Sustained production of crude oil & gas to fuel refinery catalyst market size

Sellbyville, DE -- (SBWire) -- 06/15/2020 --The refinery catalyst market is eventually aligning with the rising production of petroleum resulting from the resurgence of oil and gas industry, after recovering from a tremendous downfall faced earlier in the decade. By the end of 2018, the total crude oil reserves in Saudi Arabia stood at 267.03 billion barrels. Petroleum refiners are heavily investing in the advancement and expansion of refineries to meet the sulfur content rules.

Refinery catalysts are essentially used in several processes which also include reforming, catalytic cracking, isomerization, and desulfurization, among others. The product is extremely useful in helping refiners to manage the fuel standards and meet the operational efficiency without having to hinder the environment.

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The production of refinery catalysts mostly involves prominent use of unique earth metals like tungsten, vanadium and molybdenum among various others. Global refinery catalyst market size is projected to surpass $5.5 billion by the year 2025.

Eminent market players in the refinery catalyst market include:

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Albemarle
2. Haldor Topsoe
3. BASF
4. Axens
5. Honeywell UOP
6. Royal Dutch Shell
7. W. R. Grace & Co
8. Clariant

A key factor positively influencing refinery catalyst market is the evident rise in global population and improving economic conditions in both developed and developing nations, directly impelling the fuel demand for the use in transportation and industrial power generation. As of 2020, the world population stood at 7.8
billion.

The transportation sector, consisting of aviation, marine, and automobile has witnessed considerable growth due to the increase in disposable income among people and rapid advancements in the refinery catalyst market. In general, the transportation sector accounted for more than 25% of global energy consumption.

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Refiners are increasingly using catalyst technology to propel difficult feeds to diesel and other high-value products. In a bid to propel thenrefinery catalyst market portfolio, companies such as ExxonMobil have joined hands with other pioneering companies to offer tremendous hydrogenation power, hydrodenitrogenation (HDN) and aromatic saturation activity.

Prominently, hydroprocessing is 2 times more active vis-à-vis traditional catalysts and has short payback period of 2 to 3 months, thereby helping enhance product and yield quality. As such, hydroprocessing sector will likely expand at a CAGR of around 5% during the assessment period 2019-2025.

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