Continued dependence on petroleum derivatives for energy and rising crude oil refining capacity expansion activities are expected to drive the growth of the refinery catalyst market over the coming years. The market is projected to grow at a CAGR of 4% and reach a value of US$ 10 Bn in 2026. Asia Pacific and the U.S. are estimated to dominate the global refinery catalyst market, accounting for 60% of the total global growth, which grew by 0.8% from 2017 to 2018. Countries contributing to overall growth are:
- China recorded a staggering 6.3% increase in its refined products output in 2018 over 2017, while India’s output grew by 3% during the same period.
- The U.S. recorded increased production for the 6th consecutive year, registering a production record for the country.
“Globally, the demand for refining products has been growing at a constant rate over the past decade, unfazed by the slump in crude oil prices, due to the dependence of a number of end-use industries on them. With crude oil prices stabilizing and investments flowing in for expansion projects, the refinery catalyst market is projected to experience favorable growth through 2027.”
Key Takeaways of Refinery Catalyst Market Study
- The FCC catalyst segment in the global refinery catalyst market is projected to remain dominant under product type in terms of market value share, owing to the presence of a large number of FCC units across refineries, worldwide.
- FCC units play a prominent role in refining crude oil and the production of lighter products such as jet fuel, diesel oil, kerosene, LPG, and gasoline.
- Around 500 FCC units are installed worldwide, which produce around 50% of total transportation fuel and 35% of total global gasoline.
- FCC expansion projects are expected to be a prevailing trend in the global refinery catalyst market in the coming years. For instance, India has planned FCC capacity addition of 312 Mbpd (million barrels per day), followed by China - 304 Mbpd, and Nigeria - 247 Mbpd.
On the regional front, Asia Pacific is projected to hold a dominant share in the global refinery catalyst market, accounting for more than 40% of the total market share. The growth in the regional market is driven by demand from China and India.
For More Detailed Insights on Refinery Catalyst Market
Refinery Catalyst Market Competitive Landscape
The global refinery catalyst market is fairly consolidated, with a few global players dominating the manufacturing and supply of refinery catalysts. High cost of raw materials, high manufacturing costs, and established foothold of existing manufacturers are some of the barriers faced by new players when entering the refinery catalyst market. Some of the key global players in the refinery catalyst market profiled include Albemarle Corporation, Axens S.A., W.R. Grace & Co, Clariant International Ltd., ExxonMobil Corporation, and Haldor Topsoe A/S, who account for more than 60% of total market share.
More Valuable Insights on Refinery Catalyst Market
The recent market report published by Future Market Insights (FMI) on the global refinery catalyst market provides insightful analysis on historical market trends for the period of 2013–2018, and future growth projections and forecasts for the stipulated period of 2019-27, by product, ingredient, and five geographical regions. The refinery catalyst market report details key market trends, drivers, restraints, and macro-economic factors impacting market growth. Incremental $ opportunity, BPS variation, Y-o-Y growth, and market attractiveness index for each segment and region are provided in detail to provide a clear understanding of the growth of the global refinery catalyst market.
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