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Refining Catalysts Market is estimated to have a value of USD 1.33 billion in 2018 and is projected to reach a value of USD 1.6 billion by 2023, at a CAGR of 3.84% during the forecast period (2018 – 2023).

Refining Catalysts Market
Refining Catalysts Market

Refining Catalysts Market (2018 – 2023): This report valuable for an in-depth assessment of the Refining Catalysts including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Refining Catalysts investments from 2018 till 2023.

The Asia-pacific refining catalysts market is estimated to have a value of USD 1.33 billion in 2018 and is projected to reach a value of USD 1.6 billion by 2023, at a CAGR of 3.84% during the forecast period (2018 – 2023). This is majorly driven by the increasing investments in refineries. Refining catalysts are those substances which accelerate the rate of chemical reaction without undergoing any permanent chemical change.

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Top Mentioned Companies in Global Refining Catalysts Market are: Albemarle, BASF SE, Honeywell, and Sinopec and others.

Influence of the Refining Catalysts market report

-Comprehensive assessment of all opportunities and risk in the market.

-Refining Catalysts market recent innovations and major events.

-Detailed study of business strategies for growth of the market-leading players.

-Conclusive study about the growth plot of Refining Catalysts market for forthcoming years.

-In-depth understanding of market-particular drivers, constraints and major micro markets.

-Favourable impression inside vital technological and market latest trends striking the market.

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Increasing Investments in Refineries Boosting the Market

The market for refining catalysts has significantly benefitted from the increasing investments in oil refineries. For instance, Indian Oil has set a budget of INR 1.8 trillion to expand its refineries and expand businesses over the next 5-7 years. Petrol Corp, one of the leading Asian oil companies, invested USD 3.5 billion to expand its refinery in Malaysia by 2020. This expansion is estimated to add 90,000 barrels per day in its operations in Malaysia. Such investments and acquisitions of refineries, along with the increasing demand for fuel, are expected to increase the demand for refining catalysts.

Hydrocracking Catalysts to Grow Rapidly

Hydrocracking catalysts are expected to grow rapidly at a CAGR of 3.56% during the forecast period (2018 – 2023). Hydrocracker units play a key role in obtaining various distillate cuts. The heavy feed or residue from units such as atmospheric/ vacuum distillation units, decoking unit, visbreaker unit, and sometimes from the catalytic cracking unit is fed as feed to the hydrocracking unit. Hydrocracker unit upgrades the feed injected by cracking the feed at high temperatures in the presence of hydrogen and the catalyst to produce distillate cuts, such as jet fuel, diesel, and kerosene. Hydrocracking process also reduces the sulfur content of the feed while processing, thus, making the product viable to use in different countries. Increasing demand for jet fuel and diesel in the aerospace market and automotive market is likely to boost the demand for hydrocracking catalysts at a significant rate during the forecast period.

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