Catalysts work by enhancing the rate of chemical reactions and are the critical part of industrial processes to limit cost and save energy. Refinery Catalyst is a chemical process that converts the petroleum refinery products (low octane count) from the crude oil into (high-octane) liquid products such as diesel, gasoline, kerosene, etc. The end products of which are called as reformates.
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Zeolite ingredient segment is the largest market in the global refinery catalysts market, as it is the most widely used in the FCC process. Owing to its affordable cost coupled with beneficial properties has enhanced the growth of refinery catalyst in FCC process.
Furthermore, other metals such as platinum, tungsten, nickel, cobalt molybdenum and various other metals are usually used for hydrocracking and hydrotreating process to remove impurities and reduce the emission of harmful gases into the environment. As the demand for fuels containing less sulfur content increases, the demand for metals is witnessed to have significant growth during the forecast period.
Refinery Catalysts Market Outlook
Asia Pacific is the largest market for refinery catalysts. The countries such as China and India have the largest population which in turn has enabled burgeoning growth in Industrialization, Urbanization, and Construction activities. Thereby, driving the growth of refinery catalyst market in Asia Pacific at the fastest rate. The rapid expansion and industrialization of polymer manufacturing and refining companies in the Asia-Pacific region is also expected to increase growth of refinery catalysts in the region.
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Increasing Oil and Gas exploration activities has led to an increase of demand in the Middle East region. Therefore, refinery catalysts market is expected to have a high growth rate in this region.
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