(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 02, 2021, 02:09 /Comserve / -- 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.
COVID-19 has reformed the way we work and has impacted various aspects of the businesses worldwide. Keeping in mind the multi-faceted challenges and the impact on economies post pandemic, companies are focusing on the risks and probabilities for sustainability, growth, and development from this transition.
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. 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.
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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 necessity of this service type in reactor cleaning and catalyst changing operations is driving the market growth. Moreover, growth in increased reactor operation efficiency requirements in oil & gas refineries is also driving the market.
“Petroleum refining is expected to be the largest catalyst handling services end-use industry 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 construction, automotive, aerospace, defense, textile, 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 growth. In addition, considerable oil & gas industry size in economies such as Brazil, China, Saudi Arabia, Qatar, and so on are driving market growth for petroleum refining.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Catalyst Handling Services Market Insights by Latest Trends, Future Scope of Key Players, CAGR Status, and SWOT Analysis Insights by Regions - Global Forecast to 2025
The catalyst handling services market in APAC is projected to register the highest CAGR in terms of value during the forecast period. The region is the fastest-growing market for catalyst handling services attributed to the presence of emerging countries, and their high economic growth rate, the rise in infrastructure and industrial projects, and increasing urbanization. Recently, the pandemic impacted the regional growth. Government restrictions on the number of people that can gather at one particular place, severely impacted the industry. However, owing to government stimulus packages to counter the negative effects are expected to boost growth in a post-pandemic scenario.
This study was validated through primary interviews conducted with various industry experts worldwide. The primary sources were divided into three categories, namely, company type, designation, and region.
• By Company Type – Tier 1: 25%, Tier 2: 50%, and Tier 3: 25%
• By Designation - C Level: 20%, Director Level: 30%, and Others: 50%
• By Region - APAC: 25%, Europe: 30%, North America: 20%, South America: 15%, and the Middle East & Africa: 10%
Research Coverage:
The report offers insights into the catalyst handling services market in the key regions. It aims at estimating the size of the catalyst handling services market during the forecast period and projects future growth of the market across various segments based on service type, end-use industry, and region. The report also includes an in-depth competitive analysis of the key players in the catalyst handling services market, along with company profiles, MNM view, recent developments, and key market strategies.
1 INTRODUCTION 18
1.1 OBJECTIVES OF THE STUDY 18
1.2 MARKET DEFINITION 18
1.3 INCLUSIONS & EXCLUSIONS 19
TABLE 1 CATALYST HANDLING SERVICES MARKET: INCLUSIONS & EXCLUSIONS 19
1.4 MARKET SCOPE 19
1.4.1 CATALYST HANDLING SERVICES MARKET SEGMENTATION 19
1.4.2 REGIONS COVERED 20
1.4.3 YEARS CONSIDERED FOR THE STUDY 20
1.5 CURRENCY 21
1.6 LIMITATIONS 21
1.7 STAKEHOLDERS 21
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