Refinery Catalysts Market by Type (FCC Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, Catalytic Reforming Catalysts), Ingredients (Zeolites, Metals, Chemical Compounds), and Region - Global Forecast to 2029
Refinery Catalyst Market
The global refinery catalyst market is valued at USD 5.6 billion in 2024 and is projected to reach USD 6.8 billion by 2029, growing at 4.0% cagr from 2024 to 2029.
The refinery catalyst market is projected to grow at a moderate rate during the forecast year. They are an essential part of systems where regulating heat is an important factor. Refinery catalysts enable efficient oil refining process by significantly enhancing its efficiency and sustainability. The catalysts help in quickly converting low value crude oil into high-quality petroleum products such as gasoline, diesel, and other fuels. The growth in this market is driven by various factors like increasing demand for cleaner fuels, high octane number requirement, and technological advancements. The innovation in catalyst composition will further allow improved conversion rates, higher selectivity, and better tolerance to impurities. The research is also driven by the need for best solution for sustainability and emission control.
Global Refinery Catalyst Market Trend
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Refinery Catalyst Market Dynamics
Driver: High octane number requirement
High octane fuels are essential for improving the engine performance and efficiency of vehicles. In recent years, the requirement of high-octane fuel is significantly increasing due to increasing awareness and growing consumer expenditure. These fuels are essential in resisting knock backs, which can damage engines. In addition, they improve the overall combustion process in modern, high-performance engines. These factors are in line with the growing demand of high-performance vehicles. They also help in increasing fuel efficiency and regulating emission. For producing high-octane fuels, refiners use advanced catalytic processes such as catalytic reforming and isomerization. High quality catalysts are needed for refining high-octane fuels. The growing need for such fuels is driving the refiners develop advanced catalyst technologies. This will directly drive the refinery catalyst market.
Restraint: Declining crude oil reserves
The ever-decreasing crude oil reserves are the largest restraint faced by the refinery catalyst market. The depleting fields pose a significant threat to refiners in securing reliable and sufficient supply of crude oil reserve for processing. The growing scarcity disrupts the refining operations and limits the reserves for performing refining process with the use of refinery catalysts. In addition, as the reserves decrease, the price for procuring crude oil increases. This increases the uncertainty of future of crude oil refining and the by products produced. The use of catalysts in refining will also suffer an impact due to the depleting reserves.
Opportunity: Shift towards renewable fuels
The increasing use of renewable fuels are providing catalyst manufacturers enough opportunity in the refinery catalyst market. The stringent environmental regulations are marking manufacturers increase their sustainability efforts for achieving green economy. This will drive the demand for catalysts which are used in processing renewable feedstocks like biofuels & biogas. They also help in converting biomass and waste materials into cleaner, high-quality transportation fuels with reduced emissions. Advancement of technology for improving conversion efficiency, selectivity, and sustainability to produce fuels will benefit the catalyst manufacturers. The increase in R&D will support refinery catalysts in penetrating new refining sectors for renewable energy along with maintaining environmental sustainability.
Challenges: Rise of electric vehicles (EVs)
The growing market of Electric Vehicles (EVs) are hampering the growth in the market of refinery catalysts. The traditional vehicles majorly use petroleum based fuels, the adoption of EVs will limit the requirement of petroleum based products in the automotive sector. The increasing focus on environmental sustainability and carbon emission are influencing more and more use of EVs. Government organizations in some countries are also providing economic assistance to the manufacturers as well as the buyers of EVs. This will see an increase in manufacturing and demand of EVs, however, will decrease the sale of traditional petroleum based fuel vehicles. Thus, hampering the growth in the market of refinery catalysts.
Refinery Catalyst Market Ecosystem
By ingredient, zeolites are the fastest growing segment in refinery catalyst market, in 2023.
Zeolites, metals, and chemical compounds are often used as a catalyst in refining process. Among these zeolites captures a significant share in terms of volume and is also among the fastest growing refinery catalyst. Zeolites are porous in nature. These pores act as a trap for atoms and molecules, which lead to chemical reaction. In addition, their pore size is beneficial for selective catalytic reactions for certain molecules. Zeolites are highly reactive catalyst for oil refining. They are used in major refining processes like naptha isomerization, olefin alkylation, catalytic reforming, fluid catalytic cracking, and hydrocracking. Y-zeolite, ZSM-5, and mordenite are the most commonly used variants for the refining process.
By type, FCC catalyst captures the largest share in refinery catalyst market, in 2023.
FCC catalyst, hydrotreating catalyst, hydrocracking catalyst, catalytic reforming catalyst are the catalysts used in various refining processes. FCC catalyst is the most common refining process. In this process, heavy crude oils, like gas oils and residues are converted into valuable lighter products like gasoline and olefins. The use for FCC catalyst goes in hand with the growing demand for high octane fuels. They are most profitable in refining process due to their capability of producing high octane fuels and other petroleum feedstocks. The catalyst in this process is continuously circulated between the reactor and regenerator. A wide variety of feedstock can be handled by FCC units.
Asia Pacific accounted for the largest market share in the refinery catalyst market, in terms of value.
Based on region, Asia Pacific is a key market to produce refinery catalysts and is projected to grow at a CAGR of 4.5% in terms of value during the forecasted period. The availability of low-cost raw materials and labor, coupled with increasing domestic demand, makes the region an attractive investment destination for refinery catalyst manufacturers. The rising population, urbanization, industrialization, and growing concerns related to environmental sustainability are some of the factors that will drive the refinery catalyst market in this region. The leniency of regulations also drives the manufacturing market of refinery catalysts in Asia Pacific.
