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Catalysts in Petroleum Refining Market Segmented By material such as Zeolites, Metal, Chemical Compounds, Other Catalyst with application such as FCC Catalysts, Alkylation Catalysts, Hydrotreating catalysts, Hydrocracking catalysts, Catalytic reforming, Other Catalysts
Catalysis plays a pivotal role in the petroleum refining as most of the processes are catalytic. Petroleum fractions produced through fractional distillation of crude oil does not fulfill the quality standard to be used as fuels and increasing market demands. The improvement in the unconventional oil reserves is highly anticipated to provide a lucrative growth to the catalysts used in the petroleum refining process.
For example, the shale oil processing in North America will enhance the catalyst growth owing to a large number of metal contaminants and heat balance issues. The catalyst in petroleum refining provides optimum butylene selectivity, maximum transformation, and selectivity on the light feed and metals tolerance ability, which will propel the catalysts in the petroleum refining market over the forecast period.
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The key driving factor for the global catalysts in petroleum refining market is the growing demand for energy from a growing population. The significant increase in sales of catalysts in petroleum refining owing to the rise in consumer demand for gasoline and diesel in developing economies is highly anticipated to drive the global catalysts in petroleum refining market.
Moreover, the narrow supply of raw materials surges the overall cost of production, this factor has attracted manufacturers toward large-scale utilization of refinery catalysts, as they help extract relatively more diesel and gasoline from the same amount of crude oil.
The key restraining factor such as raw material price volatility and rapidly depleting crude oil reserves may hinder the global catalysts in petroleum refining market growth over the forecast period.
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Zeolites Catalysts in petroleum refining is estimated to account for a significant market share over the forecast period due its high porosity and adjustable acidity properties. On the other hand, among application segments, FCC (Fluid Catalytic Cracking) Catalysts in Petroleum Refining is anticipated to see rapid market growth over the forecast period, attributed to being one of the most widely used catalysts.
Based on geographies, the global catalysts in petroleum refining market is segmented into seven regions including North America, Latin America, Europe, CIS & Russia, Japan, APEJ (the Asia Pacific excluding Japan) and MEA. Among the above-mentioned countries, North America is estimated to account for a significant market share due to the rise in the demand for gasoline. APEJ is anticipated to witness a high growth in the global catalysts in petroleum refining market owing to Increasing refining output in India and China.
Moreover, Europe is projected to showcase optimistic growth in the global catalysts in petroleum refining market due to stringent regulation over carbon emission across the region.
MEA is one of the key prospering regions which will generate noteworthy opportunity in the global catalysts in petroleum refining market over the forecast period due to the rise in crude oil production.
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Prominent players for the global Catalysts in Petroleum Refining market are Clariant International Ltd., Arkema Group, Zeolyst International Inc., BASF SE, Chevron Corporation, Johnson Matthey, ExxonMobil, Evonik Industries, E.I. du Pont de Nemours & Company (DuPont), W.R. Grace & Co. – Conn, Albemarle Corporation and other key market players.
Prominent market players are committed to enhancing their catalysts in petroleum refining market to capture maximum market share in the global catalysts in petroleum refining market.
These companies are aiming the expansion of production and supply capacity of catalysts in petroleum refining to increase its overall profitability.
