Press release
Refinery Catalysts Industry to Rise due to Rising Demand for Cleaner Fuels
MarketResearchReports.biz announces a new addition to its growing online market intelligence repository. The report discusses the global refinery catalysts market in detail, giving a comprehensive overview for interested market participants. The economic, geographical, and competitive dynamics of the global refinery catalysts industry are assessed in the report, which helps provide readers a complete picture of the market. The report is titled ‘Refinery Catalysts: Market Shares, Strategies, And Forecasts, Worldwide, 2017-2023.’
According to the report, the global refinery catalysts market had a valuation of close to US$5 bn in 2016. Exhibiting a steady growth rate of 3.8% from 2017 to 2023, the market is expected to rise to close to US$6.5 bn by the end of 2023.
The refinery catalysts industry has exhibited steady growth in the last few years due to the increasing pressure on refineries to deliver high-quality petroleum derivatives despite the declining quality of the extracted feedstock. Fluid catalytic cracking is becoming popular in petroleum refineries due to its benefits over conventionally popular thermal cracking methods, which is likely to drive the demand for refinery catalysts in the coming years.
The rising need to produce cleaner fuels is a key driver for the global refinery catalysts market. Conventional fossil fuels such as petrol and diesel have caused near-insurmountable damage to the ecosystem and have been a contributing factor in a range of climate issues across the world. Due to this, the composition of fuels is being scrutinized in several countries, with governments now keen to minimize the damage caused by the unavoidable use of fossil fuels. Toxic and polluting ingredients such as sulfur and nitrogen oxides are being regulated against, which allows the fuel to burn longer and without causing significant damage. The important role played by refinery catalysts in the removal of such ingredients will ensure steady demand from the global refinery catalysts market in the coming years.
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Ultra-low-sulfur diesel (ULSD) is a prime component of the clean fuel landscape and production of the same is likely to contribute significantly to the global refinery catalysts market. However, production of ULSD with advanced refinery catalysts requires a higher and more expensive grade of crude oil than the one use in the production of regular diesel. This could become an important driver for the global refinery catalysts market in the coming years.
On the other hand, the high costs of upgrading existing refineries to suit modern production methods could be a deterrent factor on the global petroleum industry’s growth and could thus adversely affect the refinery catalysts industry. Many leading petroleum operators have refineries built entirely to suit conventional cracking methods, which will increase the cost of petroleum refining in the coming years. The rise of the alternative fuels industry could also be a restraint on the global refinery catalysts market in the coming years, as several governments are supporting expansion of sectors such as solar, wind, and tidal energy.
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The report examines the competitive landscape of the global refinery catalysts market by profiling the leading players operating in it. Information about the movement of key players such as Haldor Topsoe, BASF, Clariant AG, Sinopec China Petrochemical Corporation, Dow, Chevron, Air Products, Nanostellar, Zeochem, Shell, Evonik Industries, ExxonMobil Catalysts and Licensing LLC, and Indian Oil Corporation helps provide a detailed analysis of the financial breakdown of the global refinery catalysts market.
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