Refinery Catalyst Market Overview, Outlook, Size, Share, Demand 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Refinery Catalyst Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The refinery catalyst market size has grown strongly in recent years. It will grow from $5.88 billion in 2023 to $6.19 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to petroleum-based products, increasing demand for transportation fuel and rise in oil and gas exports..

The refinery catalyst market size is expected to see strong growth in the next few years. It will grow to $7.63 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to high octane fuel, growing petrochemical industry and increasing demand for energy. Major trends in the forecast period include launch of hydro processing catalyst solutions, focus on increasing their investments to develop new product solutions and to meet the growing market demand for refinery catalysts, focus on developments in advanced fluid catalytic cracking (fcc) catalysts, focus on strategic acquisitions and collaborations to improve their financial strength, strengthen their product portfolio and expand their geographical presence, focus on use of hydroflex technology in refining to produce renewable diesel and focus on catalysts that play a crucial role in reducing emissions and developing cleaner energy sources..

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Market Drivers and Trends:

The increasing demand for transportation fuel is expected to propel the growth of the refinery catalysts market going forward. Transportation fuels are the energy sources that are used to power motor vehicles that use internal combustion engines. Refinery catalysts are used in petroleum refineries to convert crude oil into commercial products such as transportation fuels, engine fuels, and heating fuels by increasing chemical reactions to reduce heavy metals and harmful organic compounds to create cleaner end products that can be used as transportation fuel. For instance, according to the Energy Information Administration (EIA), a US-based federal agency for collecting, analyzing, and disseminating energy information, petroleum products accounted for about 90% of the total U.S. transportation sector energy use in the year 2021, which gasoline is the dominant transportation fuel followed by distillate fuels such as diesel fuel and jet fuel. Therefore, the increased demand for transportation fuel is driving the growth of the refinery catalysts market.

Product innovations have emerged as a key trend gaining popularity in the refinery catalyst market. Major companies operating in the refinery catalyst market are focused on developing new innovative products to strengthen their position in the market. For instance, in March 2022, BASF SE, a Germany-based chemical manufacturing company, introduced Fourtitude, a Fluid Catalytic Cracking (FCC) catalyst designed to maximize butylenes from resid feedstocks. Fourtitude works on multiple framework topology (MFT) technologies that are used to deliver superior selectivity to butylenes while maintaining catalyst activity, which enables increased propylene yields, gasoline octane, and improved coke selectivity.

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Major Key Players of the Market:

Quest Diagnostics, Thermo Fisher Scientific Inc., Roche Holding AG, Medtronic plc, Novartis AG, Pfizer Inc., Qiagen, AstraZeneca plc., Abbott Laboratories, Nordic Bioscience A/S, Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co. Ltd., Daiichi Sankyo, China National Pharmaceutical Group Co., Ltd., GE Healthcare, Randox Laboratories, Almac Group, Sun Pharma, Nichi-Iko Pharmaceutical Co., Ltd., Daewoong Pharmaceutical Co.,Ltd, GlaxoSmithKline, Teva UK Limited, Vectura Group, Merck & Co., Boehringer Ingelheim, Mylan, Zentiva, Sanofi, Apotex, Gilead Sciences, Bayer, AbbVie Inc., Amgen, Janssen Pharmaceutica, Accord Healthcare Inc., Acerus Precision Medicine Corporation, AA Pharma Inc, Sanfer, LABORATORIOS SENOSIAIN SA DE CV, Siegfried Rhein, Biocrates LifeSciences, Nanostring Technologies, Tepnel Pharma Services, Intomics, Silicon Biosystems, EMS Pharma, Hypermarcas, Eurofarma, Teuto Brasileiro, Biolab Farmaceutica, Cristalia, União Quimica

Refinery Catalyst Market 2024 Key Insights:

• The refinery catalyst market size is expected to see strong growth in the next few years. It will grow to $7.63 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Rising Transportation Fuel Demand Propels Growth In The Refinery Catalysts Market
• Innovative Products Drive Growth In Refinery Catalyst Market
• Asia-Pacific was the largest region in the refinery catalyst market in 2023

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