Refinery Catalysts Market Worth $4.7 Billion by 2025 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, May 26, 2020 /PRNewswire/ -- According to the new market research report "Refinery Catalysts Market By Type (Fcc Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, And Catalytic Reforming Catalysts), Ingredient (Zeolites, Metal, And Chemical Compounds), Region - Global Forecast To 2025", published by MarketsandMarkets(TM), the global Refinery Catalysts Market size is expected to grow from USD 4.0 billion in 2020 and USD 4.7 billion by 2025, at a CAGR of 2.9% during the forecast period. The major factors driving the refinery catalysts industry include a growing number of stringent regulations for vehicle emissions across the world and rising consumption of petroleum derivatives.
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The hydrocracking catalysts segment is the fastest-growing type segment of the refinery catalysts market.
The hydrocracking catalysts segment of the refinery catalyst market is projected to grow at the highest CAGR during the forecast period. These refinery catalysts have garnered industry-wide acceptance for their performance and general characteristics. Also, these catalysts do not produce coke as a by-product, thereby resulting in the improved conversion of feedstock. Thus, benefits associated with hydrocracking catalysts such as their ability to handle a wide range of feedstock materials, are anticipated to drive the growth of the hydrocracking catalysts segment.
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APAC is the fastest-growing refinery catalyst market
APAC is the largest consumer and manufacturer of refinery catalysts globally. According to the BP Statistical Review of World Energy 2019, APAC's total oil production was 7,633 thousand barrels per day (BPD) in 2018, with a global market share of 8.1%. APAC's political and economic conditions have driven the market penetration of refinery catalysts.
Between 2019 and 2020, the refinery catalyst market has observed a slow growth rate due to COVID-19 and the consequent complete lockdown across the world. This has led to a decrease in the demand for fuels globally, leading to reduced production in oil refineries. Therefore, in 2020, the refinery catalysts market is expected to witness a dip.
The refinery catalysts market comprises major players such as 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), Arkema (France), Anten Chemicals (China), Chempack (China), Dorf-Ketal Chemicals Pvt. Ltd. (India), Exxon Mobil Corporation (US), Gazprom (Russia), JGC Catalyst and Chemicals (Japan),KNT Group (Russia), Kuwait Catalyst (Kuwait), N.E.Chemcat (Japan), Porocel (US), Qingdao Huicheng Environmental Technology (China), Taiyo Koko Co. Ltd. (Japan), Unicat Catalyst Technologies (US), and Yueyang Sciensun Chemicals (China).
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