Refining catalysts are chemical compounds used in petroleum refining to either accelerate or decelerate chemical reactions for the desired results. Refinery catalysts facilitate petroleum refining processes such as reforming, hydroprocessing, and fluid catalytic cracking among others. Reformulated gasoline-producing hydrocracking and reforming processes require specific catalysts that can withstand severe operating conditions. Stringent fuel specifications have increased the use of hydroprocessing catalysts for deep desulfurization and denitrogenation of fuel products.
Key Takeaways:
Key players operating in the refinery catalyst market are Ashok Leyland, General Motors Company, Bosch Rexroth AG, Xiamen Golden Dragon Bus Co., Ltd., Daimler AG, Volvo Group, Volkswagen AG, Mahindra and Mahindra Ltd., Toyota Motor Corporation, and Tata Motors Ltd. These players are focusing on developing advanced catalyst formulations that can withstand high temperatures and pressures while maximizing conversion rates.
Some of the major opportunities in the Refinery Catalyst Market Demand include increasing for distillate fuels along with stringent environmental regulations. Moreover, emerging economies across Asia Pacific and Middle East are increasing investments in oil refinery capacities which is anticipated to boost regional demand. Global players are expanding their production and R&D facilities across major refining hubs to cater to the growing demand.
Market drivers:
One of the key drivers for refinery catalyst market is the rising oil refinery capacities around the world. According to International Energy Agency, global refining capacity is projected to increase by over 15 million barrels per day by 2030 with major additions from China and India. Stringent environmental regulations regarding fuel sulfur content are also driving higher demand for advanced hydrotreating catalysts that can remove impurities effectively.
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