Press release
Worldwide Refinery Catalysts Market in Oil Refining Sector Expected to be worth $6,490 Million by 2023
Market Research Report
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As per the research key findings, in 2016 the market for refinery catalysts in the oil refining sector was valued at $4,967 Mn and is projected to be worth $6,490 Mn by 2023, growing at 3.8% CAGR between 2017 and 2023. There are 500 FCC units being operated globally, each of which requires a constant supply of FCC catalysts. Fluid catalytic cracking (FCC) is the conversion process which is used in petroleum refineries. It is widely used to convert the high-boiling, high-molecular weight hydrocarbon fractions of petroleum crude oils to more valuable gasoline, olefinic gases and other products.
Firstly, the study summarizes the market of Refinery catalysts along with market dynamics which are favorably impacting the global market. Refinery catalysts are used by petroleum refineries in the cracking process. They help refiners meet fuel standards, manage operational productivity, enhance conversion and keep pace with environmental trends. Based on the type, the refinery catalyst can be categorized into seven segments namely:
• Hydroprocessing Catalysts
• Fluid Catalytic Cracking Catalysts (FCC)
• Alkylation Catalysts
• Hydrogen Manufacturing Catalysts
• Hydrodesulphurization Catalysts
• Isomerization Catalysts and Others
Of these, the study addresses hydroprocessing catalysts and FCC catalysts. Hydroprocessing catalysts are used to create cleaner fuels. Currently, demand for cleaner fuels is driving the market, consequently, refining catalysts are experiencing strong growth. Furthermore, the report adds that, Fluid Catalytic Cracking (FCC) petroleum refining products overcome limiting factors affecting refinery capacity and operating flexibility to deliver value and performance.
Moreover, the report explains the overall market competitiveness, by highlighting the major market leaders and entrants in the refinery catalyst market. It has been also analyzed that the refinery catalyst manufacturers are progressively manufacturing more challenging feedstock compositions despite unstable fuel prices.
Major market leaders profiled in the report includes:
• Albemarle
• IFP Energies Nouvelles Group Company / Axens
• BASF
• Haldor Topsoe
• Clariant AG / Süd-Chemie AG
• Sinopec China Petrochemical Corporation
• Shell / Criterion
• Advanced Refining Technologies (ART)
• WR Grace
• Honeywell / UOP
• Shell CRI
Browse Full Report With TOC: http://www.marketresearchhub.com/report/refinery-catalysts-market-shares-strategies-and-forecasts-worldwide-20172023-report.html
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