Global Refinery Catalysts Market to Reach $4.3 Billion by 2026

Refining catalysts are essential components of the refining process and known for their property to influence the reaction rate. Refining catalysts are defined as dual-functioning chemical substances used in refineries for facilitating the process. These compounds play an important role in aiding the refining process dealing with crude waste while concurrently regulating the chemical reaction rate. Refining catalysts are also specified as the technique to recycle spent hazardous catalysts into desirable non-harmful wastes. These catalytic refining substances are widely employed in refineries for refining of crude waste across industries such as petroleum, agrochemical and pharmaceutical. These catalysts are imperative for ensuring completion of a process such as hydrocracking. Refining catalysts are integral part of cracking and hydroprocessing units in refineries. Refining catalysts are widely used in refining processes across the petroleum, pharmaceutical and agrochemical industries. Companies in the petroleum industry refine and convert crude oil into various useful products including diesel, gasoline, kerosene and home heating oil.

Amid the COVID-19 crisis, the global market for Refinery Catalysts estimated at US$3.7 Billion in the year 2020, is projected to reach a revised size of US$4.3 Billion by 2026, growing at a CAGR of 2.6% over the analysis period. Alkylation Catalysts, one of the segments analyzed in the report, is projected to grow at a 2.8% CAGR to reach US$918.9 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the FCC Catalysts segment is readjusted to a revised 2.4% CAGR for the next 7-year period. This segment currently accounts for a 44.9% share of the global Refinery Catalysts market.

The U.S. Market is Estimated at $863.7 Million by 2021, While China is Forecast to Reach $595.2 Million by 2026

The Refinery Catalysts market in the U.S. is estimated at US$863.7 Million in the year 2021. The country currently accounts for a 23.35% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$595.2 Million in the year 2026 trailing a CAGR of 3.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.7% and 2.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.1% CAGR while Rest of European market (as defined in the study) will reach US$621 Million by the close of the analysis period.

Petrochemical refining catalysts market globally is expected to maintain its momentum owing to rapid growth in production capacities associated with secondary catalytic processes and increasing significance of light petroleum products in oil refining industry. The market growth is likely to be also driven by implementation of stringent environmental standards by developed countries that import a large volume of petroleum products. New standards are intended to improve petroleum products` quality and cut pollution emissions caused by fuel combustion. The trend is reflected by migration of European countries towards Euro 5 fuels with very low sulfur content. The primary factors responsible for pushing up petroleum products demand in Europe include high-quality gasoline and diesel fuels that represent important merchandises of the petroleum refining sector in the region.

Hydrotreating Catalysts Segment to Reach $710.6 Million by 2026

In the global Hydrotreating Catalysts segment, USA, Canada, Japan, China and Europe will drive the 2.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$414.4 Million in the year 2020 will reach a projected size of US$505.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$87 Million by the year 2026, while Latin America will expand at a 3.7% CAGR through the analysis period.