October 7th, 2022
The global Refinery Catalyst industry size is expected to gain momentum by reaching USD 5.84 Billion by 2028 while exhibiting a CAGR of 3.8% between 2021 to 2028. In its report titled "Refinery Catalyst Market, 2021-2028," Fortune Business Insights mentions that the market stood at USD 4.38 billion in 2020.
The increasing investment in research & development, technologies, and capacity expansion in the refinery sector is expected to drive the market during the forecast period. For instance, in September 2020, Clariant started constructing refining materials in China to produce CATOFIN, required in propane dehydrogenation. The company invested a major amount in China, which is likely to support the customer base in the local region.
By application, it is segmented into FCC, alkylation, hydrotreating, hydrocracking, catalytic reforming, and others. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Provide?
The market report for refinery catalysts provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. The different market segments and their regional analysis are discussed in the report. Further, it talks about the dominant strategies adopted by key players such as the introduction of new products, partnerships, and collaboration that will further contribute to the market growth. Lastly, it provides information on the impact of COVID-19 on market growth.
Asia Pacific to Remain at Forefront Baked by Increased Crude Oil Production
Asia Pacific is expected to remain at the forefront and hold the highest position market during the forecast period. This is attributable to increased crude oil production in China., According to China National Petroleum Corp.'s Economics & Technology Research Institute, China's refining industry capacity has tripled. Its crude oil processing capacity is anticipated to reach 1 billion tons a year, or 20 million barrels per day, by 2025. The market stood at USD 1.52 billion in 2020.
Europe is anticipated to showcase significant Refinery Catalyst Market share owing to favorable regulations imposed by European Union to promote development in oil recovery and promotion of biofuels. The government initiative in the region is to provide sustainable solutions for fuels such as ethanol, thus promoting the regional market.
The market is consolidated by major companies striving to maintain their position by focusing on mergers and facility expansions. Additionally, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations to favor the market's growth in the upcoming years.
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