Industry/ Innovation/ Related News:
January 2017 – Haldor Topsoe A/S (Denmark), is the major manufacturer of Refining Catalysts, has announced that company joins research program which is estimated to be USD 4 million investment to improve selective catalytic reduction catalysts by incorporating nanomaterial. By incorporating titanium dioxide nanoparticles, the company aims to improve cleaning off-gases in petro refineries and remove nitrogen oxides (NOx) are major compounds which are causing air pollution. Increasing air pollution awareness and stricter regulation petro refineries has to stay in compliance with environmental regulations and maximize their production by using these catalysts.
November 2017 – BASF SE (Germany), one of the key manufacturers of Refining Catalysts also having presence in New Jersey, announced that BASF researcher received R&D award BroCat Catalyst which is the first boron based technology catalyst for fluid catalytic cracking. They also patented this technology and received Thomas Alva Edison Patent Award. Metal catalysts often produce undesired reactions that decrease the refinery process efficiency. BroCat has resolved this problem with an outstanding solution to increase the selectivity of the reaction.
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The Global Refining Catalyst Market is segmented into a type, ingredients, and region. On the basis of the type, the market is segregated into Fluid Catalytic Cracking (FCC) Catalysts, hydroprocessing catalysts, catalytic reforming catalysts, and others. On the basis of the ingredients, the market is segregated into zeolites, metals, chemical compounds and others.
Refining Catalysts Market – Competitive Analysis
The Refining Catalysts Market appears to be competitive with the presence of several large and small players operating in the Refining Catalysts Market. These Key players compete based upon pricing, quality, Technology and reputation. Refining Catalysts market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further. Manufacturers operating in the Refining Catalysts Market strive to respond to the growing demand for BASF SE have introduced new boron based technology refining catalysts to curb the sulphur emissions and increase the selectivity & yield of the desired products in various petrochemical refining processes. This gives a challenge to other refining catalysts manufacturers to sustain in the changing regulations and government policies world owing to the increasing environmental concerns.
The Global Refining Catalyst Market is segmented into five regions: Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa.
Asia Pacific is the largest market and is expected to grow at an expanding CAGR during the assessment period. The presence of the most populated economies has augmented the demand for energy in the region, which is a significant factor driving the demand for Refining Catalyst in the region. Moreover, the rapid development of polymer manufacturing and refining companies in the region is affecting the market growth positively. Furthermore, the presence of the largest refinery in the region is also projected to drive the demand for refinery catalysts.
The Middle East is expected to grow at a steady CAGR owing to the growing oil and gas exploration activities.
The North American region is another dominant market for Refinery Catalyst. The recent shale gas boom in the region has boosted the demand for Refinery Catalyst mainly in the U.S. Moreover, the stringent regulations pertaining to the use of crude emission is significantly the revenue of the refinery catalyst market.
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