Increasing Demand for Gasoline and Other Petroleum Derivatives Drive the Demand for Oil Refining Catalyst Market

Catalysis plays an important role in the production of petroleum because most of the systems are catalytic. Petroleum fractions offered by the fractional distillation of crude oil which do not meet the requirements of value levels, as a result oil refining catalyst used as substitutes. Oil refining catalyst has various advantages due to this it is used in various applications. Fluidized catalytic cracking (FCC) is one of most important oil refinery's processes. It is generally used to transform alkanes to more useful fuel, olefin and other goods.

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Data Bridge Market Research analyses that the Oil Refining Catalyst Market is expected to reach USD 75, 03,054.61 thousand by 2028 from USD 50,78,830.90 thousand in 2020 growing at a substantial CAGR of 5.10% in the forecast period of 2021 to 2028.  Increasing use of catalysts for biochemical synthesis reactions will provide potential opportunities for the market growth during the forecast period.

Increasing demand of fuel for various purposes is expected to drive the market's growth rate

The increasing demand for transportation fuel is expected to drive the growth of the oil refining catalyst catalysts market. Stringent fuel standards and norms along with growing consumption of petroleum derivatives are anticipated to boost the market growth. Government guidelines governing ultra-low sulfur diesel and severe emission standards in developed countries are expected to drive the oil refining catalyst demand in the petroleum refining industry. Moreover, increasing demand for high-octane fuel, particularly in major regions such as U.S., the UK, Japan, Germany, and India, is expected to increase the market growth.

Report Scope and Market Segmentation

Segment Analysis:

The oil refining catalyst market is segmented on the basis of type, catalyst, distribution channel and application.

• On the basis of type, the global oil refining catalyst market is segmented into hydrotreating, fluidized catalytic cracking (FCC), residue fluidized catalytic cracking (RFCC), hydrocracking and others.

The hydrotreating segment of type segment is anticipated to dominate the oil refining catalyst market

 Hydrotreating segment is expected to dominate the market with a CAGR of 5.5% in the forecast period of 2021 to 2028 owing to its capability of eliminating unwanted aromatic compounds from oil stocks that produce more efficient lubricants and cleaner fuels.

• On the basis of catalyst, the global oil refining catalyst market is segmented into zeolites, metals and chemicals. Chemicals segment is expected to dominate the market with a CAGR of 5.5% in the forecast period of 2021 to 2028 owing to the emission-free mobility, energy efficiency and conserving finite resources.
• On the basis of distribution channel, the global oil refining catalyst market is segmented into direct sales/B2B, distributors/third-party distributors/traders, e-commerce and others.

The direct sales/B2B segment of distribution channel segment is anticipated to dominate the oil refining catalyst market.

Direct sales/B2B segment is expected to dominate the market with a CAGR of 5.3% in the forecast period of 2021 to 2028 because it aids the manufacturers to get better quality products at minimum cost directly from the vendors.

• On the basis of application, the global oil refining catalyst market is segmented into diesel, kerosene, distillate dewax and others. Diesel segment is expected to dominate the market with a CAGR of 5.4% in the forecast period of 2021 to 2028 owing to its flexibility to produce both light distillates and lube oil base stock.

Major Players

Data Bridge Market Research recognizes the following companies as the major oil refining catalyst market players in oil refining catalyst market Shell (U.K.), Dow (U.S.), 3M (U.S.), W R Grace (U.S.), BASF SE (Germany), China Petrochemical Corporation (China), Albemarle Corporation (U.S.), Arkema (France), Anten Chemical Co., Ltd (China), Honeywell International Inc (U.S.), Kuwait Catalyst company (Kuwait), Clariant (Switzerland), Axens (France), Johnson Matthey (U.K.)

Market Development

• In 2019, ExxonMobil Catalysts and Albemarle Corporation have launched the Galexia Network for innovative Hydroprocessing of catalytic and service solutions for the refining industry. This interface enables a simpler way of doing business, consumer expectations are properly met at any level of the supply chain.
• In 2019, Linde and BASF worked together to explore chemistry to develop a steam reforming technique and modern revolutionary catalyst. The ICIS Award 2019 was given to BASF and Linde Engineering for Best Process Invention. The ICIS is a prominent petrochemical information provider. The award as it honours BASF’s and Linde’s strong commitment to offer more sustainable solutions to its customers
• In 2019, W. R. Grace & Co.-Conn. a  leading manufacturer of polypropylene plant product (PP) and polyolefines catalyst has awarded with a license for a new PP plant in  South Korea for UNIPOL PP Process Technology. This technology offers a various PP biopolymers and copolymers in the sector with the most mature and the broadest selection.

 Regional Analysis

Geographically, the countries covered in the oil refining catalyst market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

 As per Data Bridge Market Research analysis:

North America is the dominant region in oil refining catalyst market during the forecast period 2021 to 2028

Asia-Pacific dominates the oil refining catalyst market due to increasing demand for industrial catalysts in the chemical sectors by major market players in this region. India dominates the Asia-Pacific oil refining catalyst market because of increasing demand for gasoline and many other petroleum derivatives from various end-use industries will further boost the market growth in this region.

North America is estimated to be the fastest-growing region in oil refining catalyst market the forecast period 2021 to 2028

North America is expected to grow during the forecast period of 2021 to 2028 owing to stringent rules and regulations regarding the octane related fuel and sulfur content in this region. Moreover, imperative desulfurization in refineries is expected to increase the demand for the oil refining catalyst catalyst and will further enhance the market growth.

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