Published on : May 18, 2017
Albany, New York, May 18, 2017: The report delves into the various demand and supply forces leaving lasting impact on the global refinery catalysts market. Besides this, recent strategies by the market players which are likely to create breakthroughs are discussed at length. While key focus remains on identifying the most lucrative opportunities for the market players, the report aims at delivering crisp, yet meticulous analysis to help stakeholders get a better perspective of the global refinery catalysts market.
The report has pegged the global refinery catalysts market’s value at US$4.96 bn in 2016 and by the end of 2023 it is expected to reach US$6.49 bn. If these figures hold true, the global refinery catalysts market will expand at a steady 3.8% CAGR between 2017 and 2023. The rising demand for cleaner fuels is creating an environment conducive to the growth of the market worldwide. As governments implement new fuel standards to forbid refineries from using heavier and dirtier feedstock, the demand for refinery catalysts is expected to rise. This in turn is expected to result in considerable additions to refining capacity.
The efficient use of catalysts to help manufacturers address the soaring energy demand better is also expected to have a positive impact on the overall market. Factors such as the rising demand for high-performance transportation fuel around the world have come in aid of the market, enabling it continue exhibiting steady growth. Also the rising demand for high-performance transportation fuel will have a positive impact on the market globally. Stringent regulations and the rising petroleum derivatives consumption are other key factors steering growth in favor of the global refinery catalysts market.
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Specialist catalysts are used across petroleum refining processes to improve their operational efficiencies. As refining comes at a higher price quote, the demand for specialist catalysts is rising at a rapid pace. Also the increasing demand for high octane fuel, especially across metropolitan centers in nations such as the U.K, the U.S., Japan, Germany, and India, is expected to have a positive impact on the overall market. These materials are also used to counter heat balance effects and metal contamination in tight oil processing. Therefore, the increasing tight oil production in the U.S., China, Russia, and Argentina is expected to positively influence the market’s growth trajectory.
On the downside, as alternate fuels such as biofuels foray into the industry, stakes might get higher for the refinery catalysts market in the coming years. Also the proliferation “Go Green” campaigns pose threat to the market. Nevertheless, the rising demand for energy across the emerging nations of Asia Pacific will help the refinery catalysts market sustain its growth pace in the forecast period.
Some of the leading players operating in the global refinery catalysts market are Albemarle, Haldor Topsoe, BASF, Honeywell / UOP, Clariant AG / Süd-Chemie AG, and Shell CRI.
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