Global Refining Catalysts Market
Refinery Catalyst Market size is assessed at USD 8.5 billion in 2024 and is set to exceed USD 14.6 billion by the end of 2037, expanding at over 4.2% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of refinery catalyst is evaluated at USD 8.9 billion.
The market is expanding due to an increase in demand for clean fuels and higher refinery performance. Increased regulations, including reducing sulfur and nitrogen contents in fuels, promote the use of more sophisticated catalysts underpinned by tighter environmental standards. In addition, the overall increase in global oil and refined product consumption will force refineries to work at their optimum levels, consequently increasing demand for more efficient and selective refinery catalyst in the coming years.
The government initiatives are speeding up the cleaner energy advancement rate, driving the market for refinery catalyst. Global fuel sulfur regulations are further stated in a report by the International Energy Agency (IEA) in 2023, where it is reported that the demand for hydroprocessing catalysts is on the rise. This opens opportunities for companies in the sector to capitalize and expand. Moreover, in 2023, the biofuel capacity of the U.S. expanded by 1.7 billion gallons, spurred by government mandates for distributors to lower dependence on fossil fuels.
Growth Drivers:
Challenges:
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
4.2% |
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Base Year Market Size (2024) |
USD 8.5 billion |
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Forecast Year Market Size (2037) |
USD 14.6 billion |
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Regional Scope |
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Type (FCC Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, Catalysts for Catalytic Reforming, and Others)
FCC catalysts segment is poised to capture refinery catalyst market share of over 38.1% by 2037. This dominance is driven by high-octane gasoline demand and capacity addition trends for processing heavier crude. For instance, in May 2023, Shell Catalysts & Technologies invested USD 121.7 million as part of the capacity expansion project for catalyst manufacturing in Louisiana. This development was aimed to produce catalysts that facilitate refining processes for energy efficiency.
Component (Zeolites, Metals, Compounds)
In refinery catalyst market, zeolites segment is estimated to dominate revenue share of over 32.4% by 2037. The dominance can be attributed to the Zeolites being primary additives to enhance refinery yield and efficiency due to their greater activity and selectivity. In July 2023, Zeolyst International collaborated with Valoregen to develop cutting-edge recycling technologies using zeolite catalysts that will further boost their value in refining applications. Further, value-added zeolite has capacities to bring fuel clean by lowering the sulfur content and other contaminants, driving overall market growth.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Component |
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APEJ Market Statistics
Asia Pacific excluding Japan (APEJ) in refinery catalyst market is anticipated to dominate around 35% revenue share by the end of 2037. The growth of the market is driven by huge investments being put into the refining infrastructure within countries, especially China and India. Additionally, rapid urbanization and a growing middle class have led to increased demand for refined petroleum products, which in turn is encouraging refineries to adopt more efficient catalytic processes.
Strong and rising demand for petroleum products, coupled with significantly large investments in upgrading the country's refining capacity, places India as one of the region's largest players within the APEJ market. For example, Oil India signed an agreement to increase its stake in the Numaligarh Refinery Limited, India with the target of expanding the facility by 2024, raising demand for refinery catalyst in the Indian subcontinent.
China also holds a considerable share in the market due to its massive refining capacity. The focus on covering the massive domestic energy demand in the country and stringent environmental regulations will spur the use of more advanced refinery catalyst. Moreover, China is committed to lowering its emissions profile through these advanced technologies, which has prompted refineries to progress further in their catalyst systems to ensure strict compliance with every domestic and international environmental norm.
North America Market Analysis
North America refinery catalyst market is likely to observe more than 4.5% growth through 2037, owing to increasing demand for clean fuels and extended capacities of refineries. Regulatory bodies in the U.S., including the Environmental Protection Agency (EPA), are focused on advocating for stringent emission standards that motivate the refiners towards using advanced catalytic technologies, leading to reduced sulfur and nitrogen content in the fuels.
The market in the U.S. accounts for the largest share in North America, mainly due to the existence of a wide refiner network and the adoption of new technologies. In March 2022, KBR and ExxonMobil Catalysts and Licensing LLC unveiled a noteworthy strategic agreement, working to combine their expert knowledge. The collaboration combined the proprietary catalyst technology of ExxonMobil and the unique K-PRO Propane Dehydrogenation Technology of KBR, allowing for high-efficiency conversion of propane to propylene. The partnership shall advise on production efficiency and partially support the increase in demand from propylene-using industries.
Canada refinery catalyst industry is expected to register moderate growth during the forecast period due to rising emphasis on the processing of the high availability of crude oil to reduce emissions. Canada's refining sector is projected to maintain investments in hydroprocessing catalysts to gain new sulfur standards coupled with increasing refinery throughput. Initiatives from the government such as the Clean Fuel Standard in 2022 require reduced emissions, therefore strengthening demand for advanced refinery catalyst.
The refinery catalyst market is a highly competitive market, where major companies are actively enhancing technologies to address the dynamic needs of the industry. The majority of the share is held by key players with innovative technologies, such as ExxonMobil Catalysts, BASF, Shell Catalysts & Technologies, Honeywell UOP, and Clariant. These companies diversify their product propositions while continuously increasing the efficiency of catalyst actions and entering strategic partnerships to secure competitive advantages. Several leading market participants in refinery catalyst are concentrating on product development and strengthening their market position through the formation of strategic partnerships.
Here are some leading companies in the refinery catalyst market:
Author Credits: Rajrani Baghel
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