Refinery Catalyst Market Size, Share, Growth Analysis, By Types(Zeolites, Metals, Chemical Compounds, Others), By Catalyst Material(Fluid Catalytic Cracking (FCC) Catalyst, Hydrotreating Catalysts, Hydrocracking Catalyst, Alkylation Catalyst), By Region - Industry Forecast 2024-2031

The largest market is held by Asia Pacific, to expand at a CAGR over the course of the assessment year. According to reports, China and India were the second- and fifth-largest nations in 2019 in the global market for refinery catalyst. The most populous economies in the area have increased the region's energy demand, which is a major role in the demand for refining catalyst in the area. Additionally, the market growth is being positively impacted by the region's fast-paced expansion of polymer manufacturing and refining businesses. The largest refinery in the area's presence is also estimated to grow demand for refinery catalysts.

For the purpose of encouraging FDI investments in the oil and gas sector, the Indian government has approved the Petroleum, Chemicals, and Petrochemicals Investment Region (PCPIR) policy.

During the forecast years, refinery catalyst usage is anticipated to increase significantly in North America. The market is supported by the region's numerous oil reserves and rising oil imports. With a production rate of 15.3 million barrels per day and 61,200 million barrels in oil reserves, the United States is the world's largest importer of crude oil.

Due to high manufacturing costs and strict environmental restrictions, refineries in Europe are struggling with low profitability. It is anticipated that this regulatory change in Russia will increase demand for catalysts in refining applications. Limited crude oil and natural gas availability is also anticipated to increase as a result of technology advancements in enhanced oil recovery and the use of hydraulic fracturing in nations like Russia and the Ukraine. Refineries operating in Germany, France, and Italy are anticipated to be able to acquire raw materials due to rising shale gas and tight oil availability, which is anticipated to favourably affect the market for refinery catalysts.