Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "Saudi Arabia Catalyst Market, By Type (Heterogeneous Catalysts, and Homogeneous Catalysts), By Material (Zeolites, Chemical Compounds, Metals, and Additives), By Region, Competition, Forecast and Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
Saudi Arabia Catalyst Market size is USD 941.92 million and is anticipated to increase at a CAGR of 4.50% in the forecast period 2023E - 2028F.
Catalysis is extremely important in various phases of the fuel development process. Based on a year-over-year percentage, demand for the catalyst market increased by approximately 4.5% from 2021 to 2022. For the consistent conversion of crude oil into finished commercial goods, numerous catalytic processes are required.
Delineated arrangement the refining process consumes up to 30% of all the catalysts produced in the industry. The reduction of olefins and, to a lesser extent, aromatics of the catalyst is caused by the catalytic application of hydrogen to various refining streams, which eliminates heteroatoms, especially those of Sulphur and Nitrogen, which have a negative environmental impact.
The contemporary refinery cycle includes the hydroprocessing of final products and intermediate hydrocarbon sources as well as hydrocracking devices for the upgrade of heavy, intermediate products under various conditions. Financial support of USD 24.35 billion for the environment, water, and agriculture sectors has been allotted to achieve their Vision 2030 goals.
Catalysts are used as fertilizers along with raw material to increase nutrient availability in the roots and promote the growth of the plants, like ammonia is produced with the help of iron catalysts as a fertilizer.
Catalyst cracking is an endothermic process, while hydrocracking is an exothermic process. While catalytic cracking and hydrocracking involve the use of catalysts, catalytic cracking doesn't involve the use of hydrogen. Types Of Refining Catalysts are hydrocracking catalysts, hydrotreating catalysts, fluid catalytic cracking catalysts, and catalytic reforming catalysts.
A catalyst and a high partial pressure of hydrogen gas are used in the hydrocracking process to convert complex hydrocarbon molecules into simpler ones. By reacting with hydrogen in the presence of a catalyst, hydrotreating is the process of eliminating undesirable contaminants like Sulphur, nitrogen, and metals from oil fractions.
A catalyst and heat are used in the chemical process of fluid catalytic cracking to split long-chain hydrocarbons into shorter-chain hydrocarbons. A catalytic reforming catalyst is the modification of molecules to enhance the anti-knocking property of gasoline.
In the pharmaceutical industry, catalysts are essential for the manufacture of active pharmaceutical ingredients, or APIs. It is more cost-effective in the long run for the manufacturing of APIs because it produces less waste and can be recycled.
Saudi Export Development Authority and the EXIM bank program are supporting businesses as 60% of local demand is being met by exports under the government of Saudi Arabia's ambition to boost the country's pharmaceutical industries to USD 10 billion in 2025. The most important and in-demand market component in the synthesis of active pharmaceutical ingredients is the catalyst.
Increasing Demand from Refinery for Catalytic Cracking
Refiners must carry out the refining process with as few environmental pollutants as possible due to the rise in the number of rigorous environmental laws on emissions from refineries. Refining catalysts are one of the greatest solutions to implement these ever-increasing environmental restrictions in the refining process.
Catalysts are mostly utilized in the cracking of feedstock components in petroleum refining to boost the production of high-quality products. Along with cost and energy savings, the use of a catalyst encourages the optimization of hydrocracking reactions. This has aided market expansion for applications related to petroleum refining.
As per the International Trade Administration, Saudi Arabia is the dominant player in the Middle East and North Africa (MENA) region, which is growing at an extraordinary rate of 36%. Moreover, Saudi Arabia accounted for 52% of the vehicles sold in the Gulf Cooperation Council (GCC) and 35% in the MENA region in 2021.
Any chemical compound with a dual purpose that is employed in refineries to speed up the refining of raw materials while also controlling the rate of the chemical reaction is referred to as a refining catalyst. The process of turning used dangerous catalysts into safe materials is known as refining catalysts.
A refining catalyst is a chemical that is utilized as a catalyst in refineries to refine raw materials. On the other hand, the process of purifying spent or tainted catalysts is also known as refining catalysts. The average gas production of the KSA reached 11 billion cubic feet/day in 2020, which amounted to 30% more than the production in 2010. Apart from these, the region holds 294,205,000 million cubic ft. of gas reserve in their territory.
Rising Demand from Flourishing Petrochemicals Industry
Saudi Arabia is one of the greatest exporters of petroleum and is home to over 17% of the world's proven oil reserves. Aramco produced 12.4 mmbpd of hydrocarbons on average in 2020, 9.2 mmbpd of which were crude oil. In contrast, Aramco produced 11.6 mmbpd of hydrocarbons on average in the first half of 2021, with crude oil accounting for 8.6 mmbpd of that total.
Saudi Arabia's output increased in step with the gradual increase in the organization of the petroleum exporting companies' quotas; as of June 2022, Saudi Arabia was producing 10.3 mmbpd of crude oil. Saudi Arabia aims to produce 2.9 million tonnes/year of blue and green hydrogen by 2030 and 4 million tonnes/year by 2035.
Hydrogen is added to petroleum during hydroprocessing. Hydrotreating and hydrocracking are two distinct but related processes that are included in the term "hydroprocessing." By saturating the olefin and eliminating the impurities in petroleum feedstocks, hydrotreating and hydrocracking catalysts are used to improve gasoline quality.
Market Trends & Developments
- Mergers & Acquisitions
- Recent Trends & Developments
- New Type Launches
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia Catalyst Market.
- BASF Saudi Arabia Co. Ltd.
- Honeywell UOP
- Axens Catalyst Arabia Ltd (ACAL)
- Sinopec Catalyst Co. Ltd.
- Shell plc (Shell Catalysts & Technologies)
- SABIC Industrial Catalyst Company
- Arkema Chemicals Saudi Arabia
- Haldor Topsoe Middle East
- Clariant Ali Al Abdullah Al Tamimi Company Ltd
- AFI Group
Report Scope:
Saudi Arabia Catalyst Market, By Type:
- Homogeneous Catalysts
- Heterogeneous Catalyst
Saudi Arabia Catalyst Market, By Material:
- Zeolites
- Chemical Compounds
- Metals
- Additives
Saudi Arabia Catalyst Market, By Region:
- Eastern
- Northern & Central
- Southern
- Western
For more information about this report visit https://www.researchandmarkets.com/r/u75jie
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