Molecular Sieve Catalyst MarketSize and Trends

Market Dynamics

Increasing demand for high performance catalysts that yield higher output especially from the oil and gas industry is one of the key drivers for growth of the global molecular sieve catalyst market. Growth in refining applications has further propelled growth of the market for molecular sieve catalyst, globally. Moreover, government initiatives and rising awareness regarding the advantages offered by using molecular sieve catalyst such as improving energy efficiency, reducing emissions in automobile exhaust, and other such environment benefits have further propelled growth of global molecular catalyst market.

Market Dynamics

Oil and gas segment accounted for a major share in the global molecular sieve catalyst market in 2017. This catalyst is used in hydrocracking, which converts higher molecular weight petroleum fractions to lower molecular weight fuels and therefore is used significantly in this industry.

Petrochemical segment accounted for a significant share in the molecular sieve catalyst market in 2017. In this industry, molecular sieve is used to purify feedstock and to remove dry impurities from products such as propylene and ethylene. Others applications of this catalyst in the petrochemical industry are drying and purification of olefins, drying in cracked gas to prevent freezing, purification, and dehydration of a range of solvents and other such applications. Owing to these factors, the segment is expected to witness high growth over the forecast period.

Market Trends