Economic Boom in Emerging Countries Expected to Boost the Growth of the Refinery Catalyst Market

Refinery catalysts are materials used in petroleum refineries to enhance the rate of chemical reactions without undergoing any permanent chemical change. These catalysts are also used to enhance the throughput from refineries. This market intelligence report on refinery catalyst segments the market on the basis of type, ingredient, and region, in terms of value and volume.

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The increase in demand for refined products and stringent environmental regulations are key factors anticipated to drive the growth of the refinery catalyst market. Companies operating in this market are focused on the adoption of strategies, such as new product launches, expansions, and agreements & contracts to cater the rising demand for refinery catalysts across various regions worldwide. Key players in the refinery catalyst market include Albemarle Corporation (US), W.R. Grace & Co. (US), Axens SA (France), Haldor Topsoe A/S (Denmark), BASF SE (Germany), Johnson Matthey Plc (UK), Honeywell UOP (US), Clariant International Ltd. (Switzerland), and Criterion Catalysts & Technologies L.P. (US).

Besides new product launches and expansions, companies have adopted joint ventures and acquisitions to expand their market share and distribution network. These strategies accounted for a significant share of all growth strategies adopted by key players in the refinery catalyst market between 2015 and 2017.

Active Players in the Refinery Catalyst Market

Albemarle Corporation (US), one of the key players in the refinery catalyst market, is involved in the development and manufacturing of refinery catalysts. The company has adopted expansions and acquisitions as key growth strategies to enhance their market share and widen their customer base. The company maintains a strong brand image in the refinery catalyst market, as it provides high-grade products for different applications. In 2015, the company successfully launched AlkyStar catalyst that can produce alkylate without the use of liquid acid catalysts. This development strategy helped the company strengthen its green chemicals product portfolio. In the same year, the company launched a new HC-PT catalyst for efficient hydrocracking. This new product launch strategy helped the company expand its existing product portfolio of refinery catalysts.

W. R. Grace & Co. (US) is one of the largest innovation-driven companies in the refinery catalyst market. The company has adopted strategies of new product launches and expansions to enhance its revenue. In 2015, the company completed the first phase of construction of its FCC catalyst plant in Abu Dhabi (UAE). The facility is expected to start operations by 2018. The company is further focused on enhancing its operational capabilities and expanding its market presence.

Refinery catalysts are used for processes such as FCC, hydrotreating, hydrocracking, catalytic reforming, and alkylation. The refinery catalyst market is projected to reach USD 7.98 billion by 2022, at a CAGR of 3.2% from 2017 to 2022. Asia Pacific and North America are key commercial markets for refinery catalysts. The increasing demand for refined products and stringent environmental regulations are major factors driving the growth of the refinery catalyst market.   

The refinery catalyst market in the Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period, in terms of value and volume. This growth can be attributed to the increasing demand for transportation fuels in the Asia Pacific region. Albemarle Corporation (US), W.R. Grace & Co. (US), and Haldor Topsoe A/S (Denmark) are major manufacturers of refinery catalysts in this region. The upcoming refineries in the Asia Pacific region are further anticipated to influence the demand for refinery catalysts.

Stringent environmental regulations formulated by the Environmental Protection Agency (EPA) in the US are an important driver for the growth of the refinery catalyst market in the North American region. Among all countries in this region, the US is the largest consumer for refinery catalysts. The rising demand for hydrocracking catalysts from the refining industry in North America is further anticipated to propel the growth of the refinery catalyst market in this region.

Based on type, the hydrocracking catalysts segment of the refinery catalyst market is projected to grow at the highest CAGR between 2017 and 2022, in terms of volume. This growth can be attributed to the rising demand for middle distillates and diesel. Other factors driving the growth of the hydrocracking catalysts segment include improved quality of end-products and enhanced processing of gas-oil feedstock.

Based on ingredient, the metals segment of the refinery catalyst market is projected to grow at the highest CAGR between 2017 and 2022, in terms of volume. This growth can be attributed to the increasing use of metals for hydrocracking and hydrotreating to remove unwanted impurities and reduce the emission of harmful gases into the environment.