As per analysts at Transparency Market Research (TMR), the global refinery catalysts market is set to ride a high growth trajectory on the back of innovation and technological advancement.
The study states that the global refinery catalysts market will grow at a decent CAGR (Compound Annual Growth Rate). It pegs the value at 4.60%, adding onto the market worth substantially. By the end of the forecast period, it will be a USD 17 billion. It is quite a rise from 2015 when the worth of opportunities that arose was USD 11.4 billion. The forecast period of the study report is 2016 to 2024.
Strict Government Regulations Driving Serious Growth in the Global Refinery Catalysts Market over the Forecast Period
It is also worth making note of Zeolites here, which have emerged as the most valued materials in the landscape of the global refinery catalysts market. It is also quite noteworthy that one of the factors that is promising major growth to the global refinery catalysts market is the stringent regulations laid down by the governments across the globe regarding emissions from vehicles. Since, one of the major roles played by the catalysts is to lead to sweet fuel less sulphur content and a better impact on environment demand for them will only see a steep upward curve over the forecast period.
Asia Pacific to Chart a Significant Growth Curve in the Global Refinery Catalysts Market over the Forecast Period
Region-wise, the steepest growth curve is that of the Asia Pacific (APAC) owing to presence of consumers who are one of the largest in the world. These include the likes of India and China. Besides, there is demand for fuel used in transportation means and modes, rising steadily. This has led to a significant growth in CAGR in the region.
Over the coming years, Canada and the United States of America are also set to account for a large market share owing to their critical role in terms of vehicle production. Considering that North America follows strict Euro-6 emission norms, the road to growth is set and consolidated in the region for the forecast period.
Low Use of Products Used For Refining a Restraint
One of the factors that is restraining the market from reaching its full potential is the low levels of use of such products. This is particularly true of the regions that developed. However, it will be balance out by a high use in economies like those of China and India.
At this point, it is pertinent to make note of the fact that the global refinery catalyst market is highly consolidated. Some of the names that hold high value in terms of market share in this landscape are Sinopec Corp., ExxonMobil Corp., Royal Dutch Shell Plc., and Chevron Corp