ALBANY, New York, November 15, 2018
ALBANY, New York, November 15, 2018 /PRNewswire/ --
According to recent report by Transparency Market research (TMR), the global refinery catalysts market is expected to project a highly consolidated competitive landscape in the coming years. Albemarle Corporation, BASF SE, ExxonMobil Corporation, Sinopec Corporation, Royal Dutch Shell Plc, and Honeywell International Inc. are some of the major players leading the global market. Owing to their expanded product portfolio, which cater to the large number of customers, these players have a significant presence in the regional markets. In the upcoming span of time, these players foreseen to indulge into research and development activities to come up with some innovative products, along with various advancement in technology in their existing products so as to bolster their market presence.
The global refinery catalysts market is expected to flourish with a steady CAGR of 4.6% during the forecast period from 2016 to 2024. In 2015, the market was valued to be worth of US$11.4 bn. This figure is likely to reach around a value of US$17.0 bn by the end of 2024.
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Based on raw materials, the global refinery catalysts market is classified into zeolites, metals, and substance mixes. Among these, zeolites refinery catalysts segment dominated the global market with 65.5% in 2015, in terms of volume. This rising demand regarding zeolites is due to increasing demand for high octane fuel all across the globe. Geographically, the global market is led by Asia Pacific region in 2014, with over 30% of the market and maximum volume share. The dominance is attributed to the development of refinery in India, China, and South-East Asia, along with some upcoming limit extensions in the regional economies.
Strict Government Regulations for Vehicle Emission to Augment Market Growth
Several governments are implementing the norms regarding the emissions from vehicles is a major factor propelling the growth in the market. These catalysts contribute in making of sweet fuel that as a result emits less amount of Sulphur, impacting the environment positively.
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Global refinery catalysts market is majorly marked by the rising demand regarding the cleaner oil-based products. The industry is estimated to witness a notable growth in the forthcoming years, due to rising demand for high-quality transportation fuel. Other factors contributing in the demand for refinery catalysts are the strict fuel and device standards, along with rising usage of oil subordinates.
Less Use of Refining Products to Hinder Market Growth
In addition, the global refinery catalysts market is likely to profit substantially within the forecast period from 2016 to 2024, in developed nations, for example, the US , and Canada, which play a vital role in the manufacturing of vehicles that are in combination with Euro-6 emission regulations, reports the study.
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The report says that, on the other hand, the less utilization of wide range of refining products, particularly in the developed regions, for example Europe is anticipated to hinder the market growth of refinery catalysts, in the forthcoming years. Nevertheless, the imposition of stringent regulations against harmful emissions in the developing economies, for example India and China are foreseen o contribute in the growing demand for refinery catalyst in the global market.
The review is based on the findings of a report by Transparency Market Research, titled "Refinery Catalysts Market ( Material Type - Zeolites, Molybdenum, Cobalt, Nickel; Physical Form - Powders, Beads and Extrudates; Refining Unit - Fluid Catalytic Cracking Unit, Hydrocracking Unit, H-Oil Unit, Hydrotreating Unit, Catalytic Cracking Unit, Alkylation Unit) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
Global Refinery Catalysts Market has been segmented as follows:
Refinery Catalysts Market- Refining Unit Analysis
Refinery Catalysts Market - Material Analysis
Refinery Catalysts Market - Physical Form Analysis
Refinery catalysts market - Regional Analysis
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