Growth in End-Use Refining and Processing Industry Propels Refinery Catalyst Market to Develop Into $2326.4 Kilotons by 2023

As per a new market forecast report published by Inkwood Research, the global refinery catalyst market is anticipated to develop from 1987.1-kilo tons in 2016 to 2326.4-kilo tons by 2023, at a CAGR of 2% between 2016 and 2023.
Catalysts are required in chemical processes often accelerate, impede or control certain parameters of reactions, thereby having a direct impact on quality as well as costs of the end produce. They also play a significant role in ecological remedy and the manufacturer of “clean fuels”. The volatility of price in the global crude oil market, coupled with environmental concerns over the rise of the use of non-renewable fuels have been attributed as major causes for the below average growth rate of this particular segment.
Zeolites is the largest segment of the market with 41% market share
Owing to many favorable properties such as their microporosity and versatility in the application, Zeolites have emerged as the frontrunner in terms of volumes used in the Refinery Catalyst market, and they are set to remain so. Other metallic catalysts are also in high demand, specifically owing to their use in Fluid catalytic cracking (FCC) operations. This particular process is primarily employed to generate additional fuel during the process of refining.
Other chemical catalysts that include at least a blend of two mixes, bio-renewable catalysts etc. are also in vogue. However, they are quite niche in terms of usage, which impedes significant growth rate.
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North America is the biggest market, continues to dominate the global market
With China leading the forefront of manufacturing, the growing popularity of refinery catalysts is set to consolidate APAC’s position globally as the largest growing market, even though currently it challenges the North America’s colossal refining industry. This estimation takes into account that the biggest market share is currently occupied by the North American geography, with high demand for natural gas, as well as highly efficient refined fuels. Continuous R&D also has aggravated the pace of growth of the industry.
Some of the prominent players in the Refinery Catalysts Market include lbemarle Corporation (USA), Axens (France), BASF Catalyst LLC (USA), Sud-Chemie Ag (Germany), CB & I (Netherlands), Clariant (USA), Criterion (USA), Exxon Mobil Corp (USA), Evonik Industries Ag (Germany), Grace Division (USA), Haldor Topsoe (Denmark), Headwaters (USA), Johnson Matthey (UK), Shell Global Solutions (Netherlands), Sinopec Catalyst Co. (China), Nippon Ketjen (Japan), W R Grace & Co. (USA), Zeolyst (USA). Some of the largest hurdles faced by most firms are scenarios leading to enormous R&D costs that have helped debar the entry of new entrants in the segment, and also increased existing competition.
The Refinery Catalyst Market Forecast Report elaborates upon current market and growth trends, its major revenue drivers, as well as metrics that track them. It analyses the contemporary competitive landscape, fraught with challenges, and analyses key strategies adopted by firms to stay on top of each other.
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