The growing number of Stringent regulations for vehicle emissions across the world is driving the overall refinery catalysts market.
The global refinery catalysts market size is expected to grow from USD 4.0 billion in 2020 and USD 4.7 billion by 2025, at a CAGR of 2.9% during the forecast period. Emissions that are released into the environment from automobiles and industrial processing units have been harming the environment significantly. According to the US Environmental Protection Agency (EPA), a typical vehicle emits about 4.6 metric tons of CO2 per year. Therefore, increasingly stringent regulations, are driving the refinery catalyst market.
Demand for fuel with high octane number leads to a growing demand for refinery catalysts.
The quality of fuel is directly proportional to its octane number.High-octane fuel generates more energy from the same amount of fuel.
At the same time, it also prevents the wear and tear of the engine.The market is now witnessing an intense demand for high-quality fuels that increase the life of the machines and vehicles in which they are being used.
Refinery catalysts help obtain fuels with higher octane ratings as these catalysts can operate at variable temperatures and can increase activity rates even if used in small quantities. This factor has paved the path for the growth of the refinery catalysts market.
Hydrocracking catalysts to register the fastest growth during the forecast period. The objective of hydrocracking catalysts is to convert heavy oil feedstock into high quality, lighter fuel products such as naphtha, gasoline, jet fuel or kerosene, and diesel, and hydro wax, which can be used as a petrochemical plant lube basestock or feedstock. Rising demand for petroleum derivatives and stringent regulations focusing on the use of ultra-low sulfur diesel (ULSD) are expected to drive the market for hydrocracking catalysts.
APAC to dominate the refinery catalysts market during the forecast period. APAC to dominate the refinery catalysts market during the forecast period.Increasing population, growing industrialization, strict government norms, and environmental regulations are the key factors attributed to the overall growth of the market in the region.
The increasing developments in capacities of oil production in oil refineries of emerging countries of the region are providing substantial growth opportunities for the refinery catalysts market.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the refinery catalysts market.
• By Company Type - Tier 1: 60%, Tier 2: 30%, and Tier 3: 10%
• By Designation - D Level: 30%, C Level: 30%, Others: 40%
• By Region – Europe: 33%, APAC: 25%, North America: 17%, South America: 8%, Middle East & Africa: 17%
The refinery catalysts market comprises major players such as Albemarle Corporation (US), W R Grace (US), BASF (Germany), Haldor Topsoe (Denmark), Honeywell UOP (US), Clariant (Switzerland), Axens (France), Johnson Matthey (UK), China Petroleum and Chemical Corporation (Sinopec) (China), and Shell Catalyst & Technologies (Netherlands), Arkema (France), Anten Chemicals (China), Chempack (China), Dorf-Ketal Chemicals Pvt. Ltd. (India), Exxon Mobil Corporation (US), Gazprom (Russia), JGC Catalyst and Chemicals (Japan),KNT Group (Russia), Kuwait Catalyst (Kuwait), N.E.Chemcat (Japan), Porocel (US), Qingdao Huicheng Environmental Technology (China), Taiyo Koko Co. Ltd. (Japan), Unicat Catalyst Technologies (US), and Yueyang Sciensun Chemicals (China). The study includes an in-depth competitive analysis of these key players in the refinery catalysts market, with their company profiles, recent developments, and key market strategies.
Research Coverage: The market study covers the refinery catalysts market and its segments. It aims at estimating the market size and the growth potential of this market across different segments such as type, ingredient, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies
Key Benefits of Buying the Report: The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall refinery catalysts market and the sub-segments.The stakeholders will be able to understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
It will also help stakeholders comprehend the pulse of the market and provide them with information on key market drivers, restraints, and opportunities.
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