Refinery Catalyst Market - Forecast(2021 - 2026)

 Refinery Catalyst Market Overview:

According to the Organization of Petroleum Exporting Companies (OPEC), among all the resources of energy, oil will have the largest market share that is estimated to be 27% by 2040. Furthermore, the organization projects that the term period of 2016 to 2022 will observe an augmented demand for oil from 95.4 Mb/d to 102.3 Mb/d. Subsequently, the growing demand for oil will lead to production upsurge in refineries which is creating opportunities in the refinery catalyst market that had a market size of $7 billion as of 2018. Furthermore, the demand for catalysts in refineries is estimated to grow with a compound annual growth rate of 3% during the forecast period of 2019 to 2025.  

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In 2018, the American Petroleum Institute (API) documented that the first four months of the year had observed an increased demand for petroleum that translates to 750,000 barrels a day, which is the highest level in 11 years. As documented in the U.S. Energy Information Administration (EIA), the country imported 10.14 million barrels per day of petroleum from 84 countries. The figure largely attributes to the demand for crude oil from the refineries in the country. This is coupled with the fact that the automotive and aerospace industry is making strides in the region which is creating more demand for oil. These factors have a subsequent effect in terms of the enhanced demand for refinery catalyst in North America. Evidently, the region had the largest market share of 42.5% in 2018.     

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Refinery Catalyst Market Outlook:

Refinery catalysts are a specialty chemicals that are used in different operations in refineries that chiefly include fluid catalytic cracking. These catalysts provide the surface area for the chemical reaction in the FCC unit or FCC refinery, and consequently, speed up the reaction, thereby reducing the turnaround time of the manufacturing process.

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Refinery catalysts are also used in other industries for alkylation and other processes, but they are majorly utilized in refineries. Furthermore, their application in refineries is projected to observe a moderate CAGR of 2% through to 2025.

 

Refinery Catalyst Market Growth Drivers:

·         The Growth of the Aerospace Industry –

There is a discernible growth of the aerospace industry across the globe which is much dominated by the regions such as North America, Europe, and some parts of APAC. According to Aviation Benefits Beyond Borders, the aviation industry supports $2.7 trillion (3.6%) of the world’s gross domestic product (GDP). Evidently, this is creating a sustainable demand for aviation fuel. In the manufacturing of aviation fuel, hydroprocessing is a very important process because it upgrades the feed by executing catalytic cracking at high temperatures. The growing demand from the aerospace industry is leading to an enhanced rate of hydrocracking in the refineries across the globe which is leading to growth prospects in the refinery catalyst market.

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