The global refinery catalyst market is set to surpass a valuation of US $10bn by the end of the forecast period (2019-2026), according to a new report from Future Market Insights (FMI).
The boost can be accredited to the growing demand for refining products in the end-use industries, on the back of downtrend in crude oil prices, and is further complemented by increased production in the US and China, it said in the report.
It added that APAC and North America “will capture the lion’s share in the global refinery catalyst market”, with the former accounting for 2/5th of overall market value, on the back of high crude oil refining production.
As to ingredients, it said the most sought-out variety will remain zeolites, which account for more than half of market value (owing to their high reusability). But it said the FCC catalyst segment will remain in overall market share, because of the significant presence of FCC units in refineries globally.
It also said FCC projects are witnessing significant expansion in regions such as India, China and Nigeria, and that trend will continue to boost market growth.
Growing concerns regarding climate change, coupled with the environment-friendly reputation of refinery catalysts will also boost the refinery catalyst market. But the limited resources of oil reserves, (on which the refinery catalyst market directly relies on), are likely to hinder market growth.
Elsewhere, it said challenges faced by manufacturers include the high cost of raw materials and high manufacturing costs.
For more information visit www.futuremarketinsights.com