Petroleum refinery catalysts market forecast to reach $4.9 billion by 2017

The global petroleum refining catalysts market is forecast to reach US $4.9 billion by the year 2017, with market growth being driven by the introduction of new capacities, extensive refining capacity expansions by refiners, and the growing demand for motor vehicle fuel in the emerging markets of Asia-Pacific, the Middle East, and Latin America.

Additionally, the demand for petroleum refining catalysts is also expected to emanate from the rising demand for less-polluting gasoline, growing environmental concerns, and spurt in the production and consumption of petroleum-based products.

Post recession, the global petroleum refinery catalysts market is expected to witness encouraging gains through to 2017, with the future growth expected to emanate from emerging markets, such as Asia-Pacific, the Middle East, and Latin America.

The US represents the largest regional market for petroleum refining catalysts worldwide. The US is a major importer of crude oil and other petroleum products. The imports of crude oil and petroleum products in the US is expected to increase in the coming years due to increasing demand and falling domestic production of crude oil.

As a result, the demand for petroleum refining chemicals is expected to grow at a substantial pace in the near term. Simultaneously, stringent environmental regulations are forcing refiners to subject their manufactured products to higher levels of treatment for removing the impurities. Heavy gains are projected for the chemicals that find usage in hydrotreating.

Though the market is witnessing a growing trend, huge R&D investments is necessary to cut down manufacturing costs. Moreover, the depleting crude oil reserves is expected to affect long term growth in the market, with possible shift from petroleum based products to alternative fuels, including green diesel and biofuel.

For more information on the petroleum refining catalysts market, see the latest research: Petroleum Refining Catalysts Market Report

Follow us on Twitter @CandMResearch