Refinery Catalysts Market - Global Industry Analysis, Size, Share, Trends & Forecast : 2024
In the highly organized and consolidated global refinery catalysts market
the top four companies collectively accounted for a share of over 75%
in 2015, observes Transparency Market Research. These top vendors in the
market, including Sinopec Corporation, Royal Dutch Shell Plc.,
ExxonMobil Corporation, and Chevron Corporation have the advantage of
wide geographical presence and vast product portfolios. These companies
are also at the forefront of research and development activities and the
introduction of new product varieties in the global market.
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Owing
to the highly volatile prices of crude oil in the global market, the
revenue and production of a number of refining catalysts companies have
been significantly affected in the past few years. It is expected to be a
while until the global oil prices settle at a profitable margin, a
scenario which is expected to lead to bleak development opportunities
for the global refinery catalysts market.
Global Market to Exhibit Healthy Growth, Zeolites to Remain Leading Catalytic Material
Nevertheless,
the market will gain from the flourishing automotive and automotive
fuels market in Asia Pacific in the next few years. Transparency Market
Research estimates that the global refinery catalysts market will
exhibit a 4.6% CAGR in terms of revenue over the period between 2016 and
2024. If the number holds true, the market, with a valuation of
US$11,454.2 mn in 2015, is expected to rise to US$17,059.2 mn by 2024.
Of
the key materials used as refinery catalysts, the segment of zeolites
dominates the global market in terms of both revenue as well as volume
(consumption). In terms of volume, zeolites accounted for a share of
over 65% of the global refinery catalysts market in 2015 and is expected
to hold on to its dominant position from 2016 to 2024 as well. From a
geographic standpoint, Asia Pacific held the dominant position in the
global refinery catalysts market in 2015, accounting for a nearly 31%
share of the global market.
Rising Global Demand for Sweeter Fuels to Propel Market
In
the past few years, the regulations governing emissions produced from
vehicles have become more stringent, especially across developed regions
such as North America and Europe. Such norms are expected to boost the
global demand for refining catalysts for the increased production of
sweet fuel. More sweet the processed oil, lesser the quantity of sulfur
or other impurities, which in turn translates to less impact on the
environment.
The
market for refinery catalysts is also expected to see significant gains
across developed countries such as the U.S. and Canada that play an
active role in the manufacturing of vehicles compatible with Euro-6
emission norms. Introduction of stringent emission control norms across
developing economies such as India and China is also expected to
expedite the growth of the refinery catalysts market in Asia Pacific in
the next few years.
Underutilization of Refined Products in Europe to Restrain Market Growth
Over
the past few years, a vast variety of refining products are being
underutilized in Europe as compared to other regional markets. Owing to
the presence of stringent environmental regulations and the rising
demand for biofuels in the region, the trend is expected to continue
during the next few years as well. Europe is an influential stakeholder
in the global refinery catalysts market, accounting for a share of
nearly 25% of the overall global consumption of refinery catalysts in
2015. As a result, decline in consumption of refinery catalysts in the
region will have a notable negative impact on the growth of the global
market from 2016 to 2024.
This
review of the market is based on a recent market research report
published by Transparency Market Research, titled “Refinery Catalysts
Market (by Material - Zeolites, Molybdenum, Cobalt, Nickel and Others;
by Physical Form - Powders, Beads and Extrudates; by Refining Unit -
Fluid Catalytic Cracking Unit, Hydrocracking Unit, H-Oil Unit,
Hydrotreating Unit, Catalytic Cracking Unit, and Alkylation Unit) -
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016
– 2024.”
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For this study, the global refinery catalysts market is segmented as follows:
Refinery Catalysts Market – Refining Unit Analysis
-Fluid Catalytic Cracking
-Hydrocracking
-H-Oil
-Hydrotreating
-Catalytic Reforming
-Alkylation
Refinery Catalysts Market – Material Analysis
-Zeolites
-Molybdenum
-Cobalt
-Nickel
-Others (including platinum, etc.)
Refinery Catalysts Market – Physical Form Analysis
-Powders
-Beads
-Extrudates
Refinery Catalysts Market – Regional Analysis
-North America
-U.S.
-Canada
-Europe
-Germany
-France
-Italy
-Spain
-U.K.
-Rest of Europe
Asia Pacific
-China
-India
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