Refinery Catalyst Market Is Estimated To Witness High Growth Owing To Increasing Refinery Capacities

https://www.coherentmarketinsights.com/market-insight/refinery-catalyst-market-736
Refinery Catalyst Market 



Market Overview:

Refinery catalysts help improve quality, yields, and maximize profitability of oil refineries. They reduce production costs and ensure environmental compliance by decreasing pollution from petroleum processing.

Market key trends:

One of the major trends in the refinery catalyst market is the growing demand for eco-friendly catalysts. Strict environmental regulations regarding emission levels from refineries are promoting research and development of greener catalysts that can help reduce sulfur and nitrous oxide emissions. Nanotechnology is allowing manufacturers to develop highly effective catalysts that use lesser raw materials and last longer, helping drive sustainable practices.

Segment Analysis

The global refinery catalyst market is segmented into fluidized catalytic cracking (FCC), hydroprocessing catalysts, catalytic reforming, and others. Among these, the fluidized catalytic cracking (FCC) segment accounted for the largest market share in 2023 owing to rising demand for gasoline blending components like propylene and ethylene from the petrochemical industry. The hydroprocessing catalyst segment is expected to grow at the highest CAGR over the forecast period as refineries increase hydrocracking capacity to produce higher-value products.

The global Refinery Catalyst Market Demand is estimated to be valued at US$ 6.75 Billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Key Takeaways

The global refinery catalyst market size was valued at US$ 6.75 billion in 2023 and is expected to grow at a CAGR of 5.0% during 2023-2030. Growing demand for petroleum products and deep conversion of crude oil is driving the demand for refinery catalysts over the forecast period.

Regional analysis: North America dominated the global refinery catalyst market in 2023 with a share of over 35%, owing to high crude oil production and a large number of refineries in countries like the US and Canada. Asia Pacific is expected to witness the fastest growth during the forecast period due to the increasing demand for petroleum products from industries like transportation and construction in developing countries like China and India.

Key players: Key players operating in the refinery catalyst market include BP Global and Royal Dutch Shell. BP Global is one of the leading players in refinery catalyst production globally with a wide product and technology portfolio. Royal Dutch Shell is also a major player with a strong presence across refining operations as well as catalyst manufacturing facilities. Other prominent players in the market are YARA International, Foster Wheeler AG, OXEA GmbH, W R Grace, Johnson Matthey, Albemarle Corporation, BASF SE, Technip SA, and UOP LLC.


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