The Global Refinery Catalyst Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Refinery Catalyst market is segmented by Raw material (Chemical Compounds, Metals, Zeolites and Others); Application (FCC Catalysts, Alkylation Catalyst, Hydrotreating Catalyst and Others); Geography (North America, Europe, APAC and ROW).
Introduction
Refinery catalysts are compounds that are added to petroleum refinery naphthas, that are distilled from crude oil with low octane ratings, to convert them into high-octane liquid products.
The growth of this market can be attributed to the rising demand for petroleum derivatives. Also, demand for fuel with a high octane number is also anticipated to drive the growth of the refinery catalysts market.
Despite the current pandemic situation, the end-users of this market is recovering to operate in full capacities from 2021 beginning. Along with this, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global refinery catalyst market is expected to grow to $8,416.10 million by 2025.
Growth momentum is expected to accelerate during the forecast period with 4.62% CAGR.
Increasing investment in refineries and the accelerating demand for higher octane fuel are driving the market demand.
APAC is a prominent regional market for refinery catalyst due to the strong presence of several end-use industries in China and India.
Key Trends
Increasing R&D investments to reduce cost and improve quality of catalysts is expected to boost the growth of the market
The shifting focus toward nanocatalysts is likely to act as an opportunity in the future.
Key Market Players
Some of the key players in the market are BASF, Albemarle Corporation, W.R. Grace, Johnson Matthey, Clariant International, Zeolyst International, Arkema.
The key players are dominating the market by adopting modern and environmentally safe technologies to customize the product, enhance its properties, and differentiate the final product from its competitors.
Companies are also adopting collaborative business strategy to provide highly regarded products to consumers, and to expand their regional presences.
Growth Drivers and Challenges
Rising consumption of petroleum derivatives is driving the market.
Stringent environmental legislation regarding automotive emissions is also fueling the growth.
Multi-functionalities of refinery catalyst in various end-user industries.
Volatility of raw material costs limiting the usage of catalyst.
Increasing demand for electric vehicles are challenging the industry players.