Refining Catalysts Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 3.9 Billion |
| Market Size (2029) | USD 4.68 Billion |
| CAGR (2024 - 2029) | 3.69 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Refining Catalysts Market Analysis
The Refining Catalysts Market size is estimated at USD 3.9 billion in 2024, and is expected to reach USD 4.68 billion by 2029, growing at a CAGR of 3.69% during the forecast period (2024-2029).
The COVID-19 outbreak negatively impacted the market due to reduced consumption of oil-refined products. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
- Over the short term, increasing investment in refineries and the accelerating demand for higher octane fuel are the major factors driving the market studied.
- On the flip side, the volatility in precious metal prices is expected to hinder market growth.
- The shifting focus toward nanocatalysts will likely act as an opportunity in the future.
- Asia-Pacific region accounted for the largest market for refining catalysts, with almost half of the global share, and is also expected to be the fastest-growing market.
Refining Catalysts Market Trends
Fluid Catalytic Cracking (FCC) Catalysts to Dominate the Market
- The fluid catalytic cracking (FCC) process plays a crucial role in refineries while producing lighter products from crude oil.
- FCC unit helps in converting a variety of feed types, such as cracked gas oil, gas oil, deasphalted gas oils, vacuum/atmospheric resins, and others, into lighter and high-value products, such as diesel oil, jet fuel, LPG, kerosene, and gasoline.
- The feedstock is heated at high temperatures and moderate pressure in the FCC unit. Along with this, the feedstock is brought in contact with a catalyst which helps break the long-chain molecules of the high-boiling hydrocarbon liquids into small molecules, which are further collected as vapors.
- In the FCC process, the catalysts are used as fine powders. Previously, catalysts, such as amorphous silica-alumina, were used for cracking vacuum gas oils in the FCC unit. However, in the early 1960s, zeolite was commercially introduced as an FCC catalyst, a significant advancement in the history of catalytic cracking. For instance, the Indian Oil Corporation (IOC) intends to spend USD 4.39 billion on expanding its oil refinery in Panipat, Haryana. The extension scheme, which is expected to be completed by September 2024, will expand the refinery's production from 15 million tons annually to 25 million tons annually.
- Due to the abovementioned factors, FCC catalysts are important in propelling the market demand for refining catalysts in the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific region accounted for the largest market for refining catalysts, with almost half of the global share, and is also expected to be the fastest-growing market.
- China is the primary market holder, accounting for more than 40% of the region. China's refinery capacity accounts for over 14% of the world's refining capacity.
- Additionally, one of the top oil refiners in India, Indian Oil Corp, plans to invest USD 22.91 billion, including USD 7.64 billion, for expanding its existing brownfield refineries in the next 5 to 7 years.
- Naphtha use will likely continue expanding in South Korea due to capacity additions at ethylene plants and the rising demand for plastics in Asia. For instance, in 2022, the production volume of fuel oil in South Korea amounted to around 1.36 billion liters, which shows an increase of 28.55% compared to 2021. Fuel oil production in South Korea has risen in recent years. Therefore, increasing the production volume of fuel in the country is expected to create an upside demand for the refining catalysts market.
- Moreover, Indonesia is speeding up plans to nearly increase its oil refining capacity to minimize its reliance on imported petroleum products. By 2030, the government wants to increase domestic petroleum output to 1 million bpd. It seeks to do this by stimulating additional research and investment in improved recovery procedures for aging fields.
- All the factors above, in turn, are expected to drive the market for refining catalysts in the country during the forecast period.
Refining Catalysts Industry Overview
The refining catalysts market is partially consolidated in nature. The major players in this market include (not in any particular order) W. R. Grace & Co.-Conn, Albemarle Corporation, BASF SE, Axens, and Honeywell International, among others.
Refining Catalysts Market Leaders
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W. R. Grace & Co.-Conn
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Albemarle Corporation
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BASF SE
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Axens
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Honeywell International
*Disclaimer: Major Players sorted in no particular order
Refining Catalysts Market News
- March 2022: BASF launched Fourtitude, a new Fluid Catalytic Cracking (FCC) catalyst designed to maximize butylenes from resid feedstocks.
