Refinery Catalyst Market Poised for Remarkable Growth, Projected to Reach US$15 Billion by 2030
The global refinery catalyst market is on an impressive trajectory, with revenue projected to surge to US$15 billion by the end of 2030, up from an estimated valuation of approximately US$10.2 billion in 2022. This forecast is outlined in a comprehensive market analysis report that meticulously examines key growth indicators.
Market Analysis Highlights:
- Increased Refinery Capacity Drives Opportunity: The expansion of existing refineries and the construction of new petroleum refineries in high-demand regions are seen as significant opportunities for the refinery catalyst industry. The surging demand for cleaner fuels, amid global efforts to reduce environmental impact, has spurred the need for enhanced refinery capabilities.
- Transition to Biofuels Impacts Demand: The global shift toward biofuels and green fuels is expected to decrease the consumption of products derived from fossil fuels. This transition will directly influence the use of refinery catalysts, as less refined products result in reduced catalyst usage within the refinery process.
Key Report Findings:
- The refinery catalyst market is projected to reach US$15 billion by 2030.
- Rising costs and supply chain disruptions have contributed to market slowdown.
- The COVID-19 pandemic led to a significant loss in the refinery industry, with around 6 million barrels per day of production lost in 2020 due to decreased demand.
- Fluid Catalytic Cracking (FCC) units lead in catalyst consumption, with zeolite being a significant component.
- Asia Pacific accounts for one-third of the market value, spearheading growth.
- The refinery catalyst industry is set to experience stable growth at a 4.8% CAGR between 2023 and 2030.
Driving Growth Factors:
- Energy Security Concerns in Transportation Fuel: The stringent fuel economy regulations worldwide have propelled the demand for refinery catalysts. These catalysts are instrumental in removing contaminants such as nitrogen and sulfur from crude oil, making them essential in petroleum refining processes.
- Notable Refinery Expansions and Emission Regulations: The increased demand for cleaner fuels and expanding refining capacity are key drivers of the petroleum refining market. Refining catalysts are crucial in producing cleaner fuels with lower environmental impact, aligning with stricter emission regulations.
Overview of Key Segments:
- FCC units dominate catalyst consumption, driven by the rising demand for high-octane gasoline.
- Zeolites are anticipated to grow at a significant rate in terms of volume, supporting market expansion.
Growth Opportunities Across Regions:
- Asia Pacific is expected to maintain dominance through 2030, with China at the forefront due to increasing demand for cleaner diesel and rising auto sales.
- North America’s need for refinery catalysts is set to increase, driven by compliance with Euro-6 standards and shale gas production.
- Europe is witnessing refinery projects in Russia to address demand, with a shift toward biofuels and renewables impacting the market.
Global Refinery Catalyst Market: Competitive Landscape:
Prominent players in the global refinery catalyst market include W. R. Grace & Co.-Conn, Albemarle Corporation, BASF SE, Chevron Corporation, Exxon Mobil Corporation, Honeywell International Inc., Haldor Topsoe A/S, Johnson Matthey, Royal Dutch Shell plc, and China Petrochemical Corporation. Their dominance is attributed to proprietary technologies required for refinery catalyst development.
The global refinery catalyst market is set for remarkable growth, driven by increasing demand for cleaner fuels and expanding refinery capacity. As the world continues to prioritize environmental sustainability, refinery catalysts play a vital role in ensuring the production of low-impact, high-quality fuels.
Global Refinery Catalyst Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 – (By Refinery Unit Type, By Catalyst Type, By Geography, Leading Companies) https://www.fairfieldmarketresearch.com/report/refinery-catalyst-market
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