Refinery Catalyst Market Procurement Intelligence Report | Increase in Supplier OPEX to Impact Procurement Spend | SpendEdge
LONDON--(BUSINESS WIRE)--Jan 6, 2020--
SpendEdge has been monitoring the global refinery catalyst market and the market is poised to experience spend growth of more than USD 1 billion between 2019-2024 at a CAGR of over 3% during the forecast period. Request Free Sample Pages.
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Read the 129-page research report with TOC and LOE on “The Global Refinery Catalyst Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Chemical-based refinery catalysts will account for the maximum consumption owing to the steady popularity of organometallic compounds used in manufacturing polyethylene and polypropylene. Zeolite, a refinery catalyst type, is an extensively utilized material that is essential in refining and petrochemical applications.
To reduce dependence on crude oil imports, buyers from the refineries in North America will exploit the abundant shale oil reserves available domestically. They will capitalize on the advances made in drilling technologies to reduce the cost of extraction and increase their drilling efficiency. This will motivate them to expand their production capacities which will lead to an increase in demand for refinery catalysts in the region.
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Insights into the market price trends
What are the strategies to adopt to optimize procurement spend in this market?
Adopt a regional sourcing model
Buyers are advised to use a regional sourcing model that can benefit them with reduced delivery timelines and transportation costs owing to their proximity to suppliers’ facilities. This will assure buyers of suppliers’ compliance with regional regulations as suppliers will be more familiar with regional fuel standards and regulations such as those associated with permissible sulfur content.
Leverage suppliers’ expertise for the management of spent catalysts
Buyers should engage with suppliers who have the necessary expertise regarding the management of spent catalysts. It is prudent of buyers to partner with suppliers who have the necessary expertise in the regeneration of spent catalysts, as this can maximize ROI on their procurement spend. Also, this will reduce the number of used catalysts generated, which will minimize their disposal costs.
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INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS
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PUB: 01/06/2020 11:30 AM/DISC: 01/06/2020 11:30 AM