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Tightening Standards and Robust Growth in Capacities to Drive Growth
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Catalysts form an indispensable part of chemicals production, and over 85% of all commercial chemical processes involve use of catalyst(s)—be it in the production of ubiquitous polyolefins (polyethylenes and polypropylene) for the production of transportation and industrial activity lifeblood, namely fuels (gasoline and diesel) in refineries, or for controlling the release of harmful pollutants into the atmosphere. The steady growth in economic activity, increasing consumer spending, and the evolving feedstock scenario are expected to impact the dynamics in the global polyolefins industry till 2025. Furthermore, the exigent need to mitigate the release of harmful pollutants from vehicles and industrial facilities alike. Accordingly, the use of advanced catalysts in emission control systems is likely to continue gathering strong momentum across the globe. The pressing need to achieve higher efficiency in vehicles without compromising the environmental impact is driving the demand for higher-quality fuels, production of which necessitates use of catalytic processes. A study on market for a diverse set of catalysts thus assumes significance. This study attempts to quantify the consumption of a select set of catalysts and gauges the level of impact that the market developments and tightening regulatory scenario are expected to have on the demand for catalysts till 2025. The study quantifies the consumption of catalysts used in refineries, polyolefin production, and in emission control catalysts on the basis of product types and prominent applications from 2018 to 2025. The scope of the study comprises analysis of the refinery catalysts based on applications such as alkylation, fluidized catalytic cracking (FCC), hydroprocessing catalysts (HPC), and others (isomerization and reforming, among others). On the basis of material types, the refinery catalysts market is segmented into zeolites, acids, and metals. The polyolefin catalysts market has been segmented based on applications (LDPE, LLDPE, HDPE, and PP), whereas on the basis of material types, the market has been segmented into peroxides, Ziegler-Natta, chromium, and single-site catalysts. Similarly, as regards the market for emission catalysts, the segments considered include automotive emission catalysts and stationary emission catalysts. Global market for catalysts is expected to register a moderate single-digit growth over the forecast period driven by steady growth in refinery capacities, tightening emission standards, and robust growth in polyolefins capacity additions. Furthermore, the global market is expected to witness strong tailwinds due to ever-tightening emission standards and implementation of regulations that mandate use of low sulfur fuels. The transportation sector is among the key sources of pollutants such as nitrogen oxides (NOx); carbon monoxide (CO), and methane, which interact to produce ground-level ozone that causes asthma and other chronic respiratory ailments. Stringent emission standards mandating the use of advanced emission control systems are increasingly being adopted across the globe, particularly in developing countries. Accordingly, the uptake of emission catalysts per vehicle is witnessing steady growth. The robust growth in polyolefin production capacities has been driving the consumption of polyolefin catalysts. In case of refinery catalysts, the ever-growing demand for higher-quality, low-sulfur fuels, coupled with higher octane fuels, is expected to drive growth in the overall refinery catalysts consumption. Asia-Pacific dominated the global markets for polyolefin and emission control catalysts in 2018, whereas North America dominated the global refinery catalysts market. The global market for considered catalysts continues to witness increasing focus on restructuring and inorganic growth–driving measures. Several market participants have been focusing on unlocking value by tapping synergies through mergers and acquisitions as well as by divestiture of non-core businesses. The study analyzes the current market size in terms of volumes and revenues based on the weighted average prices of products in the marketplace. It also presents a seven-year growth forecast (CAGR) for the segments under consideration.
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