According to TechSci Research report, “Global Refinery Catalyst Market By Type (FCC Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, and Catalytic Reforming Catalysts, Upgrading & Others), By Ingredient (Zeolites, Metals, Additives and Chemical Compounds), By Region, Competition, Forecast & Opportunities, 2025”, the global refinery catalysts market is expected to grow at a steady CAGR during the forecast period.
The Important Elements of the Refinery Catalyst Market
The increasing need for octane-rated products worldwide is one of the major factors accounting for the growth of the global refinery catalysts market. Moreover, the surge in the requirement for transportation fuel is further expected to bode well for the growth of global refinery catalysts through the forecast period. In addition to this, the utilization of nano-catalysts, which are made of high-purity minerals in various refining processes is anticipated to positively influence market growth in the years to come.
Also, major players operating in the market are focusing more on the production of next-generation catalyst for producing polypropylene which is expected to fuel the growth of the global refinery catalysts market over the coming years. However, increasing initiatives by organizations towards the use of eco-friendly options such as electric vehicles and solar power plants and the high cost of raw materials needed for the production of refinery catalysts are some of the major factors that might act as a major impediments to the growth of global refinery catalysts market through 2025.
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The global refinery catalyst market can be segmented based on type, ingredient, company, and region. Considering the ingredient, the market is fragmented into zeolites, metals, additives, and chemical compounds. The metals segment dominated the global refinery catalysts market in terms of largest revenue until 2019 and is further anticipated to lead the market during the forecast period.
The growth is driven by the growing usage of metals for hydrocracking and hydrotreating in order to eliminate unwanted impurities as well as to lessen the emission of harmful gases into the atmosphere. Additionally, environmental regulations for the reduction of air pollution by ultra-low sulfur content in diesel and sulfur content in gasoline, which in turn is positively influencing the growth of the segment across the globe.
The Major competitors of the Refinery Catalyst Market
- R. Grace & Co
- Haldor Topsoe A/S
- Honeywell
- UOP LLC.
- Catalysts & Chemicals Industries Co
- Axens SA
- BASF SE
- China Petroleum & Chemical Corporation (Sinopec Corp.)
- Clariant International Ltd
- Johnson Matthey Plc
- Albemarle Corporation among others is the leading player operating in the global refinery catalysts market. the leading players are adopting several growth strategies to enhance the market scenario of refinery catalysts. For instance, Haldor Topsoe company is focusing on a 4-year research project in collaboration with Aarhus University in order to develop a nanomaterial to improve selective catalytic reduction which in turn will increase the catalysts’ performance by around 30%.
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“Asia-Pacific is forecast to dominate the global refinery catalyst market in terms of both value and volume during the course of the next 5 years on the account of impressive production of transportation fuels particularly in the growing economies of Asia-Pacific region. Moreover, upcoming capacity expansions in these economies such as China, India, and Japan are also contributing to the high demand of refinery catalysts in the region. For instance, one of the top oil refineries in India, known as Indian Oil Corp. Ltd, is planning to invest INR 1.8 trillion coupled with the expansion of Barauni and Gujarat refineries to expand the refining capacity in the country in the next five years, which is expected to boost the growth of refinery catalysts market in the region through 2025.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Refinery Catalyst Market By Global Refinery Catalyst Market By Type (FCC Catalysts, Hydrotreating Catalysts, Hydrocracking Catalysts, and Catalytic Reforming Catalysts, Upgrading & Others), By Ingredient (Zeolites, Metals, Additives and Chemical Compounds), By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global refinery catalyst market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global refinery catalyst market.
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