The global is expected to reach USD 6.18 billion by 2022, according to a new report by Grand View Research, Inc. Growing need for environmental friendly/high performance fuels is expected to remain a key driving factor for global refinery catalyst market. Stringent EPA and REACH environmental regulations to curb sulfur and NOx emissions caused due to growing refinery is also expected to have a positive impact on the market growth. Increasing refinery complexity along with growing requirement to optimize tight oil and sour crude processing has led to the usage of specialty catalysts with improved efficiency.
Zeolites were the most preferred catalyst material with demand share exceeding 30% of total market volume in 2014. Zeolites are expected to witness significant growth on account of high requirement in various refinery processes including catalytic reforming, hydrotreating, and FCC. High porosity and adjustable acidity are key properties on account of which zeolites are used as catalysts in refining and petrochemical production. Chemical compounds are anticipated to witness the highest growth of 3.5% from 2015 to 2022. Low price of chemical compounds as compared to zeolites, metals, and enzymes are expected to have a positive impact on market growth.
Grand View Research has segmented the refinery catalyst market on the basis of material, application and region:
Refinery Catalyst Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
Refinery Catalyst Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
Refinery Catalyst Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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