Decreasing the cost of energy production is an increasingly vital need in today’s energy-hungry world. Power plant operators and oil industries all over the world have found a cost-effective and proven alternative to catalyst replacement – it is catalyst regeneration. The catalyst regeneration market helps assuage the growing energy needs of rapidly developing economies all over the world and helps reduce the costs related to prevention of environmental degradation and other environmental impacts as they occur.
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Regenerated catalysts are utilized in several processes for reformation purposes. These catalysts convert low-octane products into reformates (high-octane products). Catalyst regeneration is a process where the catalysts are renewed and reused after their initial usage. The market for catalyst regeneration is growing at a CAGR of 4.08% from 2013 to 2019, reports Transparency Market Research in its recent study. According to the research analysts at the firm, the global catalyst regeneration market stood at US$3,447.0 million in 2012. The market is now expected to reach US$4,549.1 million by the end of 2019.
Refiners Benefit from Catalyst Regeneration Technology via Price Reductions and Lower Maintenance Costs
The catalyst regeneration technology is the only commercial process capable of reinstating the chemical properties of the spent catalysts back to its original state. The process helps to increase the overall efficiency of the application in which the catalysts are used. Moreover, the major advantage of the catalyst regeneration market is the price factor. Due to the ever-increasing prices of raw materials, refiners are constantly opting for catalyst regeneration methods and technology, which normally costs 35-50% less than the fresh catalyst. The prices also depend on which of the two main segments of the catalyst regeneration market is being used, namely on-site regeneration and off-site regeneration. Catalyst regeneration also helps refiners solve the problem of land filling.
The two categories within the catalyst regeneration market find applications based on specific demands, which are differentiated by efficiency and cost. Between the two categories, off-site catalyst regeneration holds the highest market share in the overall catalyst regeneration market. It will be the fastest growing market segment in the next four years.
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Increasing Stringency of Environmental Regulations Boosting Catalyst Regeneration Market
The market for catalyst regeneration processes is a capital-focused market that functions in an environment governed by stringent environmental regulations and patented technologies. As the environmental regulations are becoming more stringent day-after-day, the demand for catalyst regeneration services is growing, too. Advancing technologies and new methodologies are some added factors propelling the high growth of this market. The strict environmental regulations laid down to curb carbon emissions are also contributing to the rise in the catalyst regeneration market. This growth is likely to continue until 2019.
The low cost of the regenerated catalyst process and rising demand for this market from emerging nations is expected to boost the market growth during the forecast period, 2013-2019.
However, on the contrary, the emission of various harmful gases produced during on-site regeneration processes will impede the market growth.
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Asia Pacific to Lead Growth of Global Catalyst Regeneration Market
Geographically, Asia-Pacific dominated the overall catalyst regeneration market with a 32.15% share in 2012. The leading countries in Asia-Pacific, the ones that held the majority of the market share in 2012, are China and Japan. North America is likely to follow Asia Pacific in the next four years. This region accounted for 30.73% of the total market in 2012. In the next 2-4 years, Asia Pacific is anticipated to retain its position as the global leader and witness immense development and expansion of the catalyst regeneration market.
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