“Growing demand for industrial catalyst from the petroleum refining and chemical synthesis application”,
The industrial catalyst market is projected to reach USD 22 billion by 2020, registering a CAGR of 4.2% between 2015 and 2020. Petroleum refinery is the largest application segment for industrial catalyst owing to the increase in refinery capacity and the demand for fuels. The demand is growing rapidly in the Middle East & Africa and Asia-Pacific, particularly in China and India, whereas, the demand for fuel in Europe has declined over the past few years. Most of the new refinery investments are taking place in Middle East & Africa, and Asia-Pacific.
Petroleum refining – largest application market for industrial catalyst
The factor driving the growth of the industrial catalyst in petroleum refining applications are the increasing demand for fuels and chemical products. The increase in refinery capacity has also led to an increase in the use of catalyst in this application. Industrial catalyst play a vital role in helping refiners meet fuel standards, better managing operational efficiency, enhancing conversion and selectivity, and in keeping pace with the changing clean fuel trends.
Asia-Pacific- the fastest-growing market for industrial catalyst
The Asia-Pacific region is the fastest-growing market of industrial catalyst, in terms of value and volume. High economic growth rate, growing manufacturing industries, cheap labor, increasing industrial catalyst patents, expansion, and global shift of demand and production capacity from the developed markets to the emerging markets are a few factors leading to the growth of industrial catalyst in this region. China dominates the industrial catalyst market in Asia-Pacific. Its consumption of industrial catalyst has grown exceptionally and is expected to witness further growth in the near future.
This study has been validated through primaries conducted with various industry experts globally. These primary...