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Refinery Catalysts Market: By Type Catalysts, Catalytic Reforming Catalysts, and Others), By Ingredient, and Geography
Refinery Catalysts Market: By Type Catalysts, Catalytic Reforming Catalysts, and Others), By Ingredient, and Geography
Refinery Catalysts Market size was valued at US$ 7.88 billion in 2023 and is projected to reach US$ 14.87 billion by 2030, growing at a significant CAGR of 7.9% from 2024-2030. A Refinery Catalysts Market is a chemical that is used to transform petroleum refinery naphtha into reformats, which are high-octane liquid products. It also produces cyclic naphthalene and other branched alkanes from low-octane hydrocarbons. The aromatic hydrocarbons are then dehydrogenated one again to create high-octane aromatic hydrocarbons. The companies can generate high-valued components that are used in petrochemicals, diesel, and gasoline by using a refining catalyst.Refinery catalysts are primarily employed in petroleum refineries to change the rate of chemical reactions and improve the quality of gasoline products produced by processes like FCC and hydro-processing. Catalysts for refineries also improve the operational efficiency of valuable hydrocarbons. They also help to remove sulphur from crude oil, which helps to reduce the negative environmental effects of products like gasoline and diesel. Factors such as rising investments in refineries, increasing demand for petroleum products and strict environment regulations imposed by the government are favouring the market.
However, high cost of production and volatile metal prices some of the factors hampering the market. In addition, rapidly growing oil and gas activities in emerging countries is one of the major opportunity during the forecast period. However, factors such as are hindering the market growth. Due to increase in annual average crude oil prices revenues rate falls down, mainly because of lower production and increasing demand for alternative energy sources. Oil production has been in long-term decline. Oil sands have the largest upside, as only 70 of the 170 billion barrels of oil potential are currently under development. Global refinery catalysts market is surging owing to frequent acquisitions and launchings by the market players. For Instance, in 2015, Haldor Topsoe A/S signed an agreement with Increase Performance Inc. to acquire complete ownership of the Furnace Manager Technology. The company believes that the acquisition will be an essential development of the technology and service offering to Topsoes global client base.
Study Period
2024-2030Base Year
2023CAGR
7.9%Largest Market
Asia PacificFastest Growing Market
Asia Pacific
In refineries, refinery catalysts are used to convert petroleum product from crude to elevated octane liquids such as kerosene, oil, diesel to other liquid products. These catalysts are used for a variety of procedures, including hydrotreating and hydrocracking. The petroleum refining industry converts crude oil into more than 2500 refined products, including liquefied petroleum gas, gasoline, kerosene, aviation fuel, diesel fuel, fuel oils, lubricating oils, and feedstocks for the petrochemical industry. Furthermore, the increasing operations associated with petroleum and gas are also likely to boost demand for refinery catalysts during the forecast era, particularly in the developing Asia Pacific region.
Global refinery catalysts market report gives comprehensive outlook on refinery catalysts across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Due to population growth and increased industrialization, Asia-Pacific dominates the refinery catalysts industry. Furthermore, during the projected period, the region's refinery catalysts market will benefit from strict government norms and environmental laws. Because of the increased use of petroleum products, Latin America is expected to see considerable expansion in the refinery catalysts market. Furthermore, the rising demand for gasoline and ultra-low sulphur diesel is expected to drive the refinery catalysts market in the region to new heights in the coming years.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 7.88 billion |
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Market Size in 2030 |
US$ 14.87 billion |
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Market CAGR |
7.9% |
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By Type |
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By Ingredient |
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By Region |
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa (MEA)
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The global refinery catalysts market size was valued at US$ 7.88 billion in 2023 and is projected to grow at a CAGR of 7.9% from 2024 to 2030.
The Refinery Catalysts Market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
The Refinery Catalysts Market key players BASF SE, Haldor Topsoe A/S, Albemarle Corporation, Honeywell, Uop Llc., Clariant International Ltd, Arkema Group, China Petroleum & Chemical Corporation (Sinopec Corp.), Axens Sa, Kuwait Catalyst Company, Nippon Ketjen Co., Ltd.
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.