Global Hydrodesulfurization Catalyst Market Ascends at a Noteworthy CAGR of 4.1%

Introduction

The chemical process of hydrodesulfurization eliminates sulfur compounds from petroleum-based goods like gasoline, jet fuel, fuel oils, and petrol. Catalysts for hydrodesulfurization are employed to quicken the process. Gasoline, jet fuel, fuel oils, and fuel catalysts are used in automobiles, aircraft, trains, ships, oil power plants, and domestic and commercial furnaces. Hydrodesulfurization catalysts aid in the removal of sulfur from the process, reducing sulfur dioxide emissions.

Market Dynamics

Rising Industrial Activities Drive the Global Market

Public transportation, electricity (power plants), and other industries are crucial to economic growth. Hydrodesulfurization catalysts reduce sulfur dioxide (SO2) emissions from vehicles, aircraft, ships, industries, and other services (HDS). In order to stop the immediate escape of hydrogen sulfide (H2S) into the environment, it is also utilized in oil-fired power plants, industrial and home furnaces, and residential boilers. As a result, the market for hydrodesulfurization catalysts in emerging economies is expanding significantly in industries where these catalysts are essential.

Advent of Nanotechnology Creates Tremendous Opportunities

The essential characteristics of nanomaterials, such as their increased surface area, ideal adsorption, improved mixing, high activity, and ease of separation, greatly assist the hydrodesulfurization catalytic process. Several big producers, like Sinopec and JGC Catalysts & Chemicals, have already used nanotechnology to make more effective hydrodesulfurization catalysts. Thus, it is anticipated that nanotechnology will create lucrative opportunities for the market for hydrodesulfurization catalysts to expand over the forecast period.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global hydrodesulfurization catalyst market and is expected to grow at a CAGR of 5.2% during the forecast period. China's rapidly growing transportation sector has forced hydrodesulfurization catalyst producers to develop more advanced and efficient hydrodesulfurization catalysts for smooth and refined engine transmission. Additionally, countries like Australia and India are significantly increasing the number of refineries with hydrodesulfurization units installed to produce more refined petrochemical goods. Many processes use catalysts for hydrodesulfurization, including fluid catalytic cracking (FCC), sulfur absorption, promoter, biofuel blending, and hydrotreating. Hydrodesulfurization catalysts in sectors like transportation, biofuel production, refinery expansion, and pollution control are the leading market trends in Asia-Pacific.

North America is expected to grow at a CAGR of 3.4%, generating USD 1,008.54 million during the forecast period. The markets for hydrodesulfurization catalysts in the United States, Canada, and Mexico are examined. The rapidly growing U.S. oil and gas sector has increased the need for hydrodesulfurization catalysts to efficiently remove sulfur from crude oil and its distillates. Texas produces about 45% of the nation's crude oil and natural gas, with New Mexico, North Dakota, Colorado, Alaska, California, and other states coming in second and third. Hydrodesulfurization catalysts in industries like oil and gas and power plants are the leading market trend in North America. For instance, according to Advanced Refining Technologies (ART), a well-known producer of hydrodesulfurization catalysts, the demand for ICR®, HOP®, SmART®, and 420DX hydrodesulfurization catalysts in the North American market has surged. Due to the use of these catalysts for sulfur removal and pretreatment of crude oil and natural gas, the hydrodesulfurization catalysts market in North America has promising growth opportunities.

Key Highlights

• The hydrodesulfurization catalyst market was valued at USD 2.55 billion in 2021. It is projected to reach USD 3.66 billion by 2030, growing at a CAGR of 4.1% during the forecast period (2022-2030).
• Based on type, the global hydrodesulfurization catalyst market is bifurcated into cobalt-molybdenum catalysts, nickel-based catalysts, and others. The cobalt-molybdenum catalyst segment is the highest contributor to the market and is expected to grow at a CAGR of 4.5% during the forecast period.
• Based on application, the global hydrodesulfurization catalyst market is bifurcated into natural gas, naphtha, diesel oil, and others. The diesel oil segment owns the highest market share and is expected to grow at a CAGR of 3.4% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global hydrodesulfurization catalyst market and is expected to grow at a CAGR of 5.2% during the forecast period.

Competitive Players

Competitive Players

The global hydrodesulfurization catalyst market’s major key players are Advanced Refining Technologies LLC, Albemarle Corporation, Axens SA, BASF Catalysts, China Petroleum and Chemical Corporation (Sinopec), Clariant AG, Dorf Ketal Specialty Catalysts LLC, Haldor Topsoe, JGC Catalysts & Chemicals Ltd., and Johnson Matthey.

Recent Developments

Market News

• In June 2022, Advanced Refining Technologies LLC (ART), the joint venture of US specialty chemicals and materials company W. R. Grace & Co. and US energy company Chevron (NYSE: CVX), announced the appointment of Nathan Ergonul as Managing Director to lead ART.
• In October 2022, Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced that its subsidiary, Albemarle Lithium UK Limited, completed the acquisition of Guangxi Tianyuan New Energy Materials Co., Ltd. ("Tianyuan") for approximately USD 200 million.

Segmentation

Global Hydrodesulfurization Catalyst Market: Segmentation

By Type

• Cobalt-Molybdenum Catalyst
• Nickel-Based Catalyst
• Others

By Applications

• Natural Gas
• Naphtha
• Diesel Oil
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA