Refinery Catalyst Market Size By Type (Fluid Catalytic Cracking, Hydroprocessing [Hydrotreating, Hydrocracking], Alkylation, Reforming & Isomerization), By Material (Zeolite, Metal, Chemical Compound), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025
Published Date: Jun 2018 | 340 Pages | Report ID: GMI2668 | Authors: Kiran Pulidindi, Soumalya Chakraborty Report Format: PDF
Refinery Catalyst Market size was estimated to be beyond USD 4 billion in 2017 and is predicted to grow at over 3% CAGR from 2018 to 2025.
China Refinery Catalyst Market Size, by Type, 2014 – 2025 (USD Million)
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The refinery catalyst market will witness an appreciable growth on account of tightening legislation for fuel emission control and proliferating demand for reformulated gasoline. These products convert crude oil into diesel, petrol, kerosene and other petroleum derivatives. These petrochemical catalysts play a noteworthy role by refining more amount of diesel and gasoline from same amount of crude oil.
Transportation sector, including automobile, aerospace, and marine, accounts for over 60% of the overall fuel consumption around the world. Regularly updating mandatory regulations to decrease air pollution by reducing the sulfur content for diesel and gasoline demand the treatment of refinery products, which will further boost the refinery catalyst market. According to US Tier 3 regulation for light weight vehicle the sulfur content in petroleum derivatives need to be reduced from 30 ppm to 10 ppm, which will increase the refinery catalyst market demand in next seven years down the line in North America region. Some other such regional legislations include Euro 4 and Euro 5 for Europe, BS 5 for India, and NS 6 for China, which will further complement the refinery catalyst market outlook.
Gradual and steady stabilization of the oil and gas industry from the sudden plunge earlier in this decade will play an important role in the refinery catalyst market share over the coming years. Increasing investments by the refinery companies will further drive the product market till the end of 2025. For instance, In January 2018, Petro Corp invested around USD 3.5 billion to expand its production capacity in Malaysia by 2020. Similarly, in August 2017, Indian Oil Corporation proposed a budget of nearly USD 26 billion to expand its oil refining capacity by 2024.
The depletion of oil reserves is shifting focus towards alternative energy sources such as shale gas and natural gas. This also led to an increasing use of renewable energy sources such as wind energy, solar energy, etc. This factor will reduce the processing of oil, which will in turn hamper the refinery catalyst market by the end of forecast timeframe. Moreover, the penetration of electric and hybrid vehicle in the automotive market will also reduce the demand for diesel and gasoline, which will further restrain the refinery catalyst market demand in near future.
Refinery Catalyst Market, By Type
Refinery catalyst market is diversified, based on type, into fluid catalytic cracking (FCC), hydroprocessing, alkylation, reforming & isomerization and other refinery catalyst including desulphurization, etc. The hydroprocessing catalyst are further segmented into hydrotreating, hydrocracking, and other niche segments such as hydrorefining and hydrodesulfurization. Owing to the requirement of reduction in sulfur and nitrogen emission from vehicles, the hydroprocessing catalyst segment will expand over 3.5% by the end of forecast timeframe.
Reforming and isomerization segment, in 2017 was valued over 1.6 billion. These catalysts are expensive than other catalyst owing to the use of rare and noble metals in these products. Refinery catalysts play pivotal role in production of motor gasoline as they convert low octane number product into aromatic rich product with high octane number.
Refinery Catalyst Market, By Material
The refinery catalyst market is diversified into three principal material categories which include zeolite, metals, and chemical compounds. Other niche materials include organometals, enzymes, etc.
Zeolite based refinery catalyst market size was estimated close to USD 600 million in 2017 on the account of its extensive usage in FCC units. The product life of up to 6 years has been obtained commercially by processing heavy gas oils. Zeolite used for refining process are generally of the type Y and these products have up to 10,000 times more activity than conventional products in specific cracking tests. Zeolites are used in isomerization, reforming, and hydrocracking, etc. but fluid catalytic cracking is by far the largest user of zeolite refinery catalysts as it provides the largest gasoline yield at the highest octane with a high degree of catalytic stability.
Chemical compound-based refinery catalyst market was valued over USD 65 million in 2017 and is likely to grow at a steady growth rate of around 2.5% by the end of forecast timeframe.
Refinery Catalyst Market, By Region
Asia Pacific, in 2017 accounted for over 30% of the entire refinery catalyst market. The region will witness a momentous growth due to increase in energy consumption along with rapid growth in automotive segment, leading to an increase in demand for diesel and gasoline, and powering the product market growth by the end of forecast timeframe. Moreover, the establishment and expansion of new refineries in China and India will also augment the refinery catalyst market growth. For instance, China proposed a new plan for the establishment of oil refinery on Brunei's northern tip on the South China Sea. This will boost the refinery catalyst market by the end of forecast timeframe.
In 2017, North America had the majority share of around 40% of the overall refinery catalyst market. The U.S. has the largest refining capacity all around the world, with more than 140 operational petroleum refineries and a production capacity of over 18.5 million barrels per calendar day. A healthy revival of the U.S. oil & gas industry will bolster the regional refinery catalyst market share in the near future.
Competitive Market Share
The key players in refinery catalyst market include Royal Dutch Shell plc, Albemarle Corporation, China Petroleum & Chemical Corporation (Sinopec Corp.), BASF SE, Exxon Mobil Corporation, Haldor Topsoe A/S, Honeywell, Uop Llc., and W. R. Grace & Co. The companies have adopted various strategies including merger & acquisition, R&D investments, technological development, and product price differentiation to strengthen their market hold.
In 2017, Albemarle Corporation launched a new product ‘KF 780 STARS’, a CoMo catalyst, an addition to hydroprocessing refinery catalyst product portfolio. It is a Type II product and is highly suitable for diesel hydrotreating applications.
Refinery catalysts are generally used to break high molecular weight hydrocarbons into low weight hydrocarbon with lower boiling point fractions, especially gasoline. The industry is mainly driven by the growing demand in China, India and Japan. The increasing capacity of oil production in these countries will fuel the refinery catalyst market.
Growing automotive and transportation industry in Asia Pacific region will also provide a profitable growth to the product market. Strict government standards associated with air pollution will further signify the refinery catalyst market throughout the forecast period.
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