Global catalyst demand was 6,259.3 kilo tons in 2013 and is expected to reach 7,803.4 kilo tons by 2020, growing at a CAGR of 3.2% from 2014 to 2020. The global market is expected to reach US$27.59 bln by 2020, according to a new study by Grand View Research, Inc. As per Freedonia, world demand for petroleum refining, chemical synthesis, and polymerization catalysts will rise 5.8% pa to US$19.5 bln in 2016. Growth will result from rising output of the world’s refining, chemical, and polymer industries, particularly in developing nations, as well as an ongoing shift in the catalyst product mix toward higher value, more efficient catalysts. Polymerization catalysts will experience the fastest growth globally, driven by healthy expansion of polymer resin production. Plastic products will continue to displace other materials in a variety of applications, while rising incomes in developing nations will also contribute to additional plastic consumption. Ziegler- Natta and single-site catalysts will benefit most. Rapid growth through 2016 will occur in both Asia and the Middle East. In Asia, growth will be led by China and India, and result from rapid industrialization and expansion of the refining, chemical and polymer industries in both countries. China’s rising income levels, vehicle ownership rates, and industrial activity will all contribute to strong growth in demand for catalysts. In the Middle East, Saudi Arabia and other large oil and natural gas producers will continue efforts to expand and diversify their economies by investing in new chemical and petroleum refining capacity. Polymer producers in the Middle East will increasingly compete in global markets. Brazil will lead strong growth in Central and South America. The country is beginning to successfully develop its natural gas and oil resources. This will provide a competitive advantage for chemical and polymer producers, while the nation’s large population will provide a strong market for products manufactured with the use of catalysts. Catalyst demand in North America will see healthy growth as well, due largely to a rebound in chemical and polymer production as companies take advantage of comparatively low natural gas prices, which have fallen from the historical highs observed during the 2006-2011 period. The low gas prices will also encourage further development of catalyst technologies involved in converting natural gas to liquid fuels and other valuable products. Demand for refining catalysts in North America will be flat, as motor vehicle fuel demand stagnates due to competition from biofuels and increasing fuel efficiency of the vehicle fleet. Additionally, intense competition in global export markets will strain margins for North American refiners. |
Previous Article
Next Article
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}