The refinery catalyst market is estimated to be USD 6.81 Billion in 2017 and is projected to reach USD 7.98 Billion by 2022, at a CAGR of 3.2% from 2017 to 2022. This growth can be attributed to the increased demand for refined products as well as octane rated products.
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The report "Refinery Catalyst Market by Type (FCC Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, and Catalytic Reforming Catalysts), Ingredient (Zeolites, Metals, and Chemical Compounds), and Region - Global Forecast to 2022",
In addition, the rising demand for transportation fuels is further anticipated to boost the consumption of refinery catalysts.
Browse 75 Market Data Tables and 29 Figures spread through 121 Pages and in-depth TOC on "Refinery Catalyst Market by Type (FCC Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, and Catalytic Reforming Catalysts), Ingredient (Zeolites, Metals, and Chemical Compounds), and Region - Global Forecast to 2022"
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The hydrocracking catalysts segment is the fastest-growing type segment of the refinery catalyst market
Based on type, 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.
In addition, 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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The metals segment accounted for the largest share of the refinery catalyst market in 2016
Based on ingredient, the metals segments accounted for the largest share of the refinery catalyst market in 2016. Metals are primarily used for hydrocracking and hydrotreating to remove unwanted impurities and reduce the emission of harmful gases into the environment.
They are also used for desulfurization and denitrification processes. As the demand for fuels containing less sulfur content increases, the demand for metals is anticipated to witness steady growth in the near future.
Thus, the increasing use of refinery catalysts will subsequently drive the consumption of metals.
Asia Pacific is the largest market for refinery catalysts
The Asia Pacific region was the largest market for refinery catalysts, in terms of volume, in 2016. China is a key consumer of refinery catalysts in the Asia Pacific region.
The increase in demand for transportation fuels has contributed to the growth of the refinery catalyst market in this region. Mergers & acquisitions, new product launches & developments, and expansions are key growth strategies adopted by leading manufacturers of refinery catalysts in the Asia Pacific region.
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Albemarle Corporation (US), W.R. Grace & Co. (US), Axens SA (France), Haldor Topsoe A/S (Denmark), BASF SE (Germany), Johnson Matthey Plc (UK), Honeywell UOP (US), Clariant International Ltd.
(Switzerland), and Criterion Catalysts & Technologies L.P. (US) are key players operating in the refinery catalyst market.
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