Refining Catalysts Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Accelerating Demand for Higher-Octane Fuel
- 4.1.2 Expansion of Oil and Gas Activities
- 4.1.3 Other Drivers
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4.2 Restraints
- 4.2.1 Volatility in Precious Metal Prices
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value and Volume)
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5.1 Product
- 5.1.1 CoMo
- 5.1.2 NiMo
- 5.1.3 Alumina-based Noble Metal
- 5.1.4 NiW
- 5.1.5 Zeolites
- 5.1.6 Other Products
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5.2 Process
- 5.2.1 Hydrotreating
- 5.2.1.1 Gasoline
- 5.2.1.2 Kerosene
- 5.2.1.3 Diesel
- 5.2.1.4 Vacuum Gas Oil
- 5.2.1.5 Catalytic Cracking Gasoline
- 5.2.1.6 Residual Feed
- 5.2.2 Fluid Catalytic Cracking (FCC)
- 5.2.3 Residue Fluid Catalytic Cracking (RFCC)
- 5.2.4 Hydrocracking
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 ASEAN Countries
- 5.3.1.6 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Spain
- 5.3.3.6 Russia
- 5.3.3.7 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Albemarle Corporation
- 6.4.2 Axens
- 6.4.3 BASF SE
- 6.4.4 China Petrochemical Corporation
- 6.4.5 Exxon Mobil Corporation
- 6.4.6 Topsoe
- 6.4.7 Honeywell International
- 6.4.8 JGC C & C
- 6.4.9 Johnson Matthey
- 6.4.10 Royal Dutch Shell PLC
- 6.4.11 W. R. Grace & Co.-Conn
- 6.4.12 Chevron Lummus Global (CLG)
- 6.4.13 KNT Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Upcoming Investments and Capacity Additions in OPEC Countries
- 7.2 Other Opportunities
Refining Catalysts Industry Segmentation
Refinery catalysts are a specialized type of heterogeneous catalysts used in the petroleum refining industry to convert heavy crude oil into valuable refined products such as gasoline, diesel, and jet fuel. The refining catalysts market is segmented by product, process, and geography. The market is segmented by product: CoMo, NiMo, alumina-based noble metals, NiW, zeolites, and other catalysts. The market is segmented by process into fluid catalytic cracking (FCC), residue fluid catalytic cracking (RFCC), hydrocracking, and hydrotreating. The report also covers the market size and forecasts for the refining catalysts market in 17 countries across the region. For each segment, the market sizing and forecasts are based on revenue (USD).
| Product | CoMo | |
| NiMo | ||
| Alumina-based Noble Metal | ||
| NiW | ||
| Zeolites | ||
| Other Products | ||
| Process | Hydrotreating | Gasoline |
| Kerosene | ||
| Diesel | ||
| Vacuum Gas Oil | ||
| Catalytic Cracking Gasoline | ||
| Residual Feed | ||
| Process | Fluid Catalytic Cracking (FCC) | |
| Residue Fluid Catalytic Cracking (RFCC) | ||
| Hydrocracking | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| ASEAN Countries | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Spain | ||
| Russia | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Refining Catalysts Market Research FAQs
How big is the Refining Catalysts Market?
The Refining Catalysts Market size is expected to reach USD 3.9 billion in 2024 and grow at a CAGR of 3.69% to reach USD 4.68 billion by 2029.
What is the current Refining Catalysts Market size?
In 2024, the Refining Catalysts Market size is expected to reach USD 3.9 billion.
Who are the key players in Refining Catalysts Market?
W. R. Grace & Co.-Conn, Albemarle Corporation, BASF SE, Axens and Honeywell International are the major companies operating in the Refining Catalysts Market.
Which is the fastest growing region in Refining Catalysts Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Refining Catalysts Market?
In 2024, the Asia Pacific accounts for the largest market share in Refining Catalysts Market.
Refining Catalysts Industry Report
Statistics for the 2024 Refining Catalysts market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Refining Catalysts analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
