Global Refinery Catalyst Market

Global Refinery Catalyst Market Size, Share, Growth Analysis, By Types(Zeolites, Metals), By Catalyst Material(Fluid Catalytic Cracking (FCC) Catalyst, Hydrotreating Catalysts) - Industry Forecast 2024-2031

Report ID: SQMIG10E2021 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 66 | Figures: 75

Global Refinery Catalyst Market News

  • In June 2022, Albemarle Corporation (NYSE: ALB), With an investment of more than US$ 500 million, the La Negra III/IV chemical conversion plant becomes one of the most modern in Latin America. The new plant integrates a first-ever, thermal evaporator designed to significantly reduce the freshwater required per metric ton with a clear commitment to sustainability.
  • In June 2022, BASF announced that it will offer a range of chemical intermediates with a product carbon footprint significantly below the global market average.
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Refinery Catalyst Market size was valued at USD 6.55 billion in 2019 and is poised to grow from USD 6.8 billion in 2023 to USD 9.1 billion by 2031, growing at a CAGR of 3.7% in the forecast period (2024-2031).

The Global Refinery Catalyst Market is partially consolidated with major players operating in that market. Such as xens Group, Johnson Matthey Plc, China Petroleum & Chemical Corporation, Shell Catalysts & Technology, Arkema SA, Exxon Mobil Corporation, Gazprom PAO, etc. These players are adopting various strategies and comprising investments in R&D, partnership, and in new product launching. 'Albemarle Corporation', 'BASF SE', 'Clariant AG', 'W.R. Grace & Co.', 'Axens S.A.', 'Johnson Matthey PLC', 'Honeywell International Inc.', 'Haldor Topsoe A/S', 'Criterion Catalysts & Technologies L.P.', 'Arkema S.A.', 'Evonik Industries AG', 'JGC C&C', 'Exxon Mobil Corporation', 'Royal Dutch Shell plc', 'Chevron Corporation', 'Dow Chemical Company', 'Nippon Ketjen Co., Ltd.', 'UOP LLC', 'Zeolyst International', 'IFP Energies nouvelles.'

Increased demand for petroleum derivatives drives increased market demand and boosts the market value of refinery catalysts. The size of the refinery market is increased by using high-octane fuel. The size of the refinery market is increased by strict environmental restrictions, the usage of high-quality refined products, and urbanization. The market expands due to the usage of ultra-low sulphur diesel produced using a hydrocracking catalyst. The petroleum fuel sector is anticipated to grow rapidly, from the drilling of diesel to the use of gasoline.

Refining catalysts have advantages due to the industry's increasing investment in R&D, technology, and capacity growth. The market's top manufacturers are concentrating on implementing new technologies, proprietary designs, and equipment upgrades for these catalysts while increasing profits. To guarantee stability and dependability, businesses are enhancing the catalytic qualities of the products. They will be able to generate high-quality fuel for less money because to this. The market is expanding as a result of the rising demand for the refinery to create petroleum products and derivatives including plastics, petroleum wax, naphthalene, paraffin wax, and refined asphalt.

The largest market is held by Asia Pacific, to expand at a CAGR over the course of the assessment year. According to reports, China and India were the second- and fifth-largest nations in 2019 in the global market for refinery catalyst. The most populous economies in the area have increased the region's energy demand, which is a major role in the demand for refining catalyst in the area. Additionally, the market growth is being positively impacted by the region's fast-paced expansion of polymer manufacturing and refining businesses. The largest refinery in the area's presence is also estimated to grow demand for refinery catalysts.

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Global Refinery Catalyst Market

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