The refinery catalyst market is anticipated to grow at a 4% CAGR between 2022-2030, states the latest Market Research Future (MRFR) report. A refinery catalyst is used across the refining sector for converting heavy crude oil into lighter derivatives. It has an extensive application in different processes such as desulfurization, catalytic cracking, isomerization, and reforming. Catalytic reforming catalysts, hydrocracking catalysts, hydrotreating catalysts, and FCC catalysts are the different catalysts in the industry. Of these, the FCC is the most widely used oil refinery catalyst.
Various factors are propelling the refinery catalyst market growth. Such factors, according to the latest Market Research Future report, include increasing investment in catalytic refining, a surging population, increasing oil gas related activities, growing demand for clean petroleum products, burgeoning demand for transportation fuel, increasing consumption of petroleum derivatives, and strict norms and standards.
On the contrary, fluctuation in raw materials prices, fluctuation in production cost, crude oil reserves that are rapidly depleting, and slowly increasing popularity of alternate energy sources such as wind energy, solar energy, natural gas, and other renewable sources are factors that may restrict the refinery catalysts market growth during the forecast period.
Competitive Leader Board:
Notable players profiled in the refinery catalyst market report include Exxon Mobil Corporation (US), Clariant International Ltd (Switzerland), China Petroleum Chemical Corporation (Sinopec Corp.) (China), BASF SE (Germany), Axens SA (France), Criterion Catalysts Technologies LP (US), Honeywell, Uop LLC. (US), Haldor Topsoe A/S (Denmark), WR Grace Co. (US), and Albemarle Corporation (US).
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Market Segmentation:
The Market Research Future report offers a complete segmental analysis of the refinery catalyst market based on type and ingredient.
By type, the refinery catalyst market is segmented into catalytic reforming catalysts, hydrocracking catalysts, hydrotreating catalysts, and FCC catalysts. Of these, the FCC catalyst segment will dominate the market during the forecast period. This refining catalyst plays an essential part in altering vacuum distillates and heavy atmospheric residue into motor fuels, especially gasoline. This is extensively used in converting the high molecular weight, high-boiling hydrocarbon fraction of the petroleum crude oil into olefinic gases, valuable gasoline, and other products. The burgeoning demand for these refining catalysts from the refining industry in India, as well as China, coupled with stringent environmental regulations, are boosting the growth of this refining catalyst.
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Regional Analysis:
By region, the refinery catalyst market report covers the latest trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW). Of these, the Asia Pacific region will command the largest share in the market during the forecast period. Various factors propelling the growth of the refinery catalyst market in the region include the surplus growth of transportation fuels in the region's developing countries, several upcoming capacity expansions in South East Asia, India, and China, and an upsurge in the refinery.
The refinery catalyst market in Europe will have the second-largest share in the market during the forecast period. Various factors propelling the growth of the refinery catalyst market in the region include the highest refinery catalyst consumption rate in the region coupled with the presence of several refineries, and growing petroleum industry.
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