Market Overview:

Refinery catalysts are materials that are used to speed up and increase the yield of chemical reactions during the refining of crude oil into useful petroleum products like gasoline, diesel, jet fuel, and feedstocks for the petrochemical industry. Main types of refinery catalysts include FCC catalysts, hydrotreating catalysts, hydrocracking catalysts, catalytic reforming catalysts etc. They help oil refineries efficiently produce cleaner burning transportation fuels and petrochemical feedstocks through various conversion and treatment processes.

Market Dynamics:

Refinery Catalyst market is witnessing robust growth primarily due to rising demand for petroleum products across the globe. Global energy demand has been consistently rising supported by increasing population and industrial activities. According to International Energy Agency, world energy demand is projected to grow over 25% between 2018 to 2040. This will necessitate higher crude oil processing and subsequently boost demand for refinery catalysts.

Stringent environmental norms regarding sulfur content in transportation fuels is another major growth driver. Regulatory bodies worldwide have mandated significant reduction in sulfur content to curb emissions which is increasing the need for refinery units like hydroprocessing that use hydrotreating catalysts extensively. Similarly, implementation of low carbon fuel standards in various countries will also escalate hydroprocessing activities and correspondingly the hydrotreating catalyst consumption.

SWOT Analysis

Strength: Refinery Catalyst has wide application in petroleum refining. It helps improve the yield and quality of refined petroleum products. More efficient refining leads to improved profitability. Refinery Catalyst also helps reduce environmental pollution by lowering sulfur content in fuels.
Weakness: Frequent technological advancements in Refinery Catalyst leads to shorter shelf life of existing catalyst. This increases replacement and maintenance costs. Refinery Catalyst also have hazards during manufacturing and transportation due to their chemical nature.
Opportunity: Growing demand for gasoline and diesel fuel with tighter environmental regulations increases the need for efficient refining processes. This drives the demand for advanced Refinery Catalyst. Developing economies massive refining capacity expansion further boosts the Refinery Catalyst market.
Threats: Fluctuations in crude oil prices impact the profitability of refiners and their CapEx on catalyst. Development of alternative fuels also poses a long-term threat.

The global Refinery Catalyst Market Demand is estimated to be valued at US$ 6.75 Billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Key Takeaways
The global Refinery Catalyst market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand for petroleum products and stringent environmental norms.

Regional analysis: North America dominated the global Refinery Catalyst market in 2023, accounting for around 35% of the total share. However, Asia Pacific is expected to witness the highest growth over the forecast period with China and India adding significant refining capacity and introducing stringent fuel quality norms.

Key players: Key players operating in the Refinery Catalyst market are BP Global and Royal Dutch Shell. They have strong global presence and continuously invest in R&D to develop advanced catalyst technologies. Other prominent players include YARA International, Foster Wheeler AG, OXEA GmbH, W R Grace, Johnson Matthey, Albemarle Corporation, BASF SE, Technip SA, and UOP LLC.

Read More: https://blogger-veritas.blogspot.com/2023/11/refinery-catalyst-market-is-estimated.html