Global Catalyst Handling Services Market to reach USD 760.95 million by 2027 - Axiom MRC
Date: April 2021
The global catalyst handling services market is projected to rise at a CAGR of 3.71% during the estimated period from 2021 to 2027, starting from USD 591.97 million in 2020. Catalyst plays an essential role in several industries for improving process efficiency and product quality. It boosts energy savings and helps to reduce pollution. Catalyst handling services promote the safe use of catalyst in various industrial processes. The market is largely driven by growing demand of petrochemicals.
By type, Loading/Unloading segment dominated the global market in 2020
Based on type, loading/unloading segment dominated the market followed screening services market. The loading/unloading segment is estimated to register a CAGR value of 4.30% for the forecast period.
Loading or unloading segment holds the largest market share owing to its benefits of minimizing cost and downtime for the business and improving efficiency.
Petroleum refining segment dominated the market, by end-use industry in 2020
Based on end-use industry, petroleum refining sector dominated the market and is expected to grow at a CAGR of 3.49% during the forecast period. Petroleum refining is a technology that uses fossil fuels as raw materials and chemical catalysts to convert petroleum into a series of chemical products that are further used as raw materials for the production of synthetic fibres, synthetic rubber, plastics, chemical fertilizers and pesticides. The growth in petroleum refining capacity is driven mainly by the global demand for petro-products.
Asia Pacific dominated the global market in 2020
Asia Pacific led the market and is expected to reach USD 279.04 million by 2027. The growth of the market in the region is due to the presence of emerging countries, and their high economic growth rate, the increase in infrastructure and industrial projects, and growing urbanization. In addition, the availability of low-cost raw materials and labor, combined with significant domestic market demand, makes APAC an attractive investment destination for the refining, chemical and petrochemical industries. It is also expected to be the fastest growing regional market growing at a CAGR of 4.25% from 2021 to 2027.
The key competitors of this market include Mourik (Netherlands), Anabeeb (Saudi Arabia), Dickinson Group of Companies (South Africa), CR Asia (Thailand), Veolia Group (Australia), Technivac (UK), CAT Tech (UK), Buchen-ics (Germany), Kanooz (Saudi Arabia), Maviro (US), Expertise (Saudi Arabia), Plant tech (India), Prior Industrial Services (Netherlands), INSEE ECOCYCLE (Thailand) among others.