(MENAFN- America News Hour) In a recently published report, Global Refinery Catalyst Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Refinery Catalyst Market products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
Global Refinery Catalyst Market is valued approximately USD 3.89 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 2.9 % over the forecast period 2020-2027. Refinery Catalysts are widely used to fix issues such as metal contamination and heat balance effect in tight oil processing. Refining catalyst is a substance that is used to convert petroleum refinery into the reformats. With the help of refinery catalysts ,the companies can produce high valued elements that are petrochemicals, diesel, and gasoline. Refinery catalysts are predominantly used in petroleum refineries, where they are used to change the rate of chemical reactions and enhance the quality of gasoline products. Further, the growing demand for petroleum products and fuel due to the increasing population around the globe drives the market of refinery catalysts. Also, the demand for cleaner petroleum products has been increasing due to the environmental harm caused by polluted fuel .For instance, According to the US Environmental Protection Agency (EPA), a vehicle emits about 4.6 metric tons of CO2 per year. The average gasoline vehicle on the road today has a fuel economy of about 22 miles per gallon and drives around 11,500 miles per year. Every gallon of gasoline burned creates about 8.9 kg of CO2. This led to the introduction of new environmental regulations to reduce air pollution by decreasing the sulfur content in gas and ultra-low sulfur content in diesel (ULSD). These regulations have raised the demand for refinery catalysts. However, rapidly depleting crude oil reserves impedes the global catalysts in petroleum refining market over the forecast period of 2020-2027. Also, Opportunity is the rising demand for petroleum products, and it will lead to the adoption & demand for Refinery Catalyst.
The regional analysis of global Refinery Catalyst market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the growing concern for environmental protection which will lead to the rise in clean petroleum products and consequently refinery catalysts. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising population and rising demand for petroleum products would create lucrative growth prospects for the Refinery Catalyst market across Asia-Pacific region.
Major market player included in this report are:
W R Grace
China Petroleum and Chemical Corporation
Shell Catalyst & Technologies
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Fluid catalytic cracking (FCC) Catalysts
Catalytic Reforming Catalysts
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Refinery Catalyst Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
About Kenneth Research
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