Refining Catalysts Market Revenues to Reach USD 4.51 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

Hyderabad, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Refining Catalysts Market Report (2023-2028)," the market is estimated at USD 3.76 billion in 2023. It is expected to register a CAGR of 3.69% during the forecast period.

Refinery catalysts are special catalysts used in oil refining to change heavy crude oil into valuable products like gasoline, diesel, and jet fuel. The market for these catalysts is being boosted by more investment in refineries and a growing need for higher-octane fuel. However, unpredictable changes in precious metal prices might slow down market growth. There's potential for the use of nanocatalysts in the future as the focus shifts toward them. The Asia-Pacific region holds the largest share of the market, led by countries like China and India.

Report Summary:

Who are the Top Companies in the Global Refining Catalysts Market?

The market is partially consolidated. The significant players in the global refining catalysts market are,

• Albemarle Corporation
• Axens
• BASF SE
• China Petrochemical Corporation
• Exxon Mobil Corporation
• Topsoe
• Honeywell International
• JGC C & C
• Johnson Matthey
• Royal Dutch Shell PLC
• W. R. Grace & Co.-Conn
• Chevron Lummus Global (CLG)
• KNT Group

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Key Highlights from the Global Refining Catalysts Market Report:

Growth in Fluid Catalytic Cracking (FCC) Catalysts Segment

• The Fluid Catalytic Cracking (FCC) process is crucial in refineries for producing lighter products from crude oil. The FCC unit converts various feed types like cracked gas oil, vacuum/atmospheric resins, etc., into valuable products such as diesel, jet fuel, gasoline, etc.
• The process involves heating the feedstock at high temperatures and pressure, combined with a catalyst, to break down high-boiling hydrocarbons into smaller molecules.
• The Indian Oil Corporation (IOC) is investing USD 4.39 billion to expand its Panipat refinery, aiming to increase production from 15 to 25 million tons annually.

Asia-Pacific Leading the Market

• The Asia-Pacific region holds the largest share of the refining catalysts market, and it's predicted to be the fastest-growing market in the coming years.
• China is the major player in the region, accounting for over 40% and possessing more than 14% of the world's refining capacity.
• South Korea's naphtha use is expected to increase due to capacity growth in ethylene plants and rising demand for plastics in Asia. Indonesia aims to significantly boost its oil refining capacity to reduce dependence on imported petroleum products.
• These factors are collectively contributing to the growth of the refining catalysts market in the region.

What are the Latest Developments in the Global Refining Catalysts Market?

• In March 2022: BASF launched Fourtitude, a new fluid catalytic cracking (FCC) catalyst designed to maximize butylenes from resid feedstocks.

Mordor Intelligence has Segmented the Global Refining Catalysts Market Based on Product, Process, and Geography.

• By Product (Market Size and Forecast based on Value (USD billion), 2018-2028)
  • CoMo
  • NiMo
  • Alumina-based Noble Metal
  • NiW
  • Zeolites
  • Other Products
• By Process (Market Size and Forecast based on Value (USD billion), 2018-2028)
  • Hydrotreating
    • Gasoline
    • Kerosene
    • Diesel
    • Vacuum Gas Oil
    • Catalytic Cracking Gasoline
    • Residual Feed
  • Fluid Catalytic Cracking (FCC)
  • Residue Fluid Catalytic Cracking (RFCC)
  • Hydrocracking
• By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • ASEAN Countries
    • Rest of Asia-Pacific
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • Italy
    • France
    • Spain
    • Russia
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Refining Catalysts Market Report (2023-2028).

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About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.

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• Refining Catalysts Market - Mordor Intelligence