Market player are focusing on product innovations to sustain in the market and attain benefits over competitors.
DUBAI, UAE / ACCESSWIRE / December 1, 2020 / The global refinery catalyst market is anticipated to expand at a CAGR of 4.2% during the assessment period, 2020-2030. The growth in the petrochemical sector is anticipated to enhance the expansion of global refinery catalyst market. At present the market is adversely impacted by the COVID-19 outbreak on the petrochemical industries worldwide. While the market has suffered losses, it is anticipated to pick itself up by 2021 onwards.
"Regulations boosting the usage of cleaner emission fuels will be stricter in the foreseeable future as concerns over ecological safety is taking precedence worldwide. Therefore the refinery catalysts role in diminishing the sulphur levels of fuels will gain prominence, offering huge market prospects for manufacturers," says an FMI analyst.
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Refinery Catalyst Market - Key Highlights
- The global refinery catalyst market is projected to reach market estimation of over US$12 Bn towards 2030 end.
- North America will remain lucrative and record CAGR of over 2% during 2020-2030.
- FCC product type will come out as a dominant segment, capturing over 44% of the overall market.
- Zeolites will be extensively utilized due to their porous structure allowing them to work selectively on specific molecules.
Refinery Catalyst Market - Drivers
- Growing demand for fuel with high octane number will prompt growth of refinery catalyst market.
- Rising environmental safety concerns are anticipated to further demand for refining catalysts in the approaching years.
- Growing access to aviation along with other automotive transportation alternatives to the general public will act as a market growth.
Refinery Catalyst Market - Restraints
- Competitive trends prevalent in the market may impend the market growth scenarios.
- Rapid acceptance of renewable energy sources might hamper the market and will challenge the growth of established players and new entrants.
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COVID-19 Impact on the Market
The COVID-19 outbreak has adversely impacted the global economy since its outset. Disruptions foreseen in the production of petrochemical has limited the expansion of refinery catalysts market. Absence of labor supply and restraints imposed on transport are common aspects hindering the growth in the market amid the crisis.
Competitive Landscape
The global refinery catalyst market incorporates established players who operate globally in addition to regional players. This has ensured in an exceedingly competitive market. The fundamental strategies implemented by players incorporate fortifying supplier base and enhancing distributor networks. Some of the key players identified in the market include Albemarle Corporation, Exxon Mobil, Honeywell International Inc., W.R. Grace and Co., BASF SE, Clariant AG, Haldor Topsoe A/S, and Axens SA.
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About the Study
The study offers readers a comprehensive assessment of the Refinery Catalyst market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of product type (FCC, reforming, hydrotreating, hydrocracking, isomerization and alkylation), ingredients ( zeolites, metals and chemical compounds), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
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SOURCE: Future Market Insights