Refinery Catalyst Market - Global Industry Analysis, Trends, Forecast 2025

Posted by aartimurkute on November 24th, 2021

Petroleum refineries have continuously experimented with various types of catalysts. While the process of catalytic-refining is palpably challenging, the petroleum industry has achieved success in petroleum refining with a number of catalysts. The total worth of the global refinery catalyst market is slated to increase in the times to follow. This can majorly be attributed to the need for developing a reliable and sustainable method for catalysis across the petroleum industry. Moreover, growing popularity of catalytic upgrading of bio-oil and fast pyrolysis of biomass has also given a push to market growth in recent years. The global refinery catalyst market is expected touch a whopping value as the petroleum industry grows in size and volume over the next decade.

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Refineries Embrace Cutting-Edge Techniques for Fuel Purification

Refineries across the globe are upgrading their technical processes to achieve greater efficiency and increased output in oil production. Furthermore, the process of refining impurities such as sulfur and nitrogen has also gained greater attention from the oil industry. These factors are expected to bode well for the growth of the global refinery catalyst market.

In recent years, norms and regulations related to gasoline and diesel has made it mandatory for refineries to deploy trusted and efficient purification techniques. There has been a significant rise in investments made towards refining of oils across various emerging facilities.

Exponential Rise in Demand for Petrochemicals to Generate Palpable Revenues for Refinery Catalysts Market

The demand for oil-derived fuels is expected to plummet after this decade as clean energy sources gain greater popularity. However, demand for petrochemicals is expected to remain afloat in the times to follow. Petrochemicals are expected to account for 34% of the total oil market by 2040, rising from a current share of 15%. Therefore, the unprecedented popularity of petrochemicals is expected to power the growth of the global refinery catalyst market. The transportation sector is foreseen to shape the future of the petroleum industry. Greater use of transportation fuel shall translate into increased demand for catalytic refinement. The presence of a robust and ever-expanding automotive sector has also created a handsome market opportunity across the global refinery catalyst market.

Europe to Witness Feeble Growth in Sale of Refinery Catalysts

The use of catalytic refinement for fuel purification is an age-old procedure for the petrochemical industry. Regions such as the Middle East and Asia Pacific have shown a propensity to use refinery catalysts across its oil industry. This trend has given an impetus to the growth of the refinery catalyst market in these regions. However, Europe has not kept up with the pace of market growth across the aforementioned regions. Strict regulations related to environment protection in Europe has caused a slump in demand for refinery catalysts.

Some of the prominent names making a mark across the global refinery catalyst market are Albemarle Corporation, Chevron Corporation, BASF SE, Exxon Mobil Corporation, Haldor Topsoe A/S, Honeywell International Inc., and Johnson Matthey. Entry into the refinery catalyst market remains highly regulated because proprietary technology rights are a prerequisite for market entry. In the absence of new and emerging competition, the major players in the global refinery catalysts market are exercising stellar control over the market.

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