Global Refinery Catalyst Market Size To Grow At A CAGR Of 3.20% In The Forecast Period Of 2023-2028
Global Refinery Catalyst Market Size, Share, Price, Trends, Growth, Industry, Report and Forecast
The ‘Global Refinery Catalyst Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global refinery catalyst market, assessing the market on the basis of its segments like type, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Refinery Catalyst Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 3.20%
Introduction of several emission control regulations by various governments for addressing the rising environmental issues is driving the growth of the global refinery catalyst market as refinery catalysts have the ability of reducing emissions while simultaneously improving fuel efficiency. The rapid growing petrochemical industry has several processes that require refining catalysts as they provide superior activity, while also conserving fuel. This factor has significantly contributed towards the development of the market for refining catalysts.
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Rising fuel prices have increased demands for cost efficient fuels and this demand has resulted to a shift in focus for automotive industries, with more and more now focusing on developing and launching engines with efficient fuel technologies, this in turn has led to an increased demand for high octane fuels. The most commonly known high octane fuel available in the market is ethanol. With rising demands for such fuels, the market for refinery catalysts is expected to witness several growth opportunities.
However, fluctuating crude oil prices along with depleting reserves is expected to pose as a challenge for the growth of the refinery catalyst market as regulations on crude oil containing high sulphur content increases. Furthermore, technological advancements in the electric vehicle industry have resulted in improved performance and efficiency of electric vehicles, these advancements have resulted in increased preference for electric vehicles.
Refinery Catalyst Industry Definition and Major Segments
Chemical compounds with applications in crude material refining processes are known as refinery catalysts. The function of the refinery catalyst is to break heavy oils into distillable and valuable products during the refining process. These dual functioning compounds ensure the regulation of the rate of chemical reaction while simultaneously supporting the refining process.
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On the basis of type, the market is divided into:
• Chemical Compounds
Based on application, the market is segmented into:
• Catalytic Reforming
On the basis of region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Refinery Catalyst Market Trends
The key trends in the refinery catalyst market include increasing investments by the key market players with the aim of capacity expansion and development of new technologies which in turn will increase the reliability and stability of the refinery catalysts. Additionally, rising initiatives by the key players and researchers to improve the catalytic properties of refinery catalysts in order to speed up the rate of reaction, is also expected to increase the use of refinery catalysts.
The increased application of FCC processes due to their utilisation in converting long chain hydrocarbons to short chain hydrocarbons, which are more convenient to use, is another crucial trend in the market for refinery catalysts. Increased focus in developing methods to minimise the impact of refinery catalysts on the environment is expected to have a positive impact on the growth of the refinery catalyst market. Rising environmental concerns coupled with increased preference for green technologies has resulted in increased applications of refinery catalysts across various operations.
In regional terms, the market in Asia Pacific is expected to grow exponentially due to increased energy consumption in emerging economies including India and China, among others. The substantial oil reserves of China are expected to significantly contribute towards the market growth in Asia Pacific.
Key Market Players
The major players in the global refinery catalyst market report are
• Honeywell International Inc.
• Clariant AG
• Shell PLC
• BASF SE
• Arkema Group
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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