July 24, 2024

The Global Refinery Catalyst Market Is Driven By The Increasing Demand For Petroleum Products

Refinery catalysts are substances that facilitate and accelerate chemical reactions without themselves undergoing any permanent chemical change. Refinery catalysts play a pivotal role in refining crude oil into value-added petroleum products such as gasoline, diesel, jet fuels and petrochemical feedstock. Some key reactions in petroleum refining that utilize catalysts include catalytic cracking, hydrocracking, hydrotreating, alkylation and reforming. Catalytic cracking breaks down large, heavier and more complex hydrocarbon molecules into simpler and lighter molecules like gasoline. Hydrocracking reacts to break carbon-carbon bonds and carbon-sulfur bonds over transition metal catalysts to upgrade heavier feed into middle distillates. Hydrodesulphurization is used to remove sulfur from fuels in order to meet environmental regulations by reacting sulfur compounds with hydrogen over catalysts like cobalt and molybdenum. Reforming rearranges hydrocarbon molecules thermally or catalyzes reactions to produce higher-octane products from naphthas.

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:

Zeolite catalysts are gaining popularity in petroleum refineries to meet stringent environmental regulations and produce cleaner fuels. Zeolites have pore structures that allow size-selective adsorption and reaction ability to remove impurities and break larger molecules efficiently. Ion-exchange properties and acidity also make them effective for hydrocracking and catalytic reforming reactions. Zeolite catalysts improve oil yield, reduce coke formation and contamination in products. Manufacturers are innovating new zeolite formulations doped with promoter metals for enhanced activity, selectivity and longevity. However, stable operation at high temperatures remains a challenge. Further research is being done to develop hydrothermally stable large-pore zeolites for refinery processes.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the refinery catalyst market is low as it requires high initial investments and establishment of production facilities. Moreover, existing players have established brand names and distribution networks.

Bargaining power of buyers: The bargaining power of buyers in the refinery catalyst market is moderate. Buyers have a fair choice of options available from different manufacturers and price is an important consideration for buyers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of raw materials for refinery catalyst production have established presence globally. There are also alternatives available.

Threat of new substitutes: The threat of substitutes is low as there are limited alternatives available for refinery catalysts. Refineries require specialized catalysts as per their operations.

Competitive rivalry: The competitive rivalry in the market is high owing to presence of numerous international and regional players. Players compete based on product performance, price, quality, and customer relationships.

Key Takeaways

The Global Refinery Catalyst Market Demand is expected to witness high growth over the forecast period. North America region currently accounts for the largest market share due to high demand for petroleum products in the region.

Regional analysis:

 

North America is expected to dominate the refinery catalyst market during the forecast period. The growth in the region is due to increasing demand for petroleum products from various end-use industries. Stringent environmental regulations pertaining to sulfur emissions is also driving demand.

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 are the market leaders in terms of both revenue and market presence.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it