Refinery Catalyst Market Growth Analysis | 2023-2028

Market Insights

The refinery catalyst market was estimated at USD 4.62 billion in 2022 and is likely to grow at a CAGR of 3.33% during 2023-2028 to reach USD 5.62 billion in 2028.

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Market Dynamics

Introduction

A refining catalyst is a substance that is used to convert oil refining naphtha into reformates, which are high-octane liquid products. Low octane hydrocarbons are also converted into cyclic naphthalene and other branched alkanes. Refinery catalysts are widely used in tight oil production to combat issues such as metal pollution and heat balance.

Market Drivers

The major factors driving the growth of the refinery catalyst market are:

• Surge in demand for cleaner petroleum products, increasing activities in the oil and gas industry, and growing population across the world.
• Catalysts for refineries are chemicals that are used for refining in different operations.
• Furthermore, increasing demand for petroleum derivatives accelerates the demand for the market.
• Using fuel of high-octane number escalates the refinery market size.
• Strict rules and regulations regarding the environment, the use of high-quality refined products, and rapid urbanization.
• The use of ultra-low sulfur diesel formed by hydrocracking catalyst.

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Key Players

Some of the key players in the refinery catalyst market are:

• Albemarle Corporation
• Anten Chemical Co., Ltd
• Chempack
• Criterion Catalysts & Technologies L.P
• Filtra Catalysts and Chemicals Ltd.
• Haldor Topsoe A/S
• Honeywell UoP LLC
• JGC Catalysts and Chemicals
• Sinopec Corp
• W. R. Grace & Co.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Material Type

The market is segmented as zeolites, metallic, chemical compounds, and others. Zeolites held more than 30% share of the market in 2022 and are expected to register the highest growth in the market during the forecast period.

Their growth is driven by the fact that they are the widely used refinery materials because of their characteristics, such as microporosity and large surface area, which make them ideal for petrochemical applications.

By Application Type

The market is segmented as fluid catalytic cracking (FCC), hydroprocessing, alkylation, and reforming & isomerization. The FCC segment held more than 40% share of the market in 2022 and is expected to maintain its dominance during the forecast period as well.

Fluid catalytic cracking is a chemical process that uses heat and a catalyst, primarily zeolite, to convert higher molecular weight hydrocarbons with long carbon chains into lighter hydrocarbons.

Today, there are approximately 500 FCC units in the world. Around 30% of total gasoline and 50% of the total transportation fuel are produced through FCC processing, making it the dominant application type.

Regional Insights

Asia-Pacific held more than 30% market share in 2022 and is expected to maintain its dominance during the forecast period. The region accounted for the largest share of the market in 2022 and is expected to be the fastest-growing market over the next five years.

China and India are the growth engines of the region. With the refinery upgrades and capacity expansions in India and China, the region is expected to experience the fastest growth over the forecast period.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s refinery catalyst market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our refinery catalyst market report from the industry stakeholders, we have tried to further accentuate our research scope to the refinery catalyst market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The refinery catalyst market is segmented into the following categories:

By Material Type

• Zeolites
• Metallic
• Chemical Compounds
• Others

By Application Type

• Fluid Catalytic Cracking
• Hydroprocessing
• Alkylation
• Reforming & Isomerization

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current market segmentation by any one of the material types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].