Global Refinery Catalyst Market was valued at USD 8.2billion in 2019 which is expected to reach USD 15.35billion by 2027 at a CAGR 7.5%.
Refinery catalyst is used to convert petroleum refinery naphtha’s into the high-octane liquid product called as refomats. Also, refinery catalyst can convert low octane hydrocarbons into cyclic naphthalene and other alkanes. Refinery catalyst enhances the operational efficiency of valuable hydrocarbons.
Materials are effectively shaping the world with their diverse and broad range of applications in an assortment of industries. The chemical industry has an important part as a practical science in varied areas that manipulate human society extending from factors such as environmental, economic, and political stability. The chemical industry has also been instrumental in the development of society, and products that have been manufactured by the Materials industry that has affected several areas, such as hygiene, agriculture, food, and petrochemistry to name a few.
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Increase in demand for petroleum and petroleum derived products is the key driving factor which is expected to boost the global refinery catalyst market growth. Furthermore, rise in demand for high octane fuel in various countries including U.S., Germany, Japan, India, and U.K. will significantly boost the market growth during this forecast period. Moreover, increase in global automation sale in Asia Pacific will fuel the market growth.
However, increase in raw material cost is the major restraining factor which is expected to hamper the global refinery catalyst market growth.
Market Key Players
Various key players are discussed in this report such as BASF, AXENS, CRITERION CATALYSTS & TECHNOLOGIES L.P., HONEYWELL, UOP LLC. , HALDOR TOPSOE, W.R. GRACE & CO., ALBEMARLE CORPORATION, CLARIANT INTERNATIONAL, and JOHNSON MATTHEY
The market report has been accumulated with the assistance of many primary (interviews, surveysobservations,) and secondary (journals, industrial databases,) sources to distinguish and gather proper information for this broadcommercial, market-oriented, and technical estimation. Porter’s Five Force Model has been implementedto determinethe market assessment precisely and to verify the several strengths, and weaknesses, along with opportunities, and threats (SWOT analysis), and multiple quantitative and qualitative study related with the market.
By Catalyst Material
- Chemical Compounds
- Catalytic Reforming
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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