Westford USA, Aug. 21, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Refinery Catalyst market, increasing adoption of catalysts for hydrotreating and hydrocracking processes, growing demand for catalysts with higher activity and selectivity, shift towards renewable feedstocks and biofuels, development of catalysts for residue upgrading, implementation of advanced catalyst regeneration technologies, rising focus on catalyst recycling and sustainability, utilization of catalysts for emission control and reducing carbon footprint, are the trends that aid in the market's growth.
Browse in-depth TOC on "Refinery Catalyst Market"
- Pages - 157
- Tables - 66
- Figures - 75
A refinery catalyst is a substance used to speed up and control chemical reactions in petroleum refining. It is typically a solid, porous material containing active sites where the reactions occur. Refinery catalysts are used in various processes, including fluid catalytic cracking, hydrotreating, and reforming.
Prominent Players in Refinery Catalyst Market
- Albemarle Corporation
- BASF SE
- Clariant International Ltd.
- Criterion Catalysts & Technologies L.P.
- Exxon Mobil Corporation
- Haldor Topsoe A/S
- Honeywell International Inc.
- Johnson Matthey PLC
- JGC Catalysts & Chemicals Co., Ltd.
- MPC Catalysts & Technologies
- Petroliam Nasional Berhad (PETRONAS)
- Sinopec
- UOP LLC
- WR Grace & Co.
- Axens SA
- CNPC Catalyst Company
- IFP Energies nouvelles
- Nexeo Solutions
- SINOCATA
- Sumitomo Chemical
- TotalEnergies
- Univercatalyst
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Fluid Catalytic Cracking Demand to Grow Substantially in the Forecast Period
Fluid catalytic cracking dominated the global market as it converts heavy hydrocarbon feedstocks into lighter, high-value products such as gasoline, diesel, and olefins. It also plays a crucial role in enabling this process by promoting the cracking of large hydrocarbon molecules into smaller, more valuable products.
Gasoline Production is the Leading Application Segment
In terms of application, gasoline production is the leading segment as it is a primary and widely consumed fuel worldwide, particularly in the transportation sector. In addition, stringent environmental regulations and emission standards imposed by governments worldwide necessitate the production of cleaner-burning gasoline. Refinery catalysts play a vital role in the refining process to meet these regulatory requirements, such as reducing sulfur content and enhancing octane levels.
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North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region has experienced a significant shift towards the production of unconventional resources such as shale oil and tar sands. These resources require specialized catalysts to optimize their conversion into refined products, further driving the demand for refinery catalysts in the region.
A recent report thoroughly analyzes the major players operating within the Refinery Catalyst market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Refinery Catalyst.
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Key Developments in Refinery Catalyst Market
- Albemarle Corporation (NYSE: ALB), With an investment of more than US$ 500 million, the La Negra III/IV chemical conversion plant becomes one of the most modern in Latin America. The new plant integrates a first-ever, thermal evaporator designed to significantly reduce the freshwater required per metric ton with a clear commitment to sustainability.
Key Questions Answered in Refinery Catalyst Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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