Market Overview:
Refinery catalysts are materials that are used to refine and convert crude oil into usable petroleum products. They are utilized in refineries to accelerate or control chemical reactions without undergoing any permanent chemical change. Refinery catalysts enable refineries to optimize crude oil conversion processes to maximize product yields, reduce environmental emissions, and minimize operational costs. They are effective in controlling pollution by treating various contaminants and producing cleaner fuel.
Market key trends:
One of the key trends in the refinery catalyst market is the increasing demand and production of ultra-low sulfur diesel (ULSD) and other clean petroleum fuels. Stringent environmental regulations regarding vehicular emissions are driving refiners to use advanced catalysts that can remove sulfur from diesel fuel down to a maximum of 15 parts per million. Manufacturers are developing new catalyst formulations and technologies to produce very low sulfur diesel and gasoline. Another notable trend is the shift towards dieselization wherein many countries are adopting diesel-powered vehicles and machinery over gasoline variants. This is prompting refiners to setup hydrocracking units that utilize specialized catalysts. Sustainable development through green chemistry approach in refining process is also pushing innovation of recyclable and eco-friendly catalytic solutions.
The global Refinery Catalyst Market Demand is estimated to be valued at US$ 6.75 Billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the refinery catalyst market is moderate. High capital requirements for setting up the manufacturing units pose a barrier.
Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of numerous established manufacturers limits the bargaining power of buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as raw materials used in manufacturing refinery catalysts are widely available.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitute products for refinery catalysts.
Competitive rivalry: The competitive rivalry in the market is high owing to the presence of numerous international and regional players.
Key Takeaways
The global Refinery Catalyst market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period 2023-2030, due to increasing demand for high-quality oil products.
Regional analysis
North America dominated the market, accounting for around 35% of global refinery catalyst demand in 2023. Strong presence of major oil companies in the US and Canada is driving the regional market. Asia Pacific is expected to be the fastest growing market, owing to rising demand for gasoline and diesel from China and India.
Key players
Key players operating in the Refinery Catalyst market are BP Global and Royal Dutch Shell. Other key industry participants include YARA International, Foster Wheeler AG, OXEA GmbH, W R Grace, Johnson Matthey, Albemarle Corporation, BASF SE, Technip SA, and UOP LLC. Refinery Catalyst manufacturers are focused on developing innovative catalyst solutions to help refineries meet stringent fuel standards and increase distillate yields.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
