The global catalyst regeneration market is expected to grow at a significant rate during the forecast period. The key factor driving the growth of the catalyst regeneration market is the growing demand for catalyst regeneration in the emerging economies. Additionally, the higher prices of fresh catalyst and expansion of refinery capacity are further boosting the market growth. Moreover, the strict environmental regulations regarding the catalyst disposal and technological advancements involved in the catalyst regeneration are also expected to accelerate the growth of the catalyst regeneration market.
A catalyst when introduced in a chemical process, results in accelerated rate of reaction without taking part in the reaction. The process of making the catalyst reusable is catalyst regeneration. Catalyst regeneration improves the properties of a catalyst before sending them to the clients or the buyers. The increasing demand for off-site catalyst regeneration in the emerging countries of Asia-Pacific is due to stringent government regulations and low costs involved with catalyst regeneration.
The increasing awareness towards the catalyst regeneration coupled with cost optimizing strategies adopted in refineries is anticipated to have a positive impact on the catalyst regeneration market in the near future. Moreover, catalyst regeneration results in reducing the procurement cost in refineries associated with fresh catalyst processing and also minimize the chemical waste generated at the production site. Furthermore, stringent environmental regulations compel the catalyst based industries to regenerate the catalyst before its disposal. New rules and regulations regarding waste disposal and carbon emission control have compelled the industries to process the waste generated by the catalysts before their disposal. Environment Protection Agency (EPA) has classified spent catalyst as a hazardous waste. Subsequently, the industries have to process the spent catalyst to protect the environment.
Regionally, Europe was the largest market for the catalyst regeneration, in 2017 and is expected to grow at a moderate rate, during the forecast period. The moderate growth in European market is owed to the increasing environmental awareness coupled with declining use of catalyst. Asia-Pacific was an emerging market for the catalyst regeneration and is expected to become the largest market for catalyst regeneration, over the forecast period. The growth of catalyst regeneration market in this region is attributed to increasing awareness towards the environment and stringent government regulations. Additionally, the increasing refining and penetration capacities of regenerating catalyst are fostering the Asia-Pacific’s catalyst regeneration market. The increasing awareness among the industries and use of efficient technology is envisioned to fuel the market growth in Asia-Pacific, over the forecast period. The catalyst regeneration market in North America is expected to flourish in the coming years owing to increased shale gas exploration and production activities.
Catalyst regeneration market was dominated by off-site generation in 2017 and is expected to dominate the market during the forecast period. Petroleum was the leading industry among the major end-users such as chemical, synthesis, and polymer and environment industry and is expected to witness a steady growth, over the forecast period.
The key players in the global catalyst regeneration market are STEAG SCR-Tech, Haldor Topsoe, Eurecat U.S. Inc., TriCAT Gmbh Catalyst Services, Johnson Matthey PLC, BASE SE, KEPCO, Longking, Chongqing Yuanda, and Cormetech among others.
Global Catalyst Regeneration Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation Forecast 2024