The refinery catalyst market consists of catalysts that aid in the refining of crude oil into useful petroleum products like gasoline, diesel, and others. Catalysts help speed up chemical reactions and improve product yields in refining units like the fluid catalytic cracking unit, hydrocracking unit, hydrotreating unit, and catalytic reforming unit.
The global Refinery Catalyst Market is estimated to be valued at Us$ 3.76 Bn in 2023 and is expected to exhibit a CAGR Of 8.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Stringent environmental norms regarding sulfur content in fuel is a key trend driving growth of the refinery catalyst market. Governments worldwide have implemented strict regulations on sulfur content in automotive fuels to reduce emissions. For instance, the European Union has reduced the maximum allowed sulfur content in diesel from 50 ppm to 10 ppm. Meeting these stringent norms requires desulfurization of crude oil and intermediate petroleum products using hydrotreating catalysts. The demand for low-sulfur gasoline and diesel has thus boosted the Hydrotreating catalyst segment within the refinery catalyst market. Adoption of newer emission standards will continue driving the need for low-sulfur fuels and thereby support growth of the refinery catalyst market over the forecast period.
Segment Analysis
The global refinery catalyst market is segmented into fluid catalytic cracking (FCC), hydroprocessing catalyst, hydro refining, hydrotreating and other segments. Among these, the FCC segment dominates the market and accounted for over 35% of global refinery catalyst volume in 2023. FCC allows conversion of heavy residues into high-octane gasoline and plays a critical role in maximizing gasoline production. FCC helps increase production of transportation fuels and is largely used by refineries worldwide.
Key Takeaways
The Global Refinery Catalyst Market Demand is expected to witness high growth over the forecast period.
Regional Analysis:
Asia Pacific region currently dominates the global refinery catalyst market with over 45% share in 2023. Rapid growth in automobile ownership and demand for fuel in countries like China and India is driving the APAC market. Stringent fuel specifications to reduce vehicular emissions are also propelling the regional market. North America and Europe are also significant markets however the growth is expected to be higher in developing Asian countries.
Key Players:
Key players operating in the refinery catalyst market are Ipsen Pharma, Allergan, Acorda Therapeutics, Inc., Merz Pharma, Teva Pharmaceutical Industries Ltd., Novartis AG, Sun Pharmaceutical Industries Ltd., Beximco Pharmaceuticals Ltd., Johnson & Johnson Private Limited, Zydus Cadila, F. Hoffmann-La Roche Ltd., and Elite Pharmaceuticals Inc. Ipsen Pharma and Allergan dominate the therapeutic neuromodulation market with their diverse portfolio and global presence. Ongoing clinical trials and new product approvals are helping key players strengthen their market position.
The global refinery catalyst market size is expected to increase from US$ 3.76 billion in 2023 to over US$ 6.5 billion by 2030, expanding at a CAGR of around 8.9% during the forecast period. Rising demand for refined petroleum fuels and stringent environmental regulations regarding fuel specifications are anticipated to drive the refinery catalyst market.
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