Chicago, May 15, 2023 (GLOBE NEWSWIRE) -- The global Catalyst Handling Services Market size is projected to reach USD 620 million by 2025 from USD 510 million in 2020, at a CAGR of 4.0% during the forecast period, as per the recent study by MarketsandMarkets™. The demand for catalyst handling services is increasing due to an increase in consumption of petrochemical products such as polymeric materials, liquid fuels and others in developed as well as emerging economies. Increasing demand for electric vehicles and reduction in capex by oil & gas companies are major restraining factors for the market. However, incorporation of new technologies such as robotics and automation in catalyst handling along with increasing demand for biofuels are opportunities for the market.
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List of Key Players in Catalyst Handling Services Market:
- Mourik (Netherlands),
- Anabeeb (Saudi Arabia),
- Dickinson Group of Companies (South Africa),
- CR Asia (Thailand),
- Catalyst Handling Resources (US),
- Technivac (UK),
- Cat Tech (UK),
- Buchen-ics (Germany),
- Kanooz Industrial Services (Saudi Arabia)
Drivers, Restraints, Opportunities and Challenges in Catalyst Handling Services Market:
- Drivers: High growth scenario in petrochemical industry
- Restraints: Increasing demand for electric vehicles
- Opportunity: Increasing demand for biofuel
- Challenges: Decreasing demand of crude oil due to COVID-19
Key Findings of the Study:
- Based on service type, the catalyst loading/unloading segment is estimated to lead the overall catalyst handling services market in 2020.
- Based on end-use industry, petroleum refining is estimated to be the largest market in the overall catalyst handling services market in 2020.
- Based on region, APAC is projected to grow the fastest in the catalyst handling services market in 2020.
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Catalyst handling services include the removal, screening, and loading of catalysts in reactor chambers. Catalysts provide alternate pathways with lower activation energy, thus increasing the rate of reaction. The services generally include loading/unloading, screening, segregation & storage, transport & handling, spent catalyst handling, and others. These services are used in oil & gas refining, chemicals & fertilizers, petrochemical, and other end-use industries. catalyst handling services are used to ensure the highest levels of safety and efficiency while charging and discharging reactors and for using specific techniques to handle pyrophoric catalysts. Mourik (Netherlands) and Anabeeb (Saudi Arabia) have a strong emphasis on technological developments and have developed various technologies for catalyst handling services.
Based on service type, catalyst handling services have been segmented into catalyst loading & unloading, catalyst screening, segregation & storage, catalyst transport & handling, and spent catalyst handling. The growing demand for cost-effective, efficient, safe, and environmentally sustainable catalyst handling services is driving the demand for these catalyst handling services.
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Based on end-use industry, catalyst handling services have been segmented into oil & gas refining, chemicals & fertilizers, petrochemical, and others. The growing demand for catalyst handling services to ensure the highest levels of safety and efficiency while charging and discharging reactors and for using specific techniques to handle pyrophoric catalysts and increasing demand for petrochemical products are driving the market.
APAC consists of major developing nations, such as China, Singapore, Indonesia, Thialns, South Korea, and India, and therefore, the scope for development for most of the industries is high. The region accounted for the largest market share and is the fastest-growing market for catalyst handling services. The growth of the market in the region is attributed to the presence of emerging countries, and their high economic growth rate, the rise in infrastructure and industrial projects, and increasing urbanization. Moreover, the availability of low-cost raw materials and labor, coupled with increasing domestic demand, makes APAC an attractive investment destination for refining, chemical, and petrochemical industry players such as BASF and ExxonMobil.
The consumption of petrochemical products is high in North America and Europe, but there is a huge untapped market in APAC, South America, and the Middle East & Africa. The growing demand in the APAC region will be sufficed by billion-dollar investments for new petrochemical production capacity in the region. APAC, the Middle East, and North America are investing heavily to boost their petrochemical processing capacities to cater to the demand.
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