The global refinery catalysts market is highly organized and extremely consolidated, states a new research study by Transparency Market Research (TMR). The leading players, such as Sinopec Corp., ExxonMobil Corp., Royal Dutch Shell Plc., and Chevron Corp., have a wide presence across a number of regional markets, thanks to their vast product portfolios, catering to a varied range of consumers. Over the forthcoming years, these companies are likely to shift their focus towards innovating new products and technological advancements in their current offerings in order to strengthen their position in the global market, notes the research study.
As per the estimations of the research report, the global market for refinery catalysts presented an opportunity worth US$11.4 bn in 2015. Expanding at a CAGR of 4.60% during the period from 2016 to 2024, this market is expected to reach US$17.0 bn by the end of the forecast period. Zeolites have surfaced as the most valued material in this market and this scenario is likely to remain same in the near future. In terms of the geography, North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa are the prime segments of this market. Among these, Asia Pacific has emerged as the leading regional market for refinery catalysts and is expected to remain on the top over the next few years, states the market report.
Stringent Rules to Control Vehicular Emission to Boost Market
“The increasing implementation of government norms regulating the emissions from vehicles is the key factor behind the significant growth of the global market for refinery catalysts, as these catalysts helps increasing the production of sweet fuel, resulting in lesser quantity of sulfur, which, in turn, impacts positively on the environment,” says a TMR researcher.
Going forward, the worldwide market for refinery catalysts is expected to gain significantly over the next few years in developed economies, such as Canada and the U.S. that play an active role in the production of vehicles, which are compatible with Euro-6 emission norms, notes the market study.
Under-usage of Refining Products to Limit Market’s Growth
On the flip side, the under-usage of a varied range of refining products, especially in developed regions, such as Europe, is likely to hamper the growth of the global refinery catalysts market in the years to come. However, the implementation of strict emission control norms across a number of emerging economies, such as China and India, is likely to support the growth of this market over the forthcoming years, which is expected to rationalize the impact of restraints, reports the study.