Global Refinery Catalyst Market
Report Highlights
Global Refinery Catalyst Market By Product, By Ingredient, By Geography, Competitive Landscape And Forecast
According to Verified Market Research, the Global Refinery Catalyst Market was valued at USD 4.67 Billion in 2017 and is expected to witness a growth of 4.02% from 2019-2026 and reach USD 6.55 Billion by 2026.
Refining catalyst is a substance that is used to convert petroleum refinery naphtha’s into the high-octane liquid product, as known as, reformats. Besides, it also converts low octane hydrocarbons into cyclic naphthalene and other branched alkanes. Then, these are again dehydrogenated to produce aromatic hydrocarbons with a high octane number. By using a refining catalyst, the companies can produce high valued elements that are used in petrochemicals, diesel, and gasoline. Refinery catalysts see a predominant usage in petroleum refineries, where they are used to alter the rate of chemical reactions and enhance the quality of gasoline products produced through processes such as FCC and hydro-processing.
Refinery catalysts also enhance the operational efficiency of valuable hydrocarbons. Additionally, they also minimize the adverse effects of products such as gasoline and diesel on the environment by assisting in the removal of sulfur from crude oil. In petroleum refineries, they are used in hydrocracking, hydrotreating, fluid catalytic cracking, and alkylation processes. Refinery catalysts are provided across petroleum refineries to help refiners meet fuel standards, manage operational efficiency, enhance yield and conversion, without affecting the environment. The surge in demand of petroleum derivatives, due to the increase in global automotive sale in Asia Pacific region, in nations such as China, South Korea, India, Thailand, and Indonesia, will further boost the growth of refinery catalysts during the forecast period. Other than the transportation sector, the demand for petroleum derivatives also come from industrial and power generation sectors. This way, 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.
However, fluctuation in raw material prices and production cost will hamper the product market. Rare earth metals such as molybdenum, vanadium, tungsten, etc. are extensively used in the production of refinery catalysts. The concentration of these ores in specific locations across the globe make the supply difficult and dependent on international trade laws. Hence this would in turn increase the raw material procurement cost, ultimately affecting the production cost. These are the major factors that are anticipated to hamper the growth of the refinery catalyst market during the forecast period.
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