According to a report published by Global Market Insights, the refinery catalyst market might touch USD 5.5 billion by the year 2025.
Steady expansion of the global oil & gas sector and rapid developments of oil rigs to accelerate the production of refined petroleum products could advance refinery catalyst market growth. Refinery catalysts are utilized in numerous O&G processes like reforming, isomerization, catalytic cracking, and desulfurization. It allows refiners to manage fuel standards and meet operational efficiency without degrading environmental conditions.
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Lately, oil & gas rigs have observed a massive fluctuation in demand given to record low prices over the past couple of years. In fact, the global oil rig count dipped down to 1,969 in 2015 from 3,570 in 2014. By the end of 2016, the rig count declined to 1,772.
Fluctuating raw material prices along with increasing spread of the COVID-19 outbreak could hinder the refinery catalyst market growth. Production of refinery catalysts involves prominent usage of exclusive earth metals like tungsten, vanadium and molybdenum, which are usually available in specific locations globally.
Leading petroleum companies like Indian Oil Corp. have lowered their run rate to 75% after suffering effects of the pandemic. The company has slashed the run rate in nine of its Indian refineries as many states proceed to reinforce lockdowns to curb the spread of the virus.
This growth can be attributed to some of the growth drivers listed below:
Growing prominence of chemical catalysts -
Chemicals compounds like hydrofluoric acid and sulfuric acid are mainly used in chemical-based catalysts and industrial catalysts. These compounds are widely used in alkylation procedures. Estimates suggest that the chemical compound segment could register a compound annual growth rate (CAGR) of almost 2% by the end of the predicted timeframe.
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Robust demand from European and Middle East countries -
Europe is considered to be a lucrative market for catalyst companies as the region comprises a strong presence of petrochemical firms. Forecasters claim that the regional market could account for over 20% of the total revenue share by the end of 2025.
Similarly, increasing production of crude oil & gas might prove beneficial for the Middle East & Africa refinery catalysts market. Reports predict that the MEA market could record a CAGR of more than 4% during the analysis timeframe.
Adoption of favorable business strategies -
Prominent industry players like Albemarle, Honeywell UOP, Haldor Topsoe, Royal Dutch Shell, Clariant, W. R. Grace & Co., Axens, BASF and Johnson Matthey are concentrating on product development to enhance refinery productivity amidst stringent environmental regulations.
Companies are planning to expand their manufacturing facilities to improve their production capabilities. Taking January 2019 for instance, INA Industrija Nafte DD signed a $617-million plan to upgrade and modernize its 90,000-b/d Rijeka refinery, a move that would boost the company’s competitiveness and performance.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.