World Refining Catalyst Market to hit US$5.8 Billion by 2025
SELLBYVILLE, Del., July 19, 2018 /PRNewswire-iReach/ -- According to a latest research report by Global Market Insights, Inc. " Refining Catalyst Market is predicted to be valued USD 5.8 billion by 2025." Refining catalysts are used to increase the yield of petroleum derivative products. These products aid refinery operators to enhance the operational efficiency, selectivity and conversion ratio of the crude oil. Refining catalysts will gain the market throughout the forecast timeframe owing to the strict government regulation to reduce the containments and the emission of sulfur compounds and nitrogen compounds.
For instance, In January 2018, China V was implemented for gasoline fuel quality, for the reduction of sulfur quantity in gasoline to 10 ppm. Besides the sulfur limit, it also provides reduction in minimum octane requirement, olefin content and manganese content. This will require more refining of products, further increasing the demand for product. The International Maritime Organization's Marpol regulation aimed for the reduction of sulfur content in marine fuels which will augment the hydrotreating and hydrocracking refining catalyst market during forecast period.
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China's transportation segment depicted to be a favorable quotient for oil refining catalyst market with significant annual growth rate during study period. According to OICA, overall automotive sales in China was registered at nearly 29 million units with around 4% increase in 2016. This will propel the product demand till 2025.
The primary hindrance for refining catalyst market is the development of alternative energy sources. For instance, Europe has slowed down the consumption of petroleum products by encouraging hybrid and electric vehicle. The high production cost and price volatility of raw material will also hinder the product market.
According to product type, petroleum refining catalyst market is fragmented into alkylation, isomerization and reforming, hydroprocessing, and fluid catalytic cracking. The other product type includes desulfurization etc. Hydroprocessing catalyst will generate a revenue over USD 2 billion in 2025, growing at the rate over 3.5% during the forecast time period. These catalysts are used to create clean fuels to meet the fuel standards implemented by various government.
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On material basis, the refining catalyst market is segmented into metal, chemical compounds, zeolite and others which include organometals, enzymes, rare earth metals, etc. Zeolite catalyst has largest share owing to low cost along with beneficial characteristics. Moreover, metal-based catalyst will hold largest revenue share owing to the precious metals used in the manufacturing of the product.
In 2025, Russia share will reach around 40% of the total Europe refining catalyst market, rising at a substantial rate in upcoming years. The construction of hydrocracking unit in Rosneft's Tuapse, Novokujbysevsk, and Gazprom Neft's Omsk under Chevron Lummus will propel the demand of product. India and China will be the emerging market in Asia Pacific region and will exhibit the CAGR more than 3% in upcoming years.
Buy this industry insights spread across 340 pages with 562 market data tables & 21 figures & charts from the report, "Refinery Catalyst Market Size By Type (Fluid Catalytic Cracking, Hydroprocessing [Hydrotreating, Hydrocracking], Alkylation, Reforming & Isomerization), By Material (Zeolite, Metal, Chemical Compound), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025" in detail along with the table of contents:
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Chapter 5. Refinery Catalyst Market, By Material
5.1. Global refinery catalyst market material insights
5.2. Zeolite
5.2.1. Market estimates and forecast, 2014 - 2025
5.2.2. Market estimates and forecast, by region, 2014 - 2025
5.3. Metal
5.3.1. Market estimates and forecast, 2014 - 2025
5.3.2. Market estimates and forecast, by region, 2014 - 2025
5.4. Chemical compound
5.4.1. Market estimates and forecast, 2014 - 2025
5.4.2. Market estimates and forecast, by region, 2014 - 2025
5.5. Others (organometal compounds, enzymes, etc.)
5.5.1. Market estimates and forecast, 2014 - 2025
5.5.2. Market estimates and forecast, by region, 2014 - 2025
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/refinery-catalyst-market
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