Selbyville, Delaware, Jan. 14, 2020 (GLOBE NEWSWIRE) --
According to the report published by Global Market insights Inc., the global Refinery Catalyst Market was estimated to be worth $4 billion in 2018 and is expected to hit $5.5 billion by 2025, registering an annual compound growth rate of 4% from 2019 to 2025. The report provides a detailed analysis of the market size & estimations, major investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.
Growing demand for reformulated gasoline has played a significant role in strengthening the refinery catalyst market. Enforcement of stringent emission control regulations and environmental laws have also helped to propel the industry outlook. Blended on the chemical level to burn in a cleaner manner and more efficiently than conventional fuels, reformulated gasoline is associated with the benefit of reducing toxic pollutants and smog-formation in air.
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Based on type, the market is segmented into fluid catalytic cracking, hydro processing, alkylation, reforming & isomerization. The fluid catalytic cracking segment of refinery catalysts market will account of more than two-third of the total market, owing to their usage in breaking down heavy crude oils into lighter molecule hydrocarbons upon heating. The hydro processing segment, on the other hand, is projected to grow at the fastest CAGR of 5% during the study period.
Based on materials, the market is segmented into zeolite, chemical compound, metal and others. The zeolite segment accounted for a major market revenue in 2018 and is expected to lead the trail throughout the forecast period. However, the metal-based segment is expected to hold a more than 30 percent of the total a market share of by 2025.
Key reasons for refinery catalyst market growth:
- Revival of global oil & gas industry
- Growing demand for petroleum derivatives
- Tightening legislation to reduce sulfur content
- Increasing automotive demand in Asia Pacific.
North America accounted for more than $800 million in 2018 and is anticipated to retain a considerable share during the estimated period. Simultaneously, the Asia Pacific dominates the global compressor oil market, due to the large crude oil refining plants in China, India, Japan, and South Korea.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.