Refinery Catalysts Market to Hit USD 5.84 Billion by 2028; Rising Demand for Octane Fuel to Augment Market Growth: Fortune Business Insights

The global refinery catalysts market size is expected to gain momentum by reaching USD 5.84 billion by 2028 while exhibiting a CAGR of 3.8% during 2021 to 2028. In its report titled "Refinery Catalysts Market, 2021-2028," Fortune Business Insight mentions that the market stood at USD 4.38 billion in 2020.

The growing demand for petroleum products such as kerosene, diesel, petroleum, and several others has surged the demand for refinery materials. These materials are used in the refining process to wash out the impurities, such as nitrogen, sulfur, and few other metal contaminations. These refining catalysts include zeolites, palladium, zirconium, and a few other materials used in combinations and independently to improve the operating effectiveness of petroleum products.

List of Key Market Players Profiled in the Market for Refinery Catalysts

Albemarle Corporation (U.S.)

BASF SE (Germany)

Haldor Topsoe A/S (Denmark)

Honeywell International Inc. (U.S.)

Clariant (Switzerland)

Axens (France)

Johnson Matthey (U.K.)

China Petroleum & Chemical Corporation (China)

Royal Dutch Shell plc (Netherlands)

Arkema (France)

ANTEN CHEMICAL CO., LTD. (China)

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What does the Report Provide?

The market for refinery catalysts report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. The different market segments and their regional analysis are discussed in the report. Further, it talks about the dominant strategies adopted by key players such as the introduction of new products, partnerships, and collaboration that will further contribute to the market growth. Lastly, it provides information on the impact of COVID-19 on market growth.

Driving Factor

Rising Demand for Petroleum Products to Fuel Market Growth

The increasing investments in research and development are providing new opportunities for refinery catalysts market growth. Leading manufacturers are working on improving the catalytic properties of these refining materials. This will help in producing high-quality fuel with reduced cost. Moreover, increased demand for petroleum products and derivatives such as plastics, petroleum wax, naphthalene, paraffin wax, and refined asphalt is expected to drive market growth in upcoming years.

On the other hand, technological advancement has also led to a consumer shift towards electric vehicles that restrict the market.

Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/refinery-catalyst-market-101090

COVID-19 Impact

 

The outbreak of the coronavirus pandemic slumped the global economy. The refining and petroleum industries were also at a loss due to a drop in demand and an unforeseen increase in supply. This hugely impacted the crude oil prices, which affected the prices of refined petroleum products, especially gasoline. However, producer prices of crude petroleum partly recovered, thereby promoting the demand.  The world's petroleum supplies recovered in July 2020 since the Organization of the Petroleum Exporting Countries (OPEC+) cuts were reduced from 9.7 million to 7.7 million barrels per day. Therefore it is anticipated that the market will recover soon during the forecast period.

Regional Insights

Asia Pacific to Dominate Backed by Large Presence of Refineries

Asia Pacific is expected to remain at the forefront and hold the highest position market during the forecast period owing to rising infrastructure facilities in the region and the presence of refineries in the region.  For instance, China holds the major share in the refining industry and accounted for 15.6% of the total oil refining capacity in 2018. Following China, India stood second in position with 4.97 million bpd and having prime oil refining capacity in the region. The market stood at USD 1.52 billion in 2020.

North America is expected to showcase a significant refinery catalysts market share. It is attributable to the presence of many oil reserves in the region. Furthermore, the increasing oil imports in the region is supporting the market.

Competitive Landscape

Key Players to Focus on Facility Expansion to Strengthen their Market Positions

The market for refinery catalysts is consolidated by major companies striving to maintain their position by focusing on mergers and facility expansions. For instance, in May 2021, BASF expanded Seneca. It is a Platinum Group Metals (PGM) refining facility. BASF is planning to invest in millions as capital improvements for increasing the refining capacity to recycle precious metals from spent catalysts such as automotive catalytic converters.  Additionally, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations to favor the market's growth in the upcoming years.

Industry Development

February 2021: Bharat Petroleum Corporation Limited subsidiary, Numaligarh Refinery Limited, has appointed Axens to supply advanced technologies in the gasoline block for its Numaligarh Refinery Expansion Project (NREP). This will help the company in expanding its refinery capacity by 9000 KT per annum.