Refinery Catalyst Market Growth Trajectory Through 2024-2033|Exxon Mobil Corporation, Royal Dutch Shell, China Petroleum & Chemical Corporation, BASF SE, Honeywell International

The Refinery Catalyst by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Refinery Catalyst, The refinery catalyst market size has grown strongly in recent years. It will grow from $5.88 billion in 2023 to $6.19 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to petroleum-based products, increasing demand for transportation fuel and rise in oil and gas exports..

The refinery catalyst market size is expected to see strong growth in the next few years. It will grow to $7.63 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to high octane fuel, growing petrochemical industry and increasing demand for energy. Major trends in the forecast period include launch of hydro processing catalyst solutions, focus on increasing their investments to develop new product solutions and to meet the growing market demand for refinery catalysts, focus on developments in advanced fluid catalytic cracking (fcc) catalysts, focus on strategic acquisitions and collaborations to improve their financial strength, strengthen their product portfolio and expand their geographical presence, focus on use of hydroflex technology in refining to produce renewable diesel and focus on catalysts that play a crucial role in reducing emissions and developing cleaner energy sources..

The increasing demand for transportation fuel is expected to propel the growth of the refinery catalysts market going forward. Transportation fuels are the energy sources that are used to power motor vehicles that use internal combustion engines. Refinery catalysts are used in petroleum refineries to convert crude oil into commercial products such as transportation fuels, engine fuels, and heating fuels by increasing chemical reactions to reduce heavy metals and harmful organic compounds to create cleaner end products that can be used as transportation fuel. For instance, according to the Energy Information Administration (EIA), a US-based federal agency for collecting, analyzing, and disseminating energy information, petroleum products accounted for about 90% of the total U.S. transportation sector energy use in the year 2021, which gasoline is the dominant transportation fuel followed by distillate fuels such as diesel fuel and jet fuel. Therefore, the increased demand for transportation fuel is driving the growth of the refinery catalysts market.

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The refinery catalyst market covered in this report is segmented –

1) By Type: FCC (Fluid Catalytic Cracking) Catalyst, Hydro Treating Catalyst, Hydro Cracking Catalyst, Catalytic Reforming Catalyst, Other Types
2) By Ingredient: Zeolites, Metals, Chemical Compounds
3) By Application: Oil Refineries, Chemical Synthesis, Polymer Manufacturing, Other Applications

Product innovations have emerged as a key trend gaining popularity in the refinery catalyst market. Major companies operating in the refinery catalyst market are focused on developing new innovative products to strengthen their position in the market. For instance, in March 2022, BASF SE, a Germany-based chemical manufacturing company, introduced Fourtitude, a Fluid Catalytic Cracking (FCC) catalyst designed to maximize butylenes from resid feedstocks. Fourtitude works on multiple framework topology (MFT) technologies that are used to deliver superior selectivity to butylenes while maintaining catalyst activity, which enables increased propylene yields, gasoline octane, and improved coke selectivity.

The refinery catalyst market report table of contents includes: