According to the Organization of Petroleum Exporting Companies (OPEC), among all the resources of energy, oil will have the largest market share that is estimated to be 27% by 2040. Furthermore, the organization projects that the term period of 2016 to 2022 will observe an augmented demand for oil from 95.4 Mb/d to 102.3 Mb/d. Subsequently, the growing demand for oil will lead to production upsurge in refineries which is creating opportunities in the refinery catalyst market that had a market size of $7 billion as of 2018. Furthermore, the demand for catalysts in refineries is estimated to grow with a compound annual growth rate of 3% during the forecast period of 2019 to 2025.
In 2018, the American Petroleum Institute (API) documented that the first four months of the year had observed an increased demand for petroleum that translates to 750,000 barrels a day, which is the highest level in 11 years. As documented in the U.S. Energy Information Administration (EIA), the country imported 10.14 million barrels per day of petroleum from 84 countries. The figure largely attributes to the demand for crude oil from the refineries in the country. This is coupled with the fact that the automotive and aerospace industry is making strides in the region which is creating more demand for oil. These factors have a subsequent effect in terms of the enhanced demand for refinery catalyst in North America. Evidently, the region had the largest market share of 42.5% in 2018.
Refinery catalysts are a specialty chemicals that are used in different operations in refineries that chiefly include fluid catalytic cracking. These catalysts provide the surface area for the chemical reaction in the FCC unit or FCC refinery, and consequently, speed up the reaction, thereby reducing the turnaround time of the manufacturing process.
There is a discernible growth of the aerospace industry across the globe which is much dominated by the regions such as North America, Europe, and some parts of APAC. According to Aviation Benefits Beyond Borders, the aviation industry supports $2.7 trillion (3.6%) of the world’s gross domestic product (GDP). Evidently, this is creating a sustainable demand for aviation fuel. In the manufacturing of aviation fuel, hydroprocessing is a very important process because it upgrades the feed by executing catalytic cracking at high temperatures. The growing demand from the aerospace industry is leading to an enhanced rate of hydrocracking in the refineries across the globe which is leading to growth prospects in the refinery catalyst market.
Crude oil contains sulfur in abundance, which is an impurity. The presence of sulfur is detrimental to the performance of the fuel, and the refineries execute desulfurization to eliminate the same in the feedstock. Absorbents and catalysts are used to remove sulfur from the crude oil before the feed enters the reformer unit. The elimination of sulfur from crude oil will remain imperative, and the sulfur content is also regulated by governmental bodies. This is creating a sustainable marketplace for catalysts in refineries.
The process of alkylation in refineries is used to convert isobutane and low-molecular-weight alkenes into alkylates. The process is not intrinsic to only refineries, but alkylation is also an integral part of the detergent manufacturing process which again utilizes a catalyst. The prevalence of the alkylation process in many industries is creating a viable refinery catalyst marketplace.
In November 2017, BASF introduced Fortress NXT FCC catalyst. This will especially help refineries with heavy feeds to enhance their liquid products yields. It will also minimize hydrogen and coke production, thereby increasing the overall product-efficiency of refineries. BASF is a solution provider for a lot of refineries worldwide and intermittently innovates to sustain its position as one of the market leaders in the refinery catalyst market.
The key takeaways from the Middle East Catalyst Technology Conference 2018 for the vendors in the refinery catalyst market were pertaining to the major driving factors that will influence the industry. The main driving force in the market will be the implementation of stringent regulations regarding the sulfur content and octane number of the fuel. Furthermore, there will be a surge in refinery-petrochemical integration which will drive the demand for refinery catalyst.
The major constraints dwarfing the refinery catalyst market are the diminishing resources of crude oil worldwide and the demand for alternative energy sources. There will be a foreseeable shift in the automotive industry with electric vehicles gaining prominence in the market which is perceived as a decline in the demand for oil. However, as mentioned above OPEC estimates that there will be an increase in the demand for oil in the future, and that makes up for sustainable opportunities for the manufacturers of refinery catalysts.
The major players striving to capitalize for the greater refinery market share are Albemarle Corporation, W.R Grace & Co., Axens SA, BASF SE, Johnson Matthey Plc, Honeywell, Clariant International Ltd., Criterion Catalyst & Technologies L.P, Haldor Topsoe A/S, and Exxon Mobil.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the refinery catalyst market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The refinery catalyst market research report also analyses the application of various catalysts based on their components that include zeolites, metals, and chemicals. The report also documents the scope for refinery catalysts in various processes such as hydroprocessing, fluid catalytic cracking, and alkylation.
The refinery catalyst market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
Middle East and Africa: Israel, South Africa, Saudi Arabia
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