Refinery catalyst market in the U.S. to perform high revenue by 2025

Refinery Catalyst Market is expected to showcase significant growth over 2019-2025. Refiners are relentlessly witnessing a paradigm shift in refinery catalyst market outlook that calls for decision about product slates, feedstock selection or refinery configuration. Accordingly, prominent players are developing enhanced versions of their products to generate higher unit output to enhance customer experience and maximize profit. Refinery catalyst enables cost-effectiveness and sustainability by making its presence felt on the economies of petrochemical plants and refineries and lowering the production of low value by-products.

On materials basis, refinery catalysts market is subdivided into chemical compound, zeolite, metal & others. In terms of revenue, the chemical compound segment is expected to grow with a CAGR of more than 2% by 2025. Sulfuric acid, hydrofluoric acid and other chemicals compounds are suitably used as chemicals compounds-based catalysts. Chemicals compounds are immensely used in alkylation processes that is likely to propel its demand in the coming years.

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Refinery catalysts are employed in various processes that include isomerization, reforming, desulfurization, catalytic cracking, etc. The product help refiners to meet operational efficiency, manage fuel standards, without affecting the environment. Shrinking fuel quality standards includes reduction of benzene, olefins, etc. to shift towards fuels that are extremely low in sulfur content, which has escalated demand of catalyst for chemical synthesis.

Europe refinery catalyst market will clutch more than 20% of the revenue share in future due to the presence of petrochemical industry and refineries in many European countries. Middle East & Africa will grow with a CAGR of over 4% in future owing to the extensive production of crude oil & gas.

Recently, the UK government provided funds to a leading company to develop a waste-to-sustainable jet fuel project across the nation. The jet fuel so generated is anticipated to reduce GHG emissions by a considerable percentage and result in a major reduction in the emission of particulate matter as compared to conventional jet fuels.

In U.S., the division of air quality of North Dakota Department of Health (NDDH) has recently permitted Meridian Energy Group Inc., to build a refinery in Billings County in June 2018. While constructing the refinery, the company needs to follow NDDH’s Air Pollution Control Rules. In this regard, Meridian Energy Group is planning to equip the refinery with a hydrocracking unit to increase the flexibility of products and meet lower emission levels. The rapidly increasing awareness among the players in oil & gas industry about the benefits of various types of liquefaction processes is thus slated to fuel refinery catalyst market share.

The revival of global oil & gas industry plays a noteworthy role in the product market. The increasing number of oil & rigs will increase the refined petroleum products which will further propel the refinery catalyst market by the end of 2025. Entire oil & gas rig count witnessed a massive fluctuation in the past couple of years with record low prices and weakening demand. Global oil rig count fell from 3,570 in 2014 to 1,969 in 2015 and further dropped to 1,772 by the end of 2016.

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The global ‘Refinery Catalyst Market’ study delivers an overall evaluation for stakeholders looking to expand their reach spanning various geographies, contenders, solution providers, new entrants in the industry, as well as financial speculators, private value firms, and government bodies.

The report provides a detailed evaluation of the global refinery catalyst market – this includes the major trends, basic market driving factors, main challenges, enabling technologies, regulatory landscape, standardization, future roadmap, growth opportunities, value chain, ecosystem player profiles and strategies. The report also presents the projections for refinery catalyst investments from 2020 till 2025.

As core companies continue to further their involvement in capacity expansion and regional extension, they are likely to extend their business reach across myriad geographies. The collective goal of refinery catalyst industry giants to commercialize the acceptance of their products across various biorefineries is certain to help then garner long-term returns on investments. Strongly aided by the implementation of emission control norms by several geographies, the overall refinery catalyst market will surpass revenue collection of USD 5.5 billion by the end of 2025.

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