The global catalyst bins market is anticipated to accumulate a market value of US$ 35.5 billion in 2023 and is expected to garner a valuation of US$ 57.5 billion by exhibiting a CAGR of 4.93% in the forecast period 2023 to 2033. The market for Catalyst Bins market reflected growth with 4% CAGR in the historical period 2018 to 2022.
The escalating demand for catalysts from various applications such as petroleum refining, chemical synthesis, polymers and petrochemicals, and environmental is driving demand for process optimization, increase in yield, cost-cutting, and energy-saving amongst the manufacturers globally.
Environmental catalysts help manufacturers cater to the strict mandates related to NOx, Sox, and carbon dioxide emissions. Furthermore, the shifting energy trends toward alternative fuels such as biodiesel and shale gas fuel have propelled the demand for catalysts which in turn is creating demand for carbon steel catalyst bins.
In addition, manufacturers seeking to add value to their feedstock or refining by producing value-added petrochemicals and chemicals like polyolefins and methanol, have escalated the demand for the product from chemical and petrochemical applications.
For these reasons, catalyst bins manufacturers are shifting toward sustainable solutions and replacing it with conventional designs of bins that supports smaller format industry.
With the surge in demand of petroleum refining, gas processing and petrochemical manufacturing industries, the demand and sales for catalyst containers is also witnessing an upsurge. These recyclable bins are available with two way or four-way forklifting feature. Four-way steel bins is highly favoured by the end users as this offers bulk lifting from every direction.
On the other hand, increasing demand of catalysts from many industries and the surging need for efficient transportation methods over conventional methods are expected to drive growth of the market. These bins are made up of eco-friendly and reusable packaging. Hence, increasing demand for these packaging solutions has fuelled the demand.
The presently available catalyst bins come with lifting lugs and pads, which helps in the material handling during the loading & unloading process. This is aiding in the market expansion. Moreover, with the surging demand for petroleum refining, gas processing, and petrochemical manufacturing industries, the demand for the carbon steel bins is also increasing.
Region-wise, Asia-Pacific catalyst containers market size is projected to grow at the highest CAGR of 5.1% during the forecast period. This region is expected to accumulate around 38% market share by end of the forecast period. The growth is attributed to Asia’s consumption of compounded catalysts is anticipated to increase, supported by the region’s growing population, robust infrastructure, and consistent economic growth.
Emerging markets like India and China are anticipated to show the highest increase in demand for environmental catalysts and polymer products. Abundant coal-to-chemical processes and investment in shale gas will boost China’s growth rate in the forecasted period. These factors will directly benefit the market of carbon steel bins during the forecast period.
Similarly, North America is expected to grow with a CAGR of 4.7% during the forecast period. The evolving low sulfur and automotive regulations that necessitate the application of environmental catalysts are responsible for stimulating growth in the region. The increasing consumption of gasoline in the United States is expected to accelerate the demand for catalysts used for transforming heavy crude oil into light fractions such as diesel, kerosene, and gasoline. Furthermore, the growth of oil & gas and chemical sectors in Mexico is also a significant factor contributing to market growth in this region.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 35.5 billion |
| Projected Market Value in 2033 | US$ 57.5 billion |
| Growth Rate (2023 to 2033) | 4.93% CAGR |
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Recent developments and breakthroughs in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing tabbed tapes are expected to create lucrative opportunities for market growth during the forecast period.
Catalyst bins is a cubic structure tank which is used for the transportation and storage of the pre-activated and fresh hydro processing catalyst. Storing capacity of the catalyst bins is ten times more than a regular size drum. The cubic structure of the catalyst bins make it efficient for any mode of transportation that is road, rail, maritime.
For the unloading process catalyst bins have slide gate at the bottom for easy discharge of the liquid as a part of efficient transportation. Catalyst bins are used in the petroleum refining, gas processing and petrochemical manufacturing industries.
Adding to this, there are several benefits of catalyst bins such as storage management for longer duration and safe & effective material handling, the global market is expected to show the prominent growth, during the forecast period.
Catalyst bins plays an important role in the supply of catalyst to the industries, it is the efficient way of transportation as compared to traditional method. Catalyst bins are made up of environmental friendly and reusable packaging. Nowadays catalyst bins are made up with the features of stacking pads and lifting lugs which helps in the material handling during the loading & unloading process.
Catalyst bins manufacturers are switching towards sustainable solutions and replacing it with conventional designs of bins that supports smaller format industry. With the increase in demand of petroleum refining, gas processing and petrochemical manufacturing industries, the demand for the bins is also increasing.
Catalyst bins are available with two way or four way forklifting approach. Four way catalyst bins is highly preferred by the end users as this offers bulk lifting from all directions.
COVID-19 has negative impact on the overall market growth of catalyst bins. The sales of petroleum industries has been decreased due to restriction on transportation of goods and the production of only necessary goods takes place, so the demand of catalyst bins is less. But with the new guidelines implemented by the government, the manufacturing operations are back to normal and this will shows the significant growth on the catalyst bins market.
Principal Consultant
The Catalyst bins market has been analysed based on sales growth and value across different Regions that include Asia Pacific, Latin, and North America, Europe, Oceania, and the Middle East and Africa. Petroleum refineries are investing in the development and expansion, the countries in the Middle East has the second largest crude oil reserve, joint venture of Saudi Aramco & Total are fulfilling the demand in the near future.
This expansion will benefit the catalyst bins market with the rise in demand of petroleum products. In Asia Pacific the demand of petrol, gasoline and diesel, has been rising continuously in the past few years due to rapid urbanization and improvement in standard of living primarily in the country like India and China.
The key players of global catalyst bins market are
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on cement packaging market segments and geographies.
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Globally, the catalyst bins market is segmented by material, storing capacity, end users and lifting approach.
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Catalyst Bins Market
