Global Refinery Catalyst Market – Overview
Refining Catalysts is primarily used in petroleum refineries to improve throughput. It helps refiners meet fuel standards, achieve operational efficiency, improve conversion and selectivity and keep pace with environmental trends. It is applied in different processes such as FCC, hydrotreating, hydrocracking, and catalytic reforming.
According to a recent study report published by the Market Research Future, The global market of Refinery Catalyst is booming and expected to gain prominence over the forecast period. The Global Refinery Catalyst Market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR of 4% during the estimated period (2017 – 2023).
Harsh environmental guidelines and demand for high octane number are pouring the growth of the refinery catalysts market. Additionally, swelling demand for transportation fuels as well as growing demand for petroleum derivatives is also increase the consumption of refinery catalysts. However, factor such as high production price and falling crude oil reserves are performing as key challenges to the growth of the Refinery Catalyst Market.
Global Refinery Catalyst Market – Competitive Analysis
Global Refinery Catalyst Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Refinery Catalyst manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of Refinery Catalyst for every application.
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In February 2018, BASF the German multinational group announced the launch of Boroflex, the latest evolution of its residuum (resid) oil Fluid Catalytic Cracking (FCC) catalysts for the refining market.
In November 2017, BASF the German maultinational group announced the launch of Fortress NXT, the next generation of the industry leading Fortress Fluid Catalytic Cracking (FCC) catalyst for heavy residuum (resid) oil feedstock applications for the Refining Market.
Albemarle Corporation announced that it completed an agreement with Akzo Nobel N.V. to acquire its catalyst business, a leader in the production of petroleum refining catalysts, for 625 million euros in cash, subject to the advice of Akzo Nobel’s Works Council and the approval of regulatory authorities.
Refinery Catalyst Market – Segmentation
Global Refinery Catalyst Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
On the Basis of Type, market is segmented into FCC Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, and Catalytic Reforming Catalysts. FCC catalysts play a key role for translating of heavy atmospheric residues and vacuum distillates into fractions of motor fuels, mostly gasoline. The demand for FCC catalysts from the Refining Industry in developing countries, like India and China, and stringent environmental rules are key factors pouring the growth of the FCC catalysts segment. The hydrocracking catalysts segment is expected to be the highest growing type segment of the Refinery Catalyst Market.
On the basis of Ingredient, market is segmented into Zeolites, Metals, and Chemical Compounds. The metals segment accounted for the largest share of the Refinery Catalyst Market in 2016. The growth can be attributed to the growing use of metals for hydrocracking and hydrotreating to eradicate undesirable impurities and production of dangerous gases into the environment.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Global Refinery Catalyst Market – Regional Analysis
Asia Pacific region dominates the Global Refinery Catalyst Market and is expected to witness the highest growth rate during the forecast period. Growing energy consumption in Asia Pacific region fuelling the growth of the market. Rapid growth in automotive sector is eventually led to increase in demand for transportation fuels, is also powering the growth of the market. Furthermore, establishment of new refineries and expansions or up gradation of existing refineries provide the further boost to the growth of the market. The enormous domestic demand for petroleum refined products like gasoline and diesel from several countries in the region will augment total growth of the market in this region. China, Japan, and India are the major markets in the region.
North America is another important market for the Refinery Catalyst. U.S. is the key contributor in global as well as North America Refinery Catalyst Market.
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