In the highly organized and consolidated global refinery catalysts
market the top four companies collectively accounted for a share of
over 75% in 2015, observes Transparency Market Research. These top
vendors in the market, including Sinopec Corporation, Royal Dutch
Shell Plc., ExxonMobil Corporation, and Chevron Corporation have the
advantage of wide geographical presence and vast product portfolios.
These companies are also at the forefront of research and development
activities and the introduction of new product varieties in the
global market.
Owing to the highly volatile prices of crude oil in the global
market, the revenue and production of a number of refining catalysts
companies have been significantly affected in the past few years. It
is expected to be a while until the global oil prices settle at a
profitable margin, a scenario which is expected to lead to bleak
development opportunities for the global refinery catalysts market.
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Global
Market to Exhibit Healthy Growth, Zeolites to Remain Leading
Catalytic Material
Nevertheless, the market will gain from the flourishing automotive
and automotive fuels market in Asia Pacific in the next few years.
Transparency Market Research estimates that the global refinery
catalysts market will exhibit a 4.6% CAGR in terms of revenue over
the period between 2016 and 2024. If the number holds true, the
market, with a valuation of US$11,454.2 mn in 2015, is expected to
rise to US$17,059.2 mn by 2024.
Of the key materials used as refinery catalysts, the segment of
zeolites dominates the global market in terms of both revenue as well
as volume (consumption). In terms of volume, zeolites accounted for a
share of over 65% of the global refinery catalysts market in 2015 and
is expected to hold on to its dominant position from 2016 to 2024 as
well. From a geographic standpoint, Asia Pacific held the dominant
position in the global refinery catalysts market in 2015, accounting
for a nearly 31% share of the global market.
Rising
Global Demand for Sweeter Fuels to Propel Market
In the past few years, the regulations governing emissions produced
from vehicles have become more stringent, especially across developed
regions such as North America and Europe. Such norms are expected to
boost the global demand for refining catalysts for the increased
production of sweet fuel. More sweet the processed oil, lesser the
quantity of sulfur or other impurities, which in turn translates to
less impact on the environment.
The market for refinery catalysts is also expected to see significant
gains across developed countries such as the U.S. and Canada that
play an active role in the manufacturing of vehicles compatible with
Euro-6 emission norms. Introduction of stringent emission control
norms across developing economies such as India and China is also
expected to expedite the growth of the refinery catalysts market in
Asia Pacific in the next few years.
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Underutilization
of Refined Products in Europe to Restrain Market Growth
Over the past few years, a vast variety of refining products are
being underutilized in Europe as compared to other regional markets.
Owing to the presence of stringent environmental regulations and the
rising demand for biofuels in the region, the trend is expected to
continue during the next few years as well. Europe is an influential
stakeholder in the global refinery catalysts market, accounting for a
share of nearly 25% of the overall global consumption of refinery
catalysts in 2015. As a result, decline in consumption of refinery
catalysts in the region will have a notable negative impact on the
growth of the global market from 2016 to 2024.
This review of the market is based on a recent market research report
published by Transparency Market Research, titled “Refinery
Catalysts Market - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2016 - 2024.”
For
this study, the global refinery catalysts market is segmented as
follows:
Refinery
Catalysts Market – Refining Unit Analysis
- Fluid Catalytic Cracking
- Hydrocracking
- H-Oil
- Hydrotreating
- Catalytic Reforming
- Alkylation
Refinery
Catalysts Market – Material Analysis
- Zeolites
- Molybdenum
- Cobalt
- Nickel
- Others (including platinum, etc.)
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