The Global Catalysts in Petroleum Refining, Chemicals, and Polymer Synthesis Market progress of the Industry is expected to capture increased momentum in the coming years primarily due to the presence of conducive government policies. The growth turnaround in the market is expected to activate new opportunities for expansion of the market. The improvements in various domestic economies are expected to motivate the development of the market in the upcoming period.
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In the coming years, the influence exerted by relatively high-income levels in nations around the world and the potential gains observed to some of the currencies in the world is expected to reinforce the evolution of the market in the forecast period. A considerable rise in the number of investors in the market is projected to create an advantageous scenario for the progress of the market in the forecast period.
The Asia-Pacific market for catalysts in petroleum refining, chemicals, and polymer synthesis is expected to grow at a moderate rate during the forecast period, 2018 to 2023, owing to the rapid growth in petroleum products. Asia-Pacific is the largest regional market for catalysts, accounting for approximately 37% market share in 2017, because the region has 30% of the worldâs petroleum refining capacity and polymer.
Growing Consumption of Petroleum Products
Asia-Pacific has witnessed significant growth based on the per capita income projected by a higher GDP growth, prompting a higher utilization of petroleum products including transport fuels, polymers, and other life amenities. Growing consumption of petroleum products like hydrocarbons drives the global catalyst market. The demand for liquid hydrocarbons is growing mainly due to the growing population and consumer class in developing countries. Increasing refinery market output in the region and the shift of the catalyst manufacturing base to Asia-Pacific countries are expected to increase the petroleum refining catalyst demand.
Polymer synthesis catalysts, accounting for 27% of the market, are expected to grow at a slightly higher rate. Increasing demand for polymers and automobiles, coupled with the imposition of regulations for the development of better standard products, is expected to enhance the worldwide demand during the forecast period. The growing consumption of petroleum products, compliance to stringent environmental regulations, and increasing refinery market output in the region are driving the market.
However, this market faces certain drawbacks such as high manufacturing costs and fluctuating prices of precious metals.
Transportation Sectors to Dominate the Market
The demand for these catalysts is primarily from the transportation sector in the region, as there is significant growth in the number of cars as well as the development of sea, air, and railway transportation. In addition to this, growth in demand for oil in developing countries will be further encouraged by the industrial sector, in particular, the petrochemical industry. Furthermore, the growing research & development activities to reduce cost and improve quality of the products will offer numerous opportunities for the growth of the Asia-Pacific catalysts in petroleum refining, chemicals, and polymer synthesis market.
November 2017: Chevron Corporation announced a seven-year partnership with Microsoft Corp., establishing to fuel the digital transformation from the reservoir to the retail pump.
Major Players: BASF SE, Bayer, Johnson Matthey, DowDuPont, Exxon Mobil Corporation, Chevron, and UOP LLC, among others.
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Catalysts in Petroleum Refining, Chemicals, and Polymer Synthesis Market Forecast 2019-2024
The Catalysts in Petroleum Refining, Chemicals, and Polymer Synthesis industry research report analyses the supply, sales, production, and market status comprehensively. Production market shares and sales market shares are analysed along with the study of capacity, production, sales, and revenue. Several other factors such as import, export, gross margin, price, cost, and consumption are also analysed under the section Analysis of Catalysts in Petroleum Refining, Chemicals, and Polymer Synthesis production, supply, sales and market status.
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Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
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