Refinery catalyst market players are likely to focus their offerings towards Asian markets owing to more resilient local refinery demand, even as those in the developed countries have largely lagged.
DUBAI, UAE / ACCESSWIRE / August 27, 2020 / The refinery catalyst market is likely to expand 1.5x between 2019 and 2027 to reach a valuation of US$ 10 billion during this period. The coronavirus outbreak is expected to have a severe impact on the industry as consumption of transport fuels have slumped sharply during the crisis, which in turn has resulted in reduced processing and refining activities, hurting the demand for refinery catalysts. Recovery is likely to be gradual with continuing economic uncertainty from the outbreak.
"Global refinery catalyst manufacturers are largely focused on the development of offerings which are compatible with varying feedstocks while ensure reliable, stable, and profitable hydro-processing applications. Sustainability approaches will remain important throughout the forecast period," says the FMI study.
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Refinery Catalyst Market - Leading Takeaways
- Demand for metal catalysts is projected to gain ground in emerging economies, supported by favorable government policies towards foreign direct investment in mineral production.
- Hydrocracking applications are contributing significantly to sales owing to efficacy in boosting yields and middle distillate petroleum fractions.
- Asia Pacific, driven by China and India is a major market for refinery catalysts, owing to the rise in number of private sector companies involved in the refining sector.
Refinery Catalyst Market - Growth Factors
- Strong demand for petroleum derivatives is a key driver for demand of refinery catalysts.
- Strict regulations associated with emission control and sulfur content in refined oil boosts demand.
Refinery Catalyst Market - Constraints
- High costs of raw materials and production processes is a key challenge hindering market players.
- Growing infrastructure for alternative and renewable energy sources is a major obstacle to demand.
Expected Impact on Market by Coronavirus Outbreak
The coronavirus outbreak has resulted in the collapse of transport fuel consumption. The oil industry has consequently reduced processing rates or temporarily suspended refinery operations. However, rising costs of crude coupled with poor demand are hurting the refinery catalyst market. Weaker players are facing a survival threat, particularly in Europe and North America. More resilient demand in Asia and Middle East will influence short term market developments.
Explore data on the refinery catalyst market with 57 figures, 73 tables and the ToC. You will also find market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-11168
Competition Landscape
Some of the key players participating in the refinery catalyst market are Haldor Topsoe A/S, Albemarle Corp., Exxon Mobil Corp., Criterion Catalysts & Technologies L.P., W.R. Grace & Co., Axens S.A., and Clariant International Ltd.
Leading players in the refinery catalyst market have been pushing for catalyst product and platform innovations aimed towards cost-efficiency and sustainability initiatives.
For instance, BPCL has unveiled GSR CAT, a high-performance refinery catalyst generated from fluid catalytic cracking unit spent catalyst, which is a third the costs of conventional alternatives. Albemarle has collaborated with Exxon Mobil Corp for a transformative hydro-processing catalyst suite platform called Galexia. Further, Shell Catalysts & Technologies has joined hands with AMG Advanced Metallurgical Group N.V. for a joint venture to reclaim and recycle refinery catalysts.
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More on the Report
FMI's provides in-depth insights on the refinery catalyst market. The market is segmented in terms of product (FCC, reforming, hydrotreating, hydrocracking, and isomerization & alkylation), and ingredient (zeolites, metals, and chemical compounds) across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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https://www.accesswire.com/603605/Refinery-Catalyst-Market-to-be-Hit-Hard-During-Covid-19-Pandemic-Owing-to-Slump-in-Oil-Industry-Activities-Market-to-Grow-15x-by-2027-Says-Future-Market-Insights
