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Refinery Catalyst Market SWOT Analysis and Forecast to 2030
Posted: Jun 05, 2022
A comprehensive analysis on the Refinery Catalyst market by Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Increasing use of transportation fuel is likely to have a direct impact on the demand for refinery catalyst, according to a recent report published by Future Market Insights (FMI).
Catalytic processes are imperative for the production of transportation fuels such as gasoline, diesel, jet fuel and others from petroleum. Evolving composition of transportation fuel composition requirements to match the environmental regulations and changes in engine design are expected to drive the refinery catalyst market.
Environmental regulations are getting stricter across the world. Considering this, with the need for cleaner emission growing stronger, companies are looking for newer ways to reduce their harmful emissions.
- Asia Pacific is expected to emerge as the most lucrative market for refinery catalysts during the forecast period
- North America and Europe are likely to exhibit witness substantial growth during forecast period 2020–2030
- FCC is projected to emerge as the most lucrative product type, however, the hydrotreating segment expected to witness highest growth during the forecast period
- Zeolites likely to remain the highest used ingredient segment
- Rising use of transportation fuel to boost growth of global refinery market.
"Regulations encouraging the use of cleaner emission fuels are expected to get more stringent in the near future as concerns over environmental safety is taking precedence globally. Hence the role of refinery catalysts in lowering the Sulphur levels of fuels is expected to gain more prominence, providing huge market potential for manufacturing companies in the industry" said an analyst at FMI.
COVID-19 Impact on Refinery Catalyst Market
COVID-19 pandemic is impacting the global economy since its advent. Refining catalyst market is affected by the impact pandemic had on the petrochemical industries across the world. The pandemic has affected all aspects of business.
Who is Winning?
Global refinery catalyst market encompasses established players who operate internationally as well as regional players. This has resulted in a highly competitive market. The key strategies adopted by players include strengthening supplier base and improving distributor networks.
Read More@ https://www.futuremarketinsights.com/reports/refinery-catalyst-market
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries.