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BEIJING, Dec. 13, 2022 (GLOBE NEWSWIRE) — The Global Refinery Catalyst Market Size accounted for USD 4,964 Million in 2021 and is estimated to achieve a market size of USD 6,939 Million by 2030 growing at a CAGR of 3.9% from 2022 to 2030.
Refinery Catalyst Market Statistics
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Refinery Catalyst Market Coverage:
|Market||Refinery Catalyst Market|
|Refinery Catalyst Market Size 2021||USD 4,964 Million|
|Refinery Catalyst Market Forecast 2030||USD 6,939 Million|
|Refinery Catalyst Market CAGR During 2022 – 2030||3.9%|
|Refinery Catalyst Market Analysis Period||2018 – 2030|
|Refinery Catalyst Market Base Year||2021|
|Refinery Catalyst Market Forecast Data||2022 – 2030|
|Segments Covered||By Type, By Material, And By Geography|
|Refinery Catalyst Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Clariant, BASF, Honeywell UOP, W.R. Grace & Co., Albemarle, Johnson Mathey, Haldor Topsoe, and Axens.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Refinery Catalyst Market Overview
Refinery catalysts are employed as light derivative products with a relatively low boiling point subset to disintegrate harder hydrocarbons. The market has been primarily fueled by rising automotive consumption in China, Japan, & India. They are concentrating on strengthening their refining skills in order to meet rising demand, which will have a favorable impact on product supply in the coming years. Over a predicted period, the refinery catalyst development business will be further characterized by rigorous legislation to limit air pollution and greenhouse gas emissions by decreasing gasoline sulphur content.
Refinery Catalyst Market Trends
The major factor propelling the growth of the global catalyst refining industry during the measurement period is the increasing demand for greener petroleum products. Furthermore, the world’s growing population has boosted power demand, which contributes to market growth. Furthermore, rising petroleum and natural gas activities are expected to enhance consumption for refinery catalysts during the projected timeframe, especially in the expanding Asia Pacific region.
A catalyst improves the pace of physical and chemical processes and is recognized as a crucial component of the procedure in terms of time and cost efficiency. Refinery catalysts are used in refineries to alter petroleum products into crude to high-octane fluids (kerosene, oil, diesel) as well as other soluble compounds. These catalysts are employed in a number of processes such as hydrotreating and hydrocracking.
Metals are widely utilized in hydrocracking and hydrotreating to remove and reduce undesirable particles. The hydrocracking catalyst category is predicted to expand the most during the projection period. Hydrocracking catalysts are frequently employed because they generate no carbon as waste and so efficiently convert feedstock. The component accounted for the largest portion of the metal category in 2021 and is projected to continue in the projected timeframe.
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Refinery Catalyst Market Segmentation
The global refinery catalyst market has been segmented by Acumen Research and Consulting based on type, and material. By type, the segment is separated into alkylation, fluid catalytic cracking, reforming & isomerization, and hydroprocessing. According to the refinery catalyst market forecast, the hydroprocessing category is predicted to develop significantly in the next years. In terms of material, the market is categorized into metal, chemical compound, and zeolite.
Refinery Catalyst Market Regional Overview
Based on the region, the worldwide refinery catalyst market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to a refinery catalyst industry analysis, Asia Pacific is the largest market and is expected to grow at a growing CAGR during the forecast timeline. The presence of the region’s most populous nation has boosted energy consumption in the region, which is a key factor driving the market for the region’s catalyst refinery. Furthermore, the continued advancement of polymer manufacturing and refining enterprises in the region has a beneficial impact on the market’s expansion. Furthermore, the presence of the region’s largest refinery is expected to boost the demand for catalysts.
Besides that, the Middle East is expected to develop at a steady CAGR due to increased exploration for oil and gas operations. North America is another important market for refinery catalysts. The recent unconventional shale development in the region has raised the demand for refinery catalysts, mainly in the United States. Furthermore, there are significant earnings for the refining catalyst market due to severe rules to use raw pollutants.
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Refinery Catalyst Market Players
The global refinery catalyst sector is heavily consolidated, with the top 5 corporations controlling more than half of global markets. Major players in the market include Honeywell UOP, Albemarle, Haldor Topsoe, Johnson Matthey, Axens, Clariant, as well as BASF. Businesses collaborate with refineries to maintain their position in the market and generate more efficient and better products. Some of the prominent refinery catalyst market companies are Clariant, Honeywell UOP, Albemarle, Haldor Topsoe, BASF, W.R. Grace & Co., Johnson Mathey, and Axens.
One of India’s leading oil refiners is Indian Oil Corp. Ltd revealed a proposal to deploy INR 1,8 trillion in the country’s refining capacity over the next 5 years, including the establishment of refineries in Barauni & Gujarat.
Additionally, Rotary Engineering Ltd, Singapore, has inked a USD 1 billion arrangement with Dubai’s Emirates National Oil Co. (ENOC). Rotary Engineering will build 12 storage tanks to hold the increased production of naphtha, jet fuel, and petrol mixing. The industry for refining catalysts in the region is expected to expand throughout the forecast period.
Questions Answered By This Report
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Acumen Research and Consulting