Emerging Markets Drive The Global Petroleum Refining Catalysts Market, According To A New Report By Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on petroleum refining catalysts markets. The global market for petroleum refining catalysts is forecast to reach US$4.9 billion by the year 2017, driven by the introduction of new capacities, extensive refining capacity expansions by refiners, and the growing demand for motor vehicle fuel in the emerging markets of Asia-Pacific, the Middle East, and Latin America. Additionally, the demand for petroleum refining catalysts is also expected to emanate from the rising demand for less-polluting gasoline, growing environmental concerns, and spurt in the production and consumption of petroleum-based products.
San Jose, California (PRWEB) - Follow us on LinkedIn – Post recession, the global petroleum refinery catalysts market is expected to witness encouraging gains through to 2017, with the future growth expected to emanate from emerging markets, such as Asia-Pacific, the Middle East, and Latin America. Demand for transportation fuels and motor vehicles is growing rapidly, fueled by the increase in average income of people in these regions. This is significantly driving the demand for petrochemical products, which in turn is likely to push the market for petroleum refining catalysts. In the refining sector, owing to the environmental regulations, pressure is mounting for removing sulfur from gasoline and reducing emissions from refineries. Refineries, on their part to meet new product standards, are urging catalyst producers to commercialize catalysts that enable them to carry out tasks with their existing infrastructure. As many of these new product specifications are mandated by environmental regulation, the sector requires that new products being developed are priced at levels comparable to the previous generation catalysts. Resultantly, the demand for less-polluting and reformulated gasoline is expected to increase, which in turn would compel refineries to use catalysts in a bid to conform to the regulatory standards. Refineries around the world are forced to make significant changes in their petroleum refining processes so as to meet new fuel standards. Market growth would be backed by the development of innovative technologies and unconventional petroleum refining catalysts. Further, the prohibition on the use of Methyl Tertiary-Butyl Ether (MTBE) would propel the growth in demand for alkylation catalysts for refining higher-octane gasoline.
The US represents the largest regional market for petroleum refining catalysts worldwide, as stated by the new market research report on Petroleum Refining Catalysts. The US is a major importer of crude oil and other petroleum products. The imports of crude oil and petroleum products in the US is expected to increase in the coming years due to increasing demand and falling domestic production of crude oil. As a result, the demand for petroleum refining chemicals is expected to grow at a substantial pace in the near term. Simultaneously, stringent environmental regulations are forcing refiners to subject their manufactured products to higher levels of treatment for removing the impurities. Heavy gains are projected for the chemicals that find usage in hydrotreating. In addition, rise in demand and production of high-density crude oil in the US boosts demand for petroleum refining catalysts. Apart from these factors, new technological advancements that lead to more efficient catalysts also play an important role in boosting the petroleum refining catalysts market.
Segment-wise, Fluid Cracking Catalysts represents the largest segment. However, the global market for petroleum refining catalysts would be primarily driven by hydroprocessing catalysts. Hydro-processing segment is expected to be the fastest-growing market in the global petroleum refining catalysts industry. Processing catalysts would continue to be used in refining, owing to the stringent environmental regulations and need for clean fuels. These products deliver enhanced efficiency and productivity in energy use that is expected to incite operators to continue using these products, despite of the sagging demand and average prices witnessed during the recession. Hydro Treating Catalysts is projected to increase at a CAGR of 4.9% through the analysis period. Consolidation in the petrochemicals sector, especially among the catalyst vendors in the recent years, meant that a customer could look forward to “one-stop” catalyst shopping and also leverage multiple catalyst requirements. Suppliers are also considering minimizing production cost by combining operations wherever feasible and divesting/closing of less efficient production facilities. Product innovations form an important aspect of the petroleum refining catalysts market. Demand for novel processes and catalyst technologies that addresses both the legislative and market dynamics is on the rise.
Though the market is witnessing growing trend, huge R&D investments is necessary to cut down manufacturing costs. Moreover, the depleting crude oil reserves is expected to affect long term growth in the market, with possible shift from petroleum based products to alternative fuels, including green diesel and biofuel. Catalyst producers are also under pressure in terms of offering cost-efficient products and expediting product development. As a result, there is an increase in R&D efforts for the development of superior catalysts in conformation with the environmental and safety standards.
Major players profiled in the report include Air Products and Chemicals, Albemarle Corp, Axens, BASF SE, BASF Catalysts LLC, Chevron Corp,Chevron Lummus Global, Criterion Catalysts & Technologies LP, Evonik Industries AG ,Evonik Degussa GmbH,ExxonMobil Corporation, Johnson Matthey Plc, WR Grace & Co, among others.
The research report titled “Petroleum Refining Catalysts: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the petroleum refining catalysts markets, impact of the recession on the market, current market trends, key growth drivers, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for petroleum refining catalysts market for the years 2009 through 2017 for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, Middle East and Latin America. Key product segments analyzed include Fluid Cracking Catalysts (FCC), Hydro Treating Catalysts (HTC), Hydro Cracking Catalysts (HCC) and Others. Also, a six-year (2003-2008) historic analysis is provided for additional perspective.
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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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