Press release
Refinery Catalysts Market Size, Trends, Opportunities, Key Segmentation, Regional Growth, Leading Companies, and Forecast to 2029
Browse 250 market data Tables and 50 Figures spread through 212 Pages and in-depth TOC on "Refinery Catalysts Market"
The refinery catalysts market [https://www.marketsandmarkets.com/Market-Reports/refinery-catalyst-advanced-technologies-and-global-market-84.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=refinerycatalyst] is projected to reach USD 6.8 million by 2029, at a CAGR of 4.0% from USD 5.6 million in 2024. The combination of stringent environmental regulations, growing demand for fuels, and technological advancements are driving the refinery catalysts market.
Based on type, the refinery catalysts market has been segmented into FCC catalysts, hydrotreating catalysts, hydrocracking catalysts, catalytic reforming catalysts, and others. Hydrocracking catalyst is the fastest-growing type in the refinery catalysts market. Hydrocracking catalysts aid in converting heavy oil feedstock into lighter petroleum products. Metals catalysts are mostly used in this process due to their catalytic reaction and environmental sustainability properties. The rise in the demand for high quality fuels with low emissions backed by stringent environmental regulations influence the market for hydrocracking catalysts. Adaption of hydrocracking units in the refinery process also increases the operational efficiency and quality of product yield.
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Based on ingredients, the refinery catalysts industry [https://www.marketsandmarkets.com/ResearchInsight/refinery-catalyst-advanced-technologies-and-global-market.asp?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=refinerycatalyst] has been segmented into zeolites, metals, rare earth metals, transition and base metals and chemical compounds. Zeolites is one of the fastest-growing ingredients for refinery catalyst applications due to its efficient capability to work and increasing demand. Zeolite catalysts are used majorly in FCC processes. They have high acid strength and ability to control molecular access to the internal structure. The expanding economies of the Asia Pacific, the Middle East, and Africa provide significant opportunities for refinery catalyst manufacturers, with countries like India, Brazil, and China experiencing rapid growth in industrialization and driving demand for refinery catalysts.
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Asia Pacific is the largest market for refinery catalysts. The oil refinery industry in Asia Pacific benefits greatly from refinery catalysts, as they improve product quality. Additionally, the region's robust industrial growth, especially in emerging economies like China and India, fuels demand for refinery catalysts in oil refineries. The increase in income spending parity in developing countries like India, China, and Indonesia is influencing the automotive sector in these countries. Automobiles require the use of petroleum based products which are formed through the refining process. The quality of these products depends on the refinery catalysts which are used during the refining process. Thus, the increase in automotive market in the developing countries is directly influencing the growth of refinery catalysts in Asia Pacific.
The key global players in the refinery catalysts market, such as Albemarle Corporation (US), W R Grace (US), BASF (Germany), Haldor Topsoe (Denmark), Honeywell UOP (US), Clariant (Switzerland), Axens (France), Johnson Matthey (UK), China Petroleum and Chemical Corporation (Sinopec) (China), Shell Catalyst & Technologies (Netherlands) and others.
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Refinery catalysts are used in petroleum refining operations to facilitate and accelerate chemical reactions for conversion of crude oil into useful petroleum products like gasoline, diesel, jet fuel etc. Without catalysts, refining processes would be inefficient or not commercially viable.
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