Research Nester published a report titled “Refinery Catalyst Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global refinery catalyst market in terms of market segmentation by type, by material, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global refinery catalyst market is estimated to garner a notable CAGR over the forecast period, i.e., 2021–2029. The market is estimated to grow on the back of rising demand for gasoline, diesel, and other lighter fuels backed by the growing automotive sector. Moreover, the escalating investment in the oil & gas industry globally is anticipated to boost the market growth.
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The global refinery catalyst market is segmented on the basis of type into hydrotreating, fluid catalytic cracking, hydrocracking, isomerization, and others, out of which, the fluid catalytic cracking segment is foreseen to garner notable share in the market over the forecast period as it has the ability to derive light hydrocarbons out of long carbon chains. Further, the market is segmented by material into zeolites, metals, chemical compound, and others, out of which, the zeolites segment is projected to gain the largest market share, during the forecast period owing to the various properties of zeolites, such as, porous nature, large surface area, and high temperature resistance, which makes it very useful for the selective catalytic reduction of diesel.
Regionally, the global refinery catalyst market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is expected to hold a major share over the forecast period owing to the large oil reserves in countries, such as, Canada, and the increasing number of oil refineries in the region. Canada currently holds more than 10% of the global oil reserves, and is the fourth largest producer and exporter of oil. The market in Asia Pacific is estimated to witness growth with the highest CAGR during the forecast period, owing to the developing automotive industry, growing economy, and increasing emergence of oil refineries in the region. The market in the Middle East and Africa region is also anticipated to grow significantly throughout the forecast period owing to the high number of oil reserves present in the gulf region.
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Increasing Sale of Vehicles to Propel the Market Growth
The global sale of cars crossed 60 million cars in 2020, and is further estimated to cross 70 million in 2021.
Owing to the changing lifestyle, car is a necessity and there is a spike in the manufacturing and sales of personal as well as commercial vehicles. Fuel, such as, CNG, LNG, diesel and others, are required to power these vehicles, which, in turn, is estimated to increase the demand of such fuels. This is the major factor estimated to drive the growth of the global refinery catalyst market.
However, increasing adoption of renewable energy and fluctuating prices of raw materials are expected to operate as key restraints to the market growth over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global refinery catalyst market which includes company profiling of BASF SE (ETR: BAS), W.R. Grace & Co. (NYSE: GRA), Haldor Topsoe A/S, Albemarle Corporation (NYSE: ALB), Honeywell International Inc. (NYSE: HON), Clariant Ltd. (SWX: CLN), Shell International B.V., China Petrochemical Corporation (SINOPEC) (NYSE: SNP), JGC HOLDINGS CORPORATION (TYO: 1963), and KNT Group (TSE: KNT). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global refinery catalyst market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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