change itself. Catalysts are external substances that set off the chemical reaction without being consumed. They are commonly used in almost all industrial chemical processes. Above 90% of chemical manufacturing processes and more than 20% of all industrial products used catalytic steps. Increasingly stringent fuel and environmental regulations coupled with heavier crudes and feedstocks, and ever rising energy demand have created complex, and sometimes conflicting, challenges for refiners operating hydroprocessing units. Refinery catalysts provide an effective solution to refiners for above problems.
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On the basis of application, refinery catalyst market segmented into fluid catalytic cracking, hydro-cracking, alkylation, hydro treating and catalytic reforming. Fluid catalytic cracking catalysts dominated the refinery catalysts market in 2014 with over 45% share of the total market. In the petrochemical industry, catalysts find application in the catalytic cracking, isomerization and reforming processes. Strong growth of petroleum industry in Asia Pacific is expected to drive demand catalysts. FCC catalysts is followed by alkylation and hydrotreating catalysts respectively. However, hydrotreating and hydrocracking catalysts are expected to witness the 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 the market around 40% share of the total market in 2014.
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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 the significant growth of refinery catalysts market owing to the strong economic growth of the emerging economies. The 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.
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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