by Market Overview:
Refinery catalysts are extensively used in petroleum refining processes such as catalytic cracking, hydroprocessing, and other refinery processes to boost production of transportation fuels and petrochemicals. These catalysts help improve oil quality, gasoline yields, and desulfurization. They play a crucial role in manufacturing cleaner fuels that meet strict environmental regulations.
Market key trends:
One of the key trends in the refinery catalyst market is the development of environment-friendly and fuel-efficient catalyst formulations. Stringent emission norms by regulatory bodies are propelling the demand for low-sulfur gasoline and diesel fuels. Market players are focusing on designing hybrid and multi-functional catalysts with enhanced activity, selectivity, and stability. They are utilizing nanotechnology and novel support materials to tackle the challenges arising from heavier feedstocks and maximize fuel yields. The shift toward hybrid electric vehicles is also driving research toward cost-effective catalysts for production of biofuels from non-food biomass and waste resources.
Refinery catalysts play a crucial role in the petroleum refining process to help obtain lighter and higher-value petroleum products. The global refinery catalyst market is witnessing heightened demand for heterogeneous catalysts, which is supporting its growth. Heterogeneous catalysts allow more refined petroleum products to be derived from heavier and more complex crude oil feedstocks. Additionally, stringent environmental regulations regarding sulfur content in transportation fuel is driving demand for advanced refinery catalysts that can facilitate deeper desulfurization.
The global Refinery Catalyst Market Demand is estimated to be valued at US$ 6.75 Billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
Strength: The refinery catalyst market benefits from growing fuel demand globally which is supporting capacity additions at oil refineries. This is creating demand for refinery catalysts.
Weakness: Frequently changing crude oil feedstock compositions require refineries to optimize their catalyst formulation on a regular basis adding complexity.
Opportunity: Higher yields of lighter and cleaner fuels from heavy crude oil feedstocks through technological advancements in catalyst formulation present an opportunity for growth.
Threats: Fluctuations in crude oil prices impact capacity utilization rates and capital spending plans of refineries. Strict environmental norms in some regions pose regulatory challenges.
Key Takeaways:
The global refinery catalyst market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period of 2023-2030, due to growing processing capacity additions across refineries globally. The market size for refinery catalysts was valued at US$ 6.75 billion in 2023.
Regional analysis: North America dominated the global refinery catalyst market in 2023 led by U.S. which is home to some of the world’s largest refineries. Asia Pacific is expected to witness the fastest growth led by China and India due to capacity expansions planned over 2023-2030 to cater growing fuel demand.
Key players operating in the refinery catalyst market are BP Global and Royal Dutch Shell. Other key industry participants include YARA International, Foster Wheeler AG, OXEA GmbH, W R Grace, Johnson Matthey, Albemarle Corporation, BASF SE, Technip SA, and UOP LLC. Key players are focusing on development of technologically advanced catalysts to facilitate deeper conversion of heavy crude feedstocks into high-value products.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
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, chemicals and materials, defense and aerospace, consumer goods, etc.
