Market Trends of Catalyst Carrier Industry
This section covers the major market trends shaping the Catalyst Carrier Market according to our research experts:
Oil and Gas Industry to Dominate the Market
- The oil and gas industry stands to be the dominating segment.
- The demand from the oil and gas industry majorly comes from the consumption in petroleum refining, catalytic reforming, and catalytic cracking hydroprocessing.
- A reforming unit operates in extremely high temperatures and uses catalysts, in order to syndicate low weight naphtha, and convert it into aromatics, which are used for blending gasoline and making chemicals.
- Catalytic reforming converts (through dehydrogenation) low octane naphtha into higher octane reformate products for gasoline blending and aromatic rich reformate for aromatic production.
- All the aforementioned factors are expected to drive the catalyst carrier market during the forecast period.
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North America Region to Dominate the Market
- North America is expected to dominate the market majorly due to the established oil and gas industry. In the past decade, the United States has emerged as a major oil and gas producer due to shale gas exploration in the region.
- The United States is the largest producer of oil and natural in the region. The industry is facing a slowdown due to the sudden outbreak of COVID-19, but it is expected to recover at a rapid pace during the forecast period.
- According to the American Chemistry Council's (ACC) Mid-Year 2019 Chemical Industry Situation and Outlook, the chemical sector of the country is expected to continue to grow in 2019. The sector stands to be one of the most attractive markets for foreign investment. The chemical output is expected to grow by 3.9% in 2019, and hence, this is expected to drive the market studied.
- According to the Chemistry Industry Association of Canada's (CIAC), the country experienced a growth of around 6% in 2018, reaching a value of more than USD 25 million in 2018. The announcement of the Petrochemicals Diversification Program (PDP) is expected to further drive the growth during the forecast period. In 2019, the capital spending on industrial chemical industry projects in Canada is expected to jump by 65% to CAD 1.9 billion.
- The region is a prominent automotive manufacturer with majority of manufacturing coming from the United States followed by Mexico.
- Hence, all such market trends are expected to contribute moderately to the demand for catalyst carrier in the region during the forecast period.
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