ALBANY, New York, April 12, 2019 /PRNewswire/ -- The competitive landscape in the global refinery catalysts market is extremely consolidated, reports Transparency Market Research (TMR). However, the market depicts a highly organized competitive dynamics due to the active participation of a handful of leading players. ExxonMobil Corp., Chevron Corp., Sinopec corp., and Royal Dutch Shell Plc are the top four companies in the global refinery catalysts market.
In this highly consolidated landscape, prominent players are scattered across the globe, especially in many regional markets. These companies have substantial clout over the refinery catalysts market, thanks to their huge product portfolios. They are launching innovative products for catering to a wide range of consumers. On the other side, many small-scale vendors in the global refinery catalysts market benefit from emerging lucrative opportunities. To this end, they intend to collaborate with top players for recalibrating their strategies, and tap into new revenue streams. Topmost companies are focusing on incorporating advanced technologies into their current offerings in order to accentuate their footprint in the refinery catalysts market.
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According to TMR experts' estimation, the global refinery catalysts market is expected to attain revenue worth US$17.0 bn by the end of 2024. The market was valued at US$11.4 bn in 2015. The growth of the market is prophesized to occur at a CAGR of 4.60% during the assessment period from 2016 to 2024.
Among various types of materials, the cobalt nickel segment accounts for the maximum share in the market. This is due to their increased usage as a primary material for removing unwanted impurities from petrol and diesel. On the regional front, Asia Pacific is expected to continue its dominance in the global refinery catalysts market throughout the assessment period due to the increased demand for transportation fuels.
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Governments' Strict Regulations in Controlling Vehicular Emissions Stoke Demand
Refinery catalysts are mainly used by various petroleum refineries and are highly utilized in cracking process. Such catalysts are key determinants of rates of the chemical processes that convert the refined petroleum products to numerous liquid products such as gasoline, diesel, and kerosene. These end products are often called as reformates. The growth of the global refinery catalysts market is majorly fueled by the soaring demand for transportation fuels, which boosts the consumption rate of refinery catalysts. Moreover, rising demand for refined products has also led the global refinery catalysts market to witness a significant growth.
Furthermore, growing governments' approach in setting norms in regulating the vehicular emissions acts as a key factor behind the substantial growth of the global refinery catalysts market. This is because of the refinery catalysts' role in increasing the sweet fuel production, which results in lowering the sulfur quantity. This lesser quantity of sulfur production highly impacts the environment in a positive way. Thus, such advantage is another factor propelling expansion in the global refinery catalysts market.
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Under-usage of Refining Products May Hamper Market's Growth
Refining products are not highly being used in many developed economies such as Europe. Thus, the under-usage of a wide array of refining products in such economies is a major concern in the global refinery catalysts market, and it is likely to its growth. Nonetheless, rapid implementation of governments' norms in emission control across various developing economies, including those in Europe as well as emerging economies such as India and China, is expected to provide impetus to the global refinery catalysts market in coming years.
The review is based on a market research report by TMR, 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, Hydro treating Unit, Catalytic Cracking Unit, Alkylation Unit) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024".
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The segmentation of global refinery catalysts market is based on:
- Fluid Catalytic Cracking
- Catalytic Reforming
- Others (including platinum, etc.)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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