by The refinery catalyst market includes catalysts that are used in petroleum refineries to convert heavy petroleum products into lighter products like gasoline, diesel, and other fuels. Refinery catalysts help improve the efficiency of refinery processes and reduce the emission of pollutants. Some of the key refinery catalysts include FCC catalysts, hydrotreating catalysts, hydrocracking catalysts, catalytic reforming catalysts, and alkylation catalysts. FCC catalysts find wide applications for producing gasoline through fluid catalytic cracking process. These catalysts are primarily made of zeolites and promote the cracking of larger, heavier, and less valuable hydrocarbon molecules into shorter, lighter, and more valuable molecules like gasoline.
The global Refinery Catalyst Market is estimated to be valued at Us$ 3.76 Bn in 2023 and is expected to exhibit a CAGR Of 8.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The Refinery Catalyst Market is expected to be flourished by increasing demand of fuel products. Rising demand for transportation fuels across the globe is driving the refinery industry and subsequently the refinery catalyst market. According to International Energy Agency, global fuel demand is projected to increase by over 15% between 2020 and 2030 with transportation sector accounting for most of the demand growth. This increasing demand for fuel products is necessitating higher crude oil refining capacity additions globally thereby boosting the consumption of refinery catalysts.
Another factor fueling the refinery catalyst market growth is stringent environmental regulations regarding emissions from the refining industry. Government regulations are pushing refineries to adopt advanced processes and efficient catalysts to reduce emissions of sulfur, particulates and other pollutants from refined fuel products. Use of hydrotreating and FCC catalysts enable refineries to lower sulfur content in gasoline and diesel as per regional emission norms. Catalytic reforming catalysts also help improve octane rating of gasoline with reduced emissions. Hence, stringent emission rules are positively impacting the refinery catalysts demand.
Segment Analysis
The refinery catalyst market can be segmented into FCC catalysts, hydrotreating catalysts, hydroprocessing catalysts, catalytic reforming catalysts, and others. Among these, the FCC catalysts segment dominated the market with around 30% share in 2022 owing to its wide usage in fluid catalytic cracking units for conversion of heavy hydrocarbon fractions into lighter liquid products such as gasoline, diesel, and LPG. Fluid catalytic cracking units in oil refineries account for the maximum conversion of heavy feedstocks into more valuable lighter products.
PEST Analysis
Political: Oil and gas refining are significantly impacted by regulations on fuel quality, emissions and renewable fuel standards. Supportive legislation boosts investments in refinery upgradation projects thereby positively impacting the refinery catalyst market.
Economic: Volatile crude oil prices and demand-supply dynamics determine refining margin and capacity utilization of oil refineries. Healthy refining profits encourage revamps and new refinery projects driving refinery catalyst consumption.
Social: Stringent vehicular emission norms to curb air pollution have increased the demand for cleaner fuels produced through hydroprocessing units using hydrotreating catalysts.
Technological: Development of new catalyst formulations with higher activity, selectivity and stability enables refineries to optimize unit operation and meet stringent fuel specifications in a cost-effective manner.
Key Takeaways
The Global Refinery Catalyst Market Demand was valued at US$ 3.76 Bn in 2023 and is expected to grow at a CAGR of 8.9% during the forecast period. North America dominated the refinery catalysts market in 2023 owing to presence of over 140 petroleum refineries.
Regional analysis:
North America accounted for around 30% share in 2023 mainly driven by extensive refining capacity in the US. Stringent environmental regulations have accelerated refinery upgradation projects using advanced catalyst systems in the region.
Key players:
Key players operating in the refinery catalyst market are Ipsen Pharma, Allergan, Acorda Therapeutics, Inc., Merz Pharma, Teva Pharmaceutical Industries Ltd., Novartis AG, Sun Pharmaceutical Industries Ltd., Beximco Pharmaceuticals Ltd., Johnson & Johnson Private Limited, Zydus Cadila, F. Hoffmann-La Roche Ltd., and Elite Pharmaceuticals Inc.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
