Catalyst Handling Services Market worth $620 million by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 9, 2021 /PRNewswire/ -- According to the new market research report "Catalyst Handling Services Market by Service Type (Loading/Unloading, Screening, Transport), End-use Industry (Petroleum Refining, Petrochemical), Region (North America, APAC, Europe, Middle East & Africa, South America) - Global Forecast to 2025", published by MarketsandMarkets™, 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.
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The demand for catalyst handling services in emerging economies, such as APAC, MEA, and South America, is increasing owing to the growth in industrial activities. Increasing consumption of petrochemical products is also driving the market. 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. On the other hand, decreasing demand for oil due to Covid-19 is a major challenge for the catalyst handling services market.
Based on service type, the catalyst loading/unloading segment is estimated to lead the overall catalyst handling services market in 2020.
Catalyst unloading is a process where the spent catalysts are unloaded through proper operating procedures such as checking hot spots, build up coke formation, and checking for contamination. Catalyst loading is the process of transferring the catalyst from ground level to inside the reactor. The imminent necessity of this service type in reactor cleaning and catalyst-based operations is driving the market growth.
Based on end-use industry, petroleum refining is estimated to be the largest market in the overall catalyst handling services market in 2020.
Petroleum refining is the largest market owing to the increasing demand for polymer-based materials, liquid fuels and others in sectors such as automotive, construction, food & beverage, aerospace, and so on. Also, 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 are responsible for high market numbers.
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Based on region, APAC is projected to grow the fastest in the catalyst handling services market in 2020.
APAC consists of major developing nations, such as China, Singapore, Indonesia, Thailand, South Korea, and India, and therefore, the scope for development for most of the industries is considerable. The region 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 significant domestic market demand, makes APAC an attractive investment destination for refining, chemical, and petrochemical industry players.
The key players in the catalyst handling services market include 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), and Kanooz Industrial Services (Saudi Arabia). These players have established a strong foothold in the market by adopting strategies, such as new technology development and agreements.
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Browse Adjacent Markets: Chemical Market Research Reports & Consulting
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