The Catalysts in Petroleum Refining, Chemicals and Polymer Synthesis Market is expected to grow at a moderate rate during the forecast period (2018 - 2023). Asia-Pacific is estimated to lead the market owing to its rapid growth in the polymers and automobiles sectors. Increasing demand for polymers and automobiles, and the imposition of regulations for the development of better standard products is expected to enhance the global demand over the forecast period.
The growing consumption of petroleum products, like hydrocarbons, is expected to grow, thereby, driving the global catalyst market. The global demand for liquid hydrocarbons is growing mainly due to the growth of the population and the consumer class in developing countries. The rise in consumption will be majorly from the transportation sector in these countries, as there is significant growth in the number of cars as well as the development of sea, air, and railway transportation. Additionally, growth in the demand for oil in the developing countries will be further encouraged by the industrial sector, in particular, the petrochemical industry.
Stringent environmental legislations, while being a bane for industries, such as refineries, can be a boon for catalyst manufacturers, provided they introduce efficient catalysts at the right time. For instance, ‘drop-in’ catalysts that can be used with the existing refinery setup could be a preferred industry choice.
Asia-Pacific is likely to lead the market with the highest GDP growth by a higher consumption of petroleum products, including transport fuels, polymers, and other life amenities. China has emerged as one of the biggest production houses in the world today, and is the principal location for the manufacture and export of plastic products.
The increasing refinery market output in Africa, the Middle East, and Asia-Pacific as well as the shift of catalyst manufacturing base to these countries is also expected to increase the worldwide petroleum refining catalyst demand.
Major Players: BASF SE, DowDuPont, Exxon Mobil Corporation, Chevron Corporation, and UOP LLC, among others.
Looking to Customize Report?