The Global Market for Petroleum Refining Catalysts is Projected to Exceed US$5.7 Billion by 2020
Evergreen Demand for Motor Vehicle Fuel Drives the
Global Petroleum Refining Catalysts Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Petroleum Refining Catalysts market. The
global market for Petroleum Refining Catalysts is projected to exceed US$5.7
billion by 2020, driven by the ever-present need for motor vehicle
fuel and the steady progress being made in fuel quality.
The global petroleum industry refines more than 85
million barrels of crude oil every day in order to meet surging demand for
petroleum products. Steady production and sales of automobiles and increasing industrial
activity provide strong baseline factors that support growth in the market. The
rising demand for gasoline, diesel, lubricants, and fuel oil is encouraging widespread
increases in oil refining activity across the globe. In order to meet the
growing demand, oil firms are expanding production capacities. Demand for
cleaner fuels is also driving refineries to increase the use of petroleum
refining catalysts in the refining process. As petroleum refining catalysts are mainly used for
removing sulfur from oil, gasoline and diesel; the phase out of MTBE; and the
introduction of 0% sulfur gas-to-liquids diesel are key growth drivers in the
market. Asia-Pacific, the Middle East, and Latin America are emerging into hotspots
for growth supported by robust economic activity and the ensuing increase in consumption
of petroleum based products. Brazil is witnessing robust growth owing to the
recent exploration of copious petroleum and natural gas reserves on the
Brazilian coast.
The petroleum refining catalysts market encompasses fluid
catalytic cracking catalysts, alkyl catalysts, H.P.C
(hydroprocessing) catalysts, isomer forming catalysts, hydrogen producing
catalysts, hydrodesulphurization catalysts, and other catalysts.
Hydro-processing segment is the fastest-growing market in the global petroleum
refining catalysts industry. Processing catalysts find steady demand owing to
stringent environmental regulations and the need for clean fuels. The use of
high-severity hydrotreating
catalysts aids refiners by improving operational efficiencies and enabling
cost control. The focus on diesel production with reduced sulfur content will additionally
spur growth in the market. Product innovation is a vital strategy for refiners looking forward to
maximize overall value of their operations. The enforcement of stringent
regulations for sulfur emissions will help drive demand for hydroprocessing
catalysts. Despite the opportunities for growth, the market will continue to face
challenges manifested in the form of rising consumption of biofuels, huge
financial need for R&D investments, depleting crude oil reserves and the
ensuing focus on alternative fuels.
As stated by the new
market research report on Petroleum
Refining Catalysts, the United States remains the largest market worldwide.
The North American market is expected to endure the impact of trends such as
increasing focus on biofuels and changing fuel efficiencies of motor vehicles. Asia-Pacific
is set to emerge as the fastest growing market worldwide exhibiting a CAGR of 6.6%
through the analysis period.
Major players covered in
the report include Air Products and Chemicals, Albemarle Corp., Axens, BASF SE,
Chevron Corp., Chevron Lummus Global, Chicago Bridge & Iron Company, China
National Petroleum Corporation, Criterion Catalysts & Technologies LP, CRI
Catalyst Company, Evonik Industries AG, ExxonMobil Corporation, Equilibrium
Catalyst, Inc., Filtra Catalysts & Chemicals Ltd., Haldor Topsoe A/S, HeJia
Group, Honeywell International Inc., JGC Catalysts and Chemicals Ltd., Johnson
Matthey Plc, KBR, Inc., Magma Ceramics & Catalysts, Qingdao Huicheng
Pectechnology Co., Ltd., Reliance Industries Ltd., Royal Dutch Shell Plc,
Sinopec Corp., WR Grace & Co., and Zeolyst International, among others.
The research report titled
“Petroleum Refining Catalysts: A Global Strategic
Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, acquisitions and other strategic
industry activities of global companies. The report provides market estimates
and projections for petroleum refining catalysts in US$ thousands for all major
geographic markets such as the US, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and
Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil, and
Rest of Latin America). The global and regional markets for petroleum refining
catalysts are also analyzed by the following segments – Fluid Cracking
Catalysts, Hydro Treating Catalysts, Hydro Cracking Catalysts, and Others (includes
Alkylation Catalysts, Reforming Catalysts, and Isomerization Catalysts among others).
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