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The Asia-pacific refining catalysts market is estimated to have a value of USD 1.33 billion in 2018 and is projected to reach a value of USD 1.6 billion by 2023, at a CAGR of 3.84% during the forecast period (2018 - 2023). This is majorly driven by the increasing investments in refineries. Refining catalysts are those substances which accelerate the rate of chemical reaction without undergoing any permanent chemical change. They are primarily used by petroleum refineries to improve the quality of the output by enhancing the operational efficiency during the petroleum refining process. These catalysts play a vital role in fulfilling the fuel standards, emission standards, and improving the selectivity and conversion.
Increasing Investments in Refineries Boosting the Market
The market for refining catalysts has significantly benefitted from the increasing investments in oil refineries. For instance, Indian Oil has set a budget of INR 1.8 trillion to expand its refineries and expand businesses over the next 5-7 years. Petrol Corp, one of the leading Asian oil companies, invested USD 3.5 billion to expand its refinery in Malaysia by 2020. This expansion is estimated to add 90,000 barrels per day in its operations in Malaysia. Such investments and acquisitions of refineries, along with the increasing demand for fuel, are expected to increase the demand for refining catalysts.
Hydrocracking Catalysts to Grow Rapidly
Hydrocracking catalysts are expected to grow rapidly at a CAGR of 3.56% during the forecast period (2018 - 2023). Hydrocracker units play a key role in obtaining various distillate cuts. The heavy feed or residue from units such as atmospheric/ vacuum distillation units, decoking unit, visbreaker unit, and sometimes from the catalytic cracking unit is fed as feed to the hydrocracking unit. Hydrocracker unit upgrades the feed injected by cracking the feed at high temperatures in the presence of hydrogen and the catalyst to produce distillate cuts, such as jet fuel, diesel, and kerosene. Hydrocracking process also reduces the sulfur content of the feed while processing, thus, making the product viable to use in different countries. Increasing demand for jet fuel and diesel in the aerospace market and automotive market is likely to boost the demand for hydrocracking catalysts at a significant rate during the forecast period.
China the Largest Consumer of Refining Catalysts Market
China, estimated to be the largest market for refinery catalysts, accounted for approximately 44% in terms of revenue in the Asia-Pacific market, in 2017. There was a positive growth from the automotive industry in 2017, with a 3.2% rise in the automotive production over 2016, along with the growing investments for refineries has contributed to the growth of the refinery catalyst market in the country.
Notable Developments in the Market
November 2017: BASF introduces Fortres NXT FCC catalyst to help refiners increase the liquid product yields with heavy resid feeds.
October 2017: W. R. Grace & Co. increased the price of its Fluid Catalytic Cracking (FCC) catalysts by 3 – 9%, depending on product type and specific customer contract terms as well as commitments, effective from January 1, 2018.
Major Players: Albemarle, BASF SE, Honeywell, and Sinopec, among others.
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating product type and end-user industry in the market
To identify the countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Increasing Investments in Refineries Boosting the Market
The market for refining catalysts has significantly benefitted from the increasing investments in oil refineries. For instance, Indian Oil has set a budget of INR 1.8 trillion to expand its refineries and expand businesses over the next 5-7 years. Petrol Corp, one of the leading Asian oil companies, invested USD 3.5 billion to expand its refinery in Malaysia by 2020. This expansion is estimated to add 90,000 barrels per day in its operations in Malaysia. Such investments and acquisitions of refineries, along with the increasing demand for fuel, are expected to increase the demand for refining catalysts.
Hydrocracking Catalysts to Grow Rapidly
Hydrocracking catalysts are expected to grow rapidly at a CAGR of 3.56% during the forecast period (2018 - 2023). Hydrocracker units play a key role in obtaining various distillate cuts. The heavy feed or residue from units such as atmospheric/ vacuum distillation units, decoking unit, visbreaker unit, and sometimes from the catalytic cracking unit is fed as feed to the hydrocracking unit. Hydrocracker unit upgrades the feed injected by cracking the feed at high temperatures in the presence of hydrogen and the catalyst to produce distillate cuts, such as jet fuel, diesel, and kerosene. Hydrocracking process also reduces the sulfur content of the feed while processing, thus, making the product viable to use in different countries. Increasing demand for jet fuel and diesel in the aerospace market and automotive market is likely to boost the demand for hydrocracking catalysts at a significant rate during the forecast period.
China the Largest Consumer of Refining Catalysts Market
China, estimated to be the largest market for refinery catalysts, accounted for approximately 44% in terms of revenue in the Asia-Pacific market, in 2017. There was a positive growth from the automotive industry in 2017, with a 3.2% rise in the automotive production over 2016, along with the growing investments for refineries has contributed to the growth of the refinery catalyst market in the country.
Notable Developments in the Market
November 2017: BASF introduces Fortres NXT FCC catalyst to help refiners increase the liquid product yields with heavy resid feeds.
October 2017: W. R. Grace & Co. increased the price of its Fluid Catalytic Cracking (FCC) catalysts by 3 – 9%, depending on product type and specific customer contract terms as well as commitments, effective from January 1, 2018.
Major Players: Albemarle, BASF SE, Honeywell, and Sinopec, among others.
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating product type and end-user industry in the market
To identify the countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
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