The report, now available on ASDReports, recognizes the following companies as the key players in the global refining catalyst market: Albemarle, BASF, Honeywell, Shell, and W. R. Grace.
Other Prominent Vendors in the market are: ExxonMobil, Dow Chemicals, DuPont, Sinopec, and Axens.
Commenting on the report, an analyst said: “One of the key trends for market growth will be stricter regulations related to fuel specifications providing a boost to secondary processing units and refining catalysts. GHG emissions from the transport sector represent a major share of overall global emissions. As a result, developed markets such as the US and Europe have been enforcing stricter emission regulations since the 1990s in a bid to reduce the content of sulfur and NOx in vehicular emissions. European countries adopted the strict standards for diesel and gasoline for all types of vehicles in 1992. Since then, they have been tightening the regulations; we note that the latest EURO VI standard was rolled out in 2015.”
According to the report, one of the key drivers for market growth will be the increase in refinery construction across Asia and the Middle East. The Middle Eastern countries have shown an increased interest in developing their own downstream refining capabilities in a bid to reduce their dependence on imports. The countries in this region intend to utilize their abundant crude oil supplies to manufacture petrochemical products and eventually start exporting these products. Such plans have sparked concerns among other petrochemicals export-oriented countries. Over 1.9 mb/d of new refining projects are expected to come online in the region during 2015-2020. The construction of new refineries is going to result in increased consumption of refining catalysts during the forecast period.
Further, the report states that unstable regulatory environment will be a challenge for the market. The growth of the refining industry in any country is predicated on the political stability in that nation. Political instability has become a major challenge in countries dealing with riots and terrorism. Such instability increases the risks associated with the safe operation of an oil refinery. Investors are wary of investing in such countries where regulations are susceptible to change. In addition, the threat of misuse of refining operations by anti-social elements forces companies to suspend operations.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Read more on ASDReports!
Source: ASDReports - Market Research
Date: Aug 31, 2016