Catalysts are an integral part of petroleum refining. They are used in various refinery processes like hydroprocessing, cracking, and reforming. Rising environmental awareness is leading to the adoption of green technologies. Growing need for efficient industrial processes is contributing high demand for catalysts.
Chemical synthesis is a key application of catalysts. Growth in the chemical manufacturing industry will also lead to higher demand for catalysts.
The total volumes in the global catalyst market in 2013 were 6,250 kilo tons. They are expected to grow at a CAGR of 3.1% from 2014 to 2020. The market will be valued at USD 27 billion by 2020. It will mainly be driven by growing demand for energy.
The global catalyst market is expected to reach USD 34.3 billion by 2024, according to a new report by Grand View Research, Inc. The accelerating use of catalysts for reducing the cost of manufacturing chemicals, petrochemicals and polymers are expected to remain a favorable factor. Also, rising application of catalytic reforming and fluidized bed catalytic cracking for enhancing the yield of light cut and medium cut oils may promote the use of the product over the next eight years.
In terms of volume, chemical synthesis is expected to witness growth at a CAGR of 3.5% from 2016 to 2024. In September 2014, the Government of India proposed the “Draft National Chemical Policy” which is intended for increasing the country’s global chemical output share from 3% in 2014 to 6% by 2020.
Europe will generate moderate demand for environmental catalysts in the years ahead. North America will be driven by petroleum refining. The dominating market participants are Evonik Industries AG, Clariant International Ltd., Albemarle Corporation, INEOS Group Ltd., and Zeolyst International Inc.
Refinery Catalyst Market: By Components (Zeolites, Metals, Chemicals and Others) By Application (Hydroprocessing, Fluid Catalytic Cracking, Alkylation and Others); By Geography - Forecast (2017-2022) .