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Global Refining Catalysts Market Analysis, Growth, Trends & Forecast 2018-2023, With An Expected CAGR Of 3.17% - ResearchAndMarkets.com
May 10, 2018

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DUBLIN--(BUSINESS WIRE)--May 9, 2018--The "Global Refining Catalysts Market - Segmented by Type, Ingredient, and, Geography - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.

The global refining catalysts market is valued at USD 3.84 billion in 2018 and is projected to reach USD 4.59 billion by 2023, at a CAGR of 3.17% during the forecast period, majorly driven by the increasing investments in refineries.

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 in order to expand its refineries and expand businesses in the next 5-7 years. Petrol Corp, one of the leading Asian oil companies, invested USD 3.5 billion in order to expand its refinery in Malaysia by 2020. This expansion is estimated to add 90,000 barrels per day in its operations in Malaysia.

The fluid catalytic cracking (FCC) process plays a crucial role in refineries while producing lighter products from crude oil. FCC unit helps in converting a variety of feed types, such as cracked gas oil, gas oil, deasphalted gas oils, vacuum/atmospheric resins, and others, into lighter and high value products, such as diesel oil, jet fuel, LPG, kerