Published On : 14 Sep 2018
The global refining catalyst market is feeding off the unprecedented growth and development of unconventional oil reserves. Processing oil extracted from those require refining catalysts. The global refining catalyst market is predicted to rise at a steady pace over the course of the next few years because of the rising onshore and offshore oil explorations worldwide in response to the rising energy demands in the world. The global refining catalyst market is also expected to receive a major fillip from the chemical industry.
Asia Pacific and North America Regions Prominent Demand Drivers
The shale oil production boom in North America has played a key role in fuelling the refining catalyst market in the recent past. This is because shale oil contains large proportions of metal contaminants and also has heat balance problems. This requires leveraging of refining catalysis that help to upgrade the crude oil.
Apart from that, Asia Pacific is another key refining catalyst market because of the surging sales of personal and commercial automobiles in the region particularly in nations of China, India, and South Korea. This would drive up usage of diesel and petrol on which they run mainly. However, increasing regulations about the usage of low-sulfur fuels which are less polluting means demand for proper and swift refining of crude is the need of the hour. This would promote consumption of diesel and petrol which would further fuel the refinery catalyst market over the forecast timeframe.
Stringent Environmental Regulations Stoke Demand in Market
Increasingly strict fuel and environmental regulations being framed across nations and heavier crudes and feedstocks is expected to continue creating opportunities for the overall refining catalyst market all over the world in the next couple of years. This has egged refiners operating in hydroprocessing units to build new licensed units or overhaul their existing ones.
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One major challenge facing the global refining catalyst market is the rising focus on renewables to control environmental pollution. Such sustainable means of energy which can eventually prove to be cost effective is one of the most worrisome concern for the market. Already, electric and hybrid vehicles have started plying on the roads. Such battery operated vehicles have zero fallout on the environment and hence are being promoted by governments of most nations. Once they go mainstream, demand for fossil fuel to power vehicles will receive a blow. This is expected to negatively impact the global refining catalyst market.
Hydrocracking Catalysts Generating Maximum Demand
The different types of refining catalysts available in the market are hydrotreating catalysts, FCC catalysts, hydrocracking catalysts, and catalytic reforming catalysts. Of them, the hydrocracking catalysts are predicted to rise at maximum pace for a large array of feedstock. This is because they have gained acceptance across industries for their general characteristics and performance. Besides, they do not generate coke as a by-product, thus bringing about a better conversion of feedstock.
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