Refinery Catalyst Market Size

Refinery Catalyst Market Size

Refinery Catalyst Market size exceeded USD 4 billion in 2018 and is predicted to grow at over 4% CAGR from 2019 to 2025.

Petroleum derivatives make up almost one-third of the global energy demand. These fuels primarily include gasoline, diesel, jet fuel, kerosene and fuel oil. More than 55% of the global demand for petroleum fuels comes from transportation. The overall transportation industry, comprising of automobiles, aircrafts, and ships, account for more than 60% of global fuel consumption. The sale of personal vehicles in increasing at a healthy rate, crossing 70 million units in 2017. Asia Pacific led the global automotive sales with China alone accounting for more than a third of the global share. With developing economic standards of the Asia Pacific nations such as China, South Korea, India, Thailand, and Indonesia, this demand is likely to witness further growth over the coming years. The remaining 45% demand for petroleum fuels come from the industrial and power generation sectors with the latter contributing to just around 5%. The rising demand for petroleum fuels will propel the crude oil refining sector, which will significantly boost the refinery catalyst market demand over the forecast spell.

The refinery catalyst market growth may be hindered by the slowly rising popularity of alternate sources of energy such as natural gas, solar energy, wind energy, and other different renewable sources. Crude oil is known to have immense carbon footprint leading environmental damages across the world, which is prompting many organizations to look for eco-friendly options such as electric vehicles and solar power plants. These factors may reduce the dependency on crude oil products, hence affecting the refineries around the world, in turn hampering the refinery catalyst market over the coming years.