The global refinery catalysts market size was valued at USD 7.88 Billion in 2021 and is projected to reach USD 14.87 Billion by 2028, growing at a CAGR of 7.9% from 2022 to 2028. Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and --other qualitative sections with an in-depth TOC on “Global Chondroitin Sulfate Market: By Source (Poultry, Bovine, Porcine, Shark and Fish and Others), By Form (Tablets, Capsules and Powder), By Distribution Channel (Indirect Sales and Direct Sales), By Application (Pharmaceuticals & Nutraceuticals, Aquafeed, Cosmetics & Personal Care and Pet Food & Veterinary Supplements) and Geography- Global/Region/Country Forecast to 2028",

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Growing Demand for Petroleum Products is Driving the Global Refinery Catalysts Market

A refinery catalyst is one of the important chemicals employed for transforming petroleum refinery naphtha into reformats that are high-octane liquid products. One of the major advantages of a refining catalyst is it is utilized in gasoline, diesel, petrochemicals by different industries for generating high-valued elements. The aromatic hydrocarbons are dehydrated afterwards for creating of high-octane aromatic hydrocarbons. In petroleum refineries, refinery catalysts are also mainly used for changing the chemical reactions rate and enhancing the quality of gasoline products developed by processes such as Hydro-processing and FCC. These catalysts also enhance the operational efficiency of valuable hydrocarbons. They also assist in removing sulphur from crude oil that lessens the negative environmental effects of products such as diesel and gasoline.

There are several factors that greatly contribute in fuelling the refinery catalyst market such as strict environment rules forced by the government, increasing investments in refineries and growing demand for petroleum products. On the other hand, there are a few factors that hinder the market growth such as volatile metal prices and high production price. Furthermore, speedily growing gas and oil activities in rising economies is the largest opportunity during the evaluation time span. Because of the growing annual average crude oil costs, revenues rate comes down majorly due to the less product and growing demand for substitute energy sources. Global refinery catalyst market is surging due to the frequent launchings and acquisitions by the industry participants. For example, Haldor Topsoe A/S in the year 2015 signed an agreement with Increase Performance Inc. to obtain entire ownership of Furnace Manager Technology.

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Catalysts are used for different procedures such as hydrocracking and hydrotreating. Crude oil is converted by the petroleum refining industry into more than 2500 refined products such as fuel oils, gasoline, gas, and aviation fuel, and diesel fuel, kerosene, lubricating oils, liquefied petroleum gas and feed stocks for the petrochemical industry. Moreover, the rising operations linked with gas and petroleum is also likely to drive the demand for refinery catalysts during the evaluation era, especially in the developing Asia Pacific area.

Competitive Analysis - Global Refinery Catalysts Market

There are a few major key players operating in the global refinery catalysts market such as BASF SE, Haldor Topsoe A/S, Albemarle Corporation, Honeywell, Uop Llc., Arkema Group, China Petroleum & Chemical Corporation (Sinopec Corp.), Axens Sa, Kuwait Catalyst Company and Nippon Ketjen Co., Ltd.

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