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.
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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.
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.
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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.
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.
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This review of the market is based on a recent market
research report published by Transparency Market Research, titled
“Refinery Catalysts Market (by Material - Zeolites, Molybdenum,
Cobalt, Nickel and Others; by Physical Form - Powders, Beads and
Extrudates; by Refining Unit - Fluid Catalytic Cracking Unit,
Hydrocracking Unit, H-Oil Unit, Hydrotreating Unit, Catalytic
Cracking Unit, and Alkylation Unit) - 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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