LONDON, Nov. 08, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Refinery Catalyst Global Market Report 2023, the global refinery catalyst market is poised for substantial growth, with a projected market size of $5.93 billion in 2023, up from $5.63 billion in 2022, reflecting a significant compound annual growth rate (CAGR) of 5.3%. Looking ahead, the market is expected to reach $7.08 billion in 2027, maintaining a CAGR of 4.6%. This growth is attributed to the thriving petrochemical industry, which plays a pivotal role in the production of essential petrochemical feedstocks.
Fueling Growth: The Petrochemical Industry
The growth of the petrochemical industry is a key driver for the refinery catalyst market. This industry focuses on the production of chemicals from crude oil and natural gas, supporting the demand for various petrochemical products. Refinery catalysts enable the production of vital petrochemical feedstocks like naphtha, propylene, and reformate, which serve as the building blocks for a wide range of petrochemicals. With the global demand for petrochemical feedstock set to rise significantly in the coming years, this market's growth is highly anticipated.
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Industry Concentration and Leading Players
The global refinery catalyst market is characterized by a high level of concentration, with large players dominating the industry. The top ten competitors held a substantial 80.14% share of the market in 2022. Barriers to entry, including the substantial costs associated with research and development and stringent regulatory requirements, contribute to this concentration. Notable players in the market include Exxon Mobil Corporation (16.44% market share), Royal Dutch Shell, China Petroleum & Chemical Corporation, BASF SE, Honeywell International, Chevron Corporation, W. R. Grace & Co., Albemarle Corporation, Arkema, and Clariant International Ltd.
Focus on Emissions Reduction and Clean Energy
Companies in the refinery catalyst market are increasingly emphasizing catalysts that play a vital role in reducing emissions and developing cleaner energy sources. These catalysts are used to convert harmful gases into less harmful substances or even valuable materials. For example, a perovskite catalyst developed by scientists at TU Wien in April 2021 effectively converts CO2 into useful substances, such as synthetic fuels. This catalyst is stable, cost-effective, and regenerative, making it suitable for industrial use. The use of such catalysts in various industries, including petroleum refining, automotive, and environmental protection, showcases their versatility and potential.
Regional Insights
- Asia Pacific: The largest region in the refinery catalyst market, accounting for 40.1% of the total in 2022.
- Middle East: An emerging region in the market.
- Fast-Growing Regions: Asia Pacific and Western Europe are expected to experience the fastest growth with CAGRs of 4.9% and 3.6%, respectively.
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Stakeholders in the refinery catalyst industry can harness the insights provided in the Refinery Catalyst Global Market Report 2023 to navigate this dynamic market effectively. The refinery catalyst market report offers a comprehensive understanding of current market trends, growth projections, and emerging opportunities. Armed with this knowledge, industry players can formulate strategies, make informed decisions, and capitalize on the ever-evolving landscape of the refinery catalyst market.
Refinery Catalyst Global Market Report 2023 by The Business Research Company provides insights on the refinery catalyst market size, refinery catalyst market segments, refinery catalyst market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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