Refinery Catalysts Market By Type (Hydroprocessing Catalysts, Fluid Catalytic Cracking (FCC) Catalysts, Catalytic Reforming Catalysts, and Others), By Ingredient (Zeolites, Chemical Compounds, and Metals), and by Geography

 

Refinery Catalysts Market size was valued at USD 7.88 Billion in 2021 and is projected to reach USD 14.87 Billion by 2028, growing at a CAGR of 7.9% from 2022 to 2028. 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 Topsoe’s global client base.