The worldwide market for Refinery Catalyst is expected to grow at a CAGR of roughly 3.17% over the next five years, will reach 5506.7 million US$ in 2024, from 4811.2 million US$ in 2019
Refining catalyst is a substance that aids in the conversion of petroleum refinery naphthas into high-octane liquid products. Besides, it also converts low octane hydrocarbons into cyclic naphthalenes and other branched alkanes. Then, these are again dehydrogenated to produce aromatic hydrocarbons with high octane number. Refining catalyst produces high valued elements that are used in petrochemicals, diesel, and gasoline.
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Top Companies in the Global Refinery Catalyst Market : Grace Catalysts Technologies, BASF, Albemarle, Criterion, Johnson Matthey, Haldor Topsoe, UOP (Honeywell), Axens, JGC C&C, Sinopec, CNPC, HCpect
Global Refinery Catalyst Market Split By Product Type And Applications:
This report segments the global Refinery Catalyst Market on the basis of Types are:
On the basis of Application, the Global Refinery Catalyst Market is segmented into:
Asia-Pacific to Dominate the Market
- In 2018, Asia-Pacific accounted for the largest share in the market for refining catalysts with almost half of the global share and is also expected to be the fastest growing market.
- China is the major market holder and accounted for more than 40% share of the region. China’s refinery capacity is about 14177 thousand barrels per day which constitute 14.6% of the world’s refining capacity.
- Additionally, one of the top oil refiners in India, Indian Oil Corp. Ltd announced its plan to invest INR 1.8 trillion along with the expansion of Barauni and Gujarat refineries in order to expand the refining capacity in the country in the coming five years.
- Furthermore, Rotary Engineering Ltd, Singapore has signed a contract with Emirates National Oil Co. (ENOC) of Dubai which amounts to USD 1 billion. Rotary Engineering will make 12 storage tanks refinery which will store the increased production of jet fuel, naphtha, and gasoline blendstocks.
- Such investments are expected to boost the market for refining catalysts in the region during the forecast period.
- The huge growth of Asia-Pacific is quite instrumental in the expansion of the refining catalysts market.
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