Fairfield Market Research, a leading provider of market intelligence, has released a comprehensive report on the global refinery catalyst market. The report predicts a steady and promising growth trajectory for the market, driven by the increasing demand for clean fuel alternatives and the expanding production of sweet fuel. Stricter regulatory restrictions on diesel and gasoline are also expected to accelerate market expansion.
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The Market Bounces Back After Pandemic Challenges
The refining industry faced significant challenges during the COVID-19 pandemic, resulting in substantial losses due to a sharp decline in demand. However, the market has rebounded relatively quickly. The report highlights a notable shift in procurement and supply contracts of refinery catalysts, with an increasing reliance on regional and local suppliers. This strategic adjustment has helped overcome delayed deliveries and address disruptions in supply chains.
Market Value Projections for 2030
The report projects a Compound Annual Growth Rate (CAGR) of 4.8% for the global refinery catalyst market between 2022 and 2027. By the end of 2030, the market is expected to reach a valuation of US$15 billion. The widespread utilization of refinery catalysts in fluid catalytic cracking (FCC) and hydrotreating units of petroleum refineries is a key factor driving market progress.
Asia Pacific Leads in Demand Generation
Asia Pacific continues to be a dominant region in terms of demand generation, accounting for approximately 33% of the market value share. The region is witnessing robust capacity expansions in numerous oil refineries. The increasing worldwide energy security needs, particularly in countries with limited oil and gas reserves, are driving the demand for oil processing facilities. Key markets in Asia, including India and China, are expected to experience a significant increase in demand for distillate hydrotreating and hydrocracking catalysts.
Segment Analysis: FCC Unit, Nickel, and Molybdenum
The report segments the refinery catalyst market based on catalyst types, including nickel, cobalt, zeolites, molybdenum, and others. Currently, the nickel segment holds over 28% market share and is expected to demonstrate significant growth throughout the forecast period. The molybdenum segment is projected to contribute substantially, with over 17% of total molybdenum production being utilized in refineries. The zeolites segment is identified as a lucrative category that is expected to maintain steady growth.
Leading Refinery Types and Their Impact
In terms of refinery types, the fluid catalytic cracking (FCC) segment is expected to maintain its dominance, followed by hydrocracking, catalytic reforming, H-oil unit, alkylation, and hydrotreating. The FCC segment currently holds 44.3% of the market's value share, driven by the increasing production of high-octane gasoline. It is anticipated to exhibit a promising CAGR of over 5% by the end of 2030.
Prominent Players in the Market
Exxon Mobil Corporation, W. R. Grace & Co.-Conn, BASF SE, Chevron Corporation, China Petrochemical Corporation, Albemarle Corporation, Honeywell International Inc., Johnson Matthey, Haldor Topsoe A/S, and Royal Dutch Shell plc are among the key players in the global refinery catalyst market. These companies play a crucial role in driving market growth and technological advancements.
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