Refinery Catalyst Market is Forecasted to Reach US$ 5.62 Billion in 2028, Says Stratview Research

The global refinery catalyst market is projected to witness a growth rate of 3.33% annually from 2023 to 2028, with an anticipated size of US$ 5.62 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global refinery catalyst market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 5.62 billion
Growth (CAGR): 3.33% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Refinery Catalyst Market:

The global refinery catalyst market is segmented based on material type, application type, and region.

Based on material type - The market is segmented as zeolites, metallic, chemical compounds, and others. Zeolites held more than 30% share of the market in 2022 and are expected to register the highest growth in the market during the forecast period.
Their growth is driven by the fact that they are the widely used refinery materials because of their characteristics such as micro porosity and large surface area, which makes them ideal for petrochemical applications.

Based on application type - The market is segmented as fluid catalytic cracking (FCC), hydroprocessing, alkylation, and reforming & isomerization. The FCC segment held more than 40% share of the market in 2022 and is expected to maintain its dominance during the forecast period as well.
Fluid catalytic cracking is a chemical process that uses heat and a catalyst, primarily zeolite, to convert higher molecular weight hydrocarbons with long carbon chains into lighter hydrocarbons.
Today, there are approximately 500 FCC units in the world. Around 30% of total gasoline and 50% of the total transportation fuel are produced through FCC processing, making it the dominant application type.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/2065/Refinery-Catalyst-Market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific held more than 30% market share in 2022 and is expected to maintain its dominance during the forecast period. This growth outlook is majorly attributed to the following-

• China and India are the growth engines of the region.
• With the refinery upgrades and capacity expansions in India and China, the region is expected to experience the fastest growth over the forecast period.

Refinery Catalyst Market Drivers:

Some of the key drivers listed in the report are given below.
• Surge in demand for cleaner petroleum products, increasing activities in the oil and gas industry and growing population across the world.
• Catalysts for refineries are chemicals which are used for refining in different operations.
• Increasing demand for petroleum derivatives accelerates the demand for the market.
• Using fuel of high-octane number escalates the refinery market size.
• Strict rules and regulations regarding environment, use of high-quality refined products, and rapid urbanization.
• The use of ultra-low sulfur diesel formed by hydrocracking catalyst.

Top Companies in the Refinery Catalyst Market:

Stratview Research has identified the following companies as the top market players.
• Albemarle Corporation
• Anten Chemical Co., Ltd
• Chempack
• Criterion Catalysts & Technologies L.P
• Filtra Catalysts and Chemicals Ltd.
• Haldor Topsoe A/S
• Honeywell UoP LLC
• JGC Catalysts and Chemicals
• Sinopec Corp
• W. R. Grace & Co.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Refinery Catalyst Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Hydrocracking Catalyst Market: https://www.stratviewresearch.com/3613/hydrocracking-catalyst-market.html

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This release was published on openPR.