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Refinery Catalyst Market Players
Some of the key players operating in the refinery catalyst market include Albemarle Corporation (US), W R Grace (US), BASF (Germany), Haldor Topsoe (Denmark), Honeywell UOP (US), Clariant (Switzerland), Axens (France), Johnson Matthey (UK), China Petroleum and Chemical Corporation (Sinopec) (China), and Shell Catalyst & Technologies (Netherlands) among others.
These companies have adopted various organic as well as inorganic growth strategies between 2019 and 2023 to strengthen their positions in the market. The expansion is the key growth strategy adopted by these leading players to enhance regional presence and develop product portfolios to meet the growing demand for refinery catalystfrom emerging economies.
Refinery Catalyst Scope
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Report Metric |
Details |
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Years considered for the study |
2020-2029 |
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Base Year |
2023 |
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Forecast period |
2024–2029 |
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Units considered |
Kiloton; Value (USD Million) |
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Segments |
Type, Ingredient, and Region |
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Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
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Companies |
Albemarle Corporation (US), W R Grace (US), BASF (Germany), Haldor Topsoe (Denmark), Honeywell UOP (US), Clariant (Switzerland), Axens (France), Johnson Matthey (UK), China Petroleum and Chemical Corporation (Sinopec) (China), and Shell Catalyst & Technologies (Netherlands). |
This report categorizes the global refinery catalyst market based on type, ingredient, and region.
Based on the type:
- FCC Catalysts
- Hydrotreating Catalysts
- Hydrocracking Catalysts
- Catalytic Reforming Catalysts
- Other Types
Based on the ingredients:
- Zeolites
- Metals
- Chemical Compounds
Based on the region:
- Asia Pacific
- Europe
- North America
- South America
- Middle East & Africa
Recent Developments
- In November 2021, Axens launched its P/PR 200 Series. The new P/PR 200 Series allows for the option to short-load the unit, process additional naphtha, or extend the time-on-stream factor, all while enhancing average selectivity.
- In January 2024, The Albemarle Corporation has formally introduced Ketjen, a wholly owned subsidiary that creates customized, innovative catalyst solutions for the specialty chemicals, petrochemical, and refining industries. As a separate brand, Ketjen supports customers in spanning fluidized catalytic cracking, clean fuels, hydro-processing, organometallics, and curatives.
- In March 2023, Haldor Topsoe has built a new catalyst plant in Pasadena, Texas to produce catalysts for traditional refining as well as renewable diesel and jet fuel using its HydroFlex technology.
Frequently Asked Questions (FAQ):
What is the current market size of the global refinery catalyst market?
Global refinery catalyst market size is estimated to reach USD 6.8 billion by 2029 from USD 5.4 billion in 2023, at a CAGR of 4.0% during the forecast period.
Who are the winners in the global refinery catalyst market?
Companies such as include Albemarle Corporation (US), W R Grace (US), BASF (Germany), Haldor Topsoe (Denmark), Honeywell UOP (US), Clariant (Switzerland), Axens (France), Johnson Matthey (UK), China Petroleum and Chemical Corporation (Sinopec) (China), and Shell Catalyst & Technologies (Netherlands) among others. They have the potential to broaden their product portfolio and compete with other key market players.
What are some of the drivers in the market?
Increasing demand for cleaner fuels, high octane number requirement, technological advancements are some drivers of refinery catalyst market.
What is the various ingredient of refinery catalyst?
Zeolites, metals, and chemical compounds are various ingredients of refinery catalyst.
What is the type of refinery catalyst?
FCC catalyst, hydrotreating catalyst, hydrocracking catalyst, catalytic reforming catalyst are the main types of refinery catalyst. .
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The study involved four major activities in estimating the market size of the refinery catalyst market. Exhaustive secondary research was done to collect information on the market, the peer market, and the grandparent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, trade directories, articles from recognized authors, gold standard and silver standard websites, and databases. Secondary research has been used to obtain key information about the value chain of the industry, monetary chain of the market, the total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The refinery catalyst market comprises several stakeholders in the value chain, which include manufacturers, and end users. Various primary sources from the supply and demand sides of the refinery catalyst market have been interviewed to obtain qualitative and quantitative information. The primary interviewees from the demand side include key opinion leaders in industrial sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the refinery catalyst industry. Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to type, ingredient, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of refinery catalyst and outlook of their business, which will affect the overall market.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2022 available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
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Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the refinery catalyst market.
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.
TOP - DOWN Approach-
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BOTTOM - UP Approach-
Data Triangulation
After arriving at the total market size from the estimation process, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
Market Definition
Refinery catalysts are substances used in various refining processes for increasing the efficiency, quality and environmental performance of petroleum products. These catalysts speed up the chemical reactions to increase the efficiency and quickness of oil refining. Thus, ensuring higher productivity and lower energy consumption. Different refining processes like cracking, reforming and hydrotreating are performed with the use of these catalysts for getting desired results, along with reducing emissions & pollutants. Increasing number of environment regulations also ensures the use of refinery catalysts in refining processes. Advanced materials and methodologies are being developed to increase the durability, activity, and selectivity of refinery catalysts.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
- Manufacturers
- Raw Material Suppliers
Report Objectives
- To define, describe, and forecast the size of the refinery catalyst market, in terms of value and volume.
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To estimate and forecast the market size based on type, ingredient, and region.
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, Middle East & Africa, and South America, along with their key countries
- To strategically analyze micro-markets with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders.
- To track and analyze recent developments such as expansions, new product launches, partnerships & agreements, and acquisitions in the market.
- To strategically profile key market players and comprehensively analyze their core competencies.
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application
Company Information
- Detailed analysis and profiles of additional market players
Tariff & Regulations
- Regulations and Impact on Refinery catalyst Market
Growth opportunities and latent adjacency in Refinery Catalysts Market
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