The global refinery catalyst market is set to surpass a valuation of US$ 10 Bn by the end of the forecast period (2019 – 2026), as projected by a new report of Future Market Insights (FMI). Factors primarily fueling the boost are the growing demand for refining products in the end-use industries, on the back of downtrend in crude oil prices. The growth is further complemented by increased production in the U.S. and China.
Refinery Catalyst Market: Key Findings
· Zeolites will remain the most sought-out variety of ingredients, accounting for more than half of market value owing to their high reusability.
· By product type, the FCC catalyst segment will persist dominance in overall market share, owing to the significant presence of FCC units in refineries across the globe.
· APAC and North America will capture the lion's share in the global refinery catalyst market with the former accounting for 2/5th of overall market value, on the back of high crude oil refining production.
Refinery Catalyst Market: Key Driving Factors
· FCC projects are witnessing significant expansion in regions such as India, China, and Nigeria. The trend will continue to boost market growth.
· Growing concerns regarding climate change, coupled with the environment-friendly reputation of refinery catalysts are bolstering the refinery catalyst market.
Refinery catalyst Market: Key Restraints
· The limited resources of oil reserves, on which the refinery catalyst market directly relies on, are likely to hinder the growth of the market.
· The high cost of raw materials and high manufacturing costs are the challenges faced by manufacturers, and these factors are likely to impact the over market as well.
Competition Landscape of Refinery catalyst Market
Some of the key players in the global refinery catalyst landscape that are covered in this study include, but are not limited to, Albemarle Corporation, Axens S.A., W.R. Grace & Co, Clariant International Ltd., ExxonMobil Corporation, and Haldor Topsoe A/S, among others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s largest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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