Refinery Catalyst Market Next Big Thing | Industry Growth Drivers, Platforms Type and Geographical Overview 2028
The global Refinery Catalyst Market size is expected to gain momentum by reaching USD 5.84 Billion by 2028 while exhibiting a CAGR of 3.8% between 2021 to 2028. In its report titled "Refinery Catalyst Market, 2021-2028," Fortune Business Insights mentions that the market stood at USD 4.38 billion in 2020.
The increasing investment in research & development, technologies, and capacity expansion in the refinery sector is expected to drive the market during the forecast period. For instance, in September 2020, Clariant started constructing refining materials in China to produce CATOFIN, required in propane dehydrogenation. The company invested a major amount in China, which is likely to support the customer base in the local region.
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Market Segmentation:
By type, the market is divided into zeolites, metallic, and chemical compounds.
- Based on type, the zeolites segment held a major market share in 2020. This is attributable to its use in the FCC catalysis process. Zeolites are used in the refinery as they have high-pressure resistance, high-temperature resistance, and high melting points. These properties make it suitable to produce gasoline, diesel, and petroleum-derived products.
By application, it is segmented into FCC, alkylation, hydrotreating, hydrocracking, catalytic reforming, and others. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Provide?
The market report for refinery catalysts provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. The different market segments and their regional analysis are discussed in the report. Further, it talks about the dominant strategies adopted by key players such as the introduction of new products, partnerships, and collaboration that will further contribute to the market growth. Lastly, it provides information on the impact of COVID-19 on market growth.
Driving Factor
Growing Demand for Octane Fuel to Promote the Market Growth
The rising demand for octane in the automotive industry is driving the Refinery Catalyst Market growth. Besides, the manufacturers are coming up with innovative and efficient technologies which require octane fuels to function. Moreover, using octane provides environmental, economic as well as engine benefits. For instance, an octane fuel ethanol has a blending octane rating of 114. This makes it one of the cleanest and affordable substitutes for fuel. Furthermore, the increasing demand for petroleum derivatives for various consumer needs is expected to fuel the market in the upcoming years.
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Regional Insights
Asia Pacific to Remain at Forefront Baked by Increased Crude Oil Production
Asia Pacific is expected to remain at the forefront and hold the highest position market during the forecast period. This is attributable to increased crude oil production in China., According to China National Petroleum Corp.'s Economics & Technology Research Institute, China's refining industry capacity has tripled. Its crude oil processing capacity is anticipated to reach 1 billion tons a year, or 20 million barrels per day, by 2025. The market stood at USD 1.52 billion in 2020.
Europe is anticipated to showcase significant Refinery Catalyst Market share owing to favorable regulations imposed by European Union to promote development in oil recovery and promotion of biofuels. The government initiative in the region is to provide sustainable solutions for fuels such as ethanol, thus promoting the regional market.
Competitive Landscape
The market is consolidated by major companies striving to maintain their position by focusing on mergers and facility expansions. Additionally, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations to favor the market's growth in the upcoming years.
Industry Development
- May 2021 – Axens launched SeLene, a product designed to do selective hydrogenation. Newly. A part of the SeLene family LD 153 gives information on how to increase ethylene production. Moreover, its unparalleled operating window allows a wide range of feed CO content while maintaining stability and safer operation.
List of Key Players Profiled in this Market Report
- Albemarle Corporation (U.S.)
- BASF SE (Germany)
- Haldor Topsoe A/S (Denmark)
- Honeywell International Inc. (US.)
- Clariant (Switzerland)
- Axens (France)
- Johnson Matthey (UK)
- China Petroleum & Chemical Corporation (China)
- Royal Dutch Shell plc (Netherlands)
- Arkema (France)
- ANTEN CHEMICAL CO., LTD. (China)
- Other Key Players
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