Refining Catalysts Market Global Analysis by Forecast to 2023
Refining Catalysts Market Overview:
Refining Catalysts Market is estimated to exhibit a CAGR of over 4% during the forecast 2018–2023.
Refining Catalysts Market is increasing with the impulsive pace, owing to the growing oil & gas industry. According to a recent study report published by the Market Research Future, the global market of refining catalysts is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2018 – 2023).
Refining Catalysts Market such as zeolites, noble and non-noble metals, and chemical compounds are costlier, but they are capable to deliver high performance for long run purposes. These high value-added products widely used in the processes such as fluid catalytic cracking, hydro treating, hydrocracking and catalytic cracking. Fluid catalytic cracking is the most important petro refinery process. Due to which zeolites are getting demand owing to increasing refinery capacities across the globe in the forecast period.
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Refining Catalysts Market Key Players:
Refining Catalyst Market are Haldor Topsoe A/S (Denmark), BASF SE (Germany), Axens (France), Clariant International Ltd (Switzerland), Royal Dutch Shell plc (the Netherlands), Exxon Mobil Corporation (U.S.), Honeywell International Inc (U.S.), China Petroleum & Chemical Corporation (China), Kuwait Catalyst Company (Kuwait), and Criterion Catalysts & Technologies L.P. (U.S.) among others.
Refining Catalysts Market Segmental Analysis:
The global refining catalyst is segmented on the basis of type and ingredients.
By type, the market is segregated into fluid catalytic cracking (FCC) catalysts, hydroprocessing catalysts, catalytic reforming catalysts, and others. Increasing fuel standards, better operational efficiency, and stress on green resources are expected to augment the FCC catalysts market growth.
By ingredients, the market is segregated into zeolites, metals, chemical compounds and others. Rising need for non-toxic and hydrophilic adsorbents for waste water treatment and water purification has led to increasing demand for zeolites in the market.
Refining Catalysts Market Regional Analysis:
Refining Catalyst Market is segmented into five regions: Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa.
Asia Pacific is the largest market and is expected to grow at an expanding CAGR during the assessment period. The presence of the most populated economies has augmented the demand for energy in the region, which is a significant factor driving the demand for refining catalyst in the region. Moreover, the rapid development of polymer manufacturing and refining companies in the region is affecting the market growth positively. Furthermore, the presence of the largest refinery in the region is also projected to drive the demand for refinery catalysts.
The Middle East is expected to grow at a steady CAGR owing to the growing oil and gas exploration activities.
The North American region is another dominant market for refinery catalyst. The recent shale gas boom in the region has boosted the demand for refinery catalyst mainly in the U.S. Moreover, the stringent regulations pertaining to the use of crude emission is significantly the revenue of the refinery catalyst market.
Refining Catalysts Market Competitive Landscape:
The market appears reasonably stable however a fierce competition is expected to replace the stability, prompting the market players to take up strategic activities such as M&A, collaborations, and partnerships to churn the market competition well enough.
Manufacturers operating in the Refining Catalysts Market strive to respond to the growing demand for BASF SE have introduced new boron-based technology refining catalysts to curb the sulphur emissions and increase the selectivity & yield of the desired products in various petrochemical refining processes. This gives a challenge to other refining catalysts manufacturers to sustain in the changing regulations and government policies world owing to the increasing environmental concerns.
Refining Catalysts Market Table of Content:
- Executive Summary
- Scope of the Report
- Market Research Methodology
- Market Landscape
- Industry Overview of Global Refining Catalyst Market
Refining Catalysts Market Table of Content to be Continue…….,
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