Refinery Catalyst Market worth 7.98 Billion USD by 2022
The report "Refinery Catalyst Market by Type (FCC Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts,
and Catalytic Reforming Catalysts), Ingredient (Zeolites, Metals, and Chemical Compounds), and Region - Global
Forecast to 2022" published by MarketsandMarkets™, The Refinery Catalyst Market is estimated to be USD 6.81
Billion in 2017 and is projected to reach USD 7.98 Billion by 2022, at a CAGR of 3.2% from 2017 to 2022.
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Browse 75 Market Data Tables and 29 Figures spread through 121 Pages and in-depth TOC on "Refinery Catalyst
Market"
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This growth can be attributed to the increased demand for refined products as well as octane rated products. In
addition, the rising demand for transportation fuels is further anticipated to boost the consumption of refinery
catalysts.
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The hydrocracking catalysts segment is the fastest-growing type segment of the Refinery Catalyst Market
Based on type, the hydrocracking catalysts segment of the Refinery Catalyst Market is projected to grow at the
highest CAGR during the forecast period. These refinery catalysts have garnered industry-wide acceptance for their
performance and general characteristics. In addition, these catalysts do not produce coke as a by-product, thereby
resulting in the improved conversion of feedstock. Thus, benefits associated with hydrocracking catalysts such as
their ability to handle a wide range of feedstock materials are anticipated to drive the growth of the hydrocracking
catalysts segment.
The metals segment accounted for the largest share of the Refinery Catalyst Market in 2016
Based on ingredient, the metals segments accounted for the largest share of the Refinery Catalyst Market in 2016.
Metals are primarily used for hydrocracking and hydrotreating to remove unwanted impurities and reduce the
emission of harmful gases into the environment. They are also used for desulfurization and denitrification
processes. As the demand for fuels containing less sulfur content increases, the demand for metals is anticipated
to witness steady growth in the near future. Thus, the increasing use of refinery catalysts will subsequently drive
the consumption of metals.
Asia Pacific is the largest market for refinery catalysts
The Asia Pacific region was the largest market for refinery catalysts, in terms of volume, in 2016. China is a key
consumer of refinery catalysts in the Asia Pacific region. The increase in demand for transportation fuels has
contributed to the growth of the Refinery Catalyst Market in this region. Mergers & acquisitions, new product
launches & developments, and expansions are key growth strategies adopted by leading manufacturers of refinery
catalysts in the Asia Pacific region.