Refinery Catalyst Market in chemical compound segment to witness 2% CAGR from 2019 to 2025
Refinery Catalyst Market is gradually aligning with the increased petroleum production resulting from the resurgence of oil & gas industry.
Sellbyville, United States – September 30, 2019 /MarketersMedia/ —
On materials basis, refinery catalyst market is subdivided into chemical compound, zeolite, metal & others. In terms of revenue, the chemical compound segment is expected to grow with a CAGR of more than 2% by 2025. Sulfuric acid, hydrofluoric acid and other chemicals compounds are suitably used as chemicals compounds-based catalysts. Chemicals compounds are immensely used in alkylation processes that is likely to propel its demand in the coming years.
Availability and fluctuating raw material prices may hamper the product market growth during the projected timespan. The production of refinery catalyst includes eminent usage of unique earth metals such as vanadium, tungsten, molybdenum, etc. which are available at very few locations globally. This will restrict the refinery catalyst market growth in future.
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Increasing demand for reformulated gasoline has played a significant role in strengthening the refinery catalyst market, with stringent emission control regulations and environmental laws being implemented. Blended on the chemical level to burn more cleanly and efficiently than conventional fuels, reformulated gasoline is attributed with the benefit of reducing toxic pollutants and smog-formation in air.
The refinery catalyst industry is gradually aligning with the increased petroleum production resulting from the resurgence of oil & gas industry, in the process of stabilizing after a tremendous downfall earlier in the decade. With an attempt by major refineries worldwide to comply with fuel standards, achieve operational efficiency and enhance the fuel output with minimum emissions, the refinery catalyst market can soon be expected to achieve escalated consumption rates.
A key incentive towards the growth of the refinery catalyst market is the global population that is multiplying exponentially, impelling the fuel demand for use in transportation & industrial power generation. Reportedly, the transportation sector, comprising of automobile, aviation and marine is responsible for more than 60% of the total fuel utilization. Considering the prediction by the United Nations that indicates reaching a global population of over 9.8 billion by the year 2050, one can only surmise the amount of resources that will be required to support the extensive energy needs of the future.
The global refinery catalyst market is bursting with several corporations and oil services companies that enable the enrichment of crude oil or petroleum, with innovations to better the existing technologies being made. For instance, BASF catalysts declared the commercial launch of an evolved catalytic cracking catalyst, Boroflex, designed to optimize the bottoms upgrading and distillation yield of refineries. Owing to such developments in the field of refining processes and stricter norms to be implemented by government organizations, the refinery catalyst market is estimated to surpass a revenue of USD 5 billion by 2025.
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Glimpse of Table of Content (ToC)
Chapter 5. Refinery Catalyst Market, By Material
5.1. Global refinery catalyst market material insights
5.2. Zeolite
5.2.1. Refinery catalyst market estimates and forecast, 2014 – 2025
5.2.2. Refinery catalyst market estimates and forecast, by region, 2014 – 2025
5.3. Metal
5.3.1. Refinery catalyst market estimates and forecast, 2014 – 2025
5.3.2. Market estimates and forecast, by region, 2014 – 2025
5.4. Chemical compound
5.4.1. Market estimates and forecast, 2014 – 2025
5.4.2. Market estimates and forecast, by region, 2014 – 2025
5.5. Others (organometal compounds, enzymes, etc.)
5.5.1. Market estimates and forecast, 2014 – 2025
5.5.2. Market estimates and forecast, by region, 2014 – 2025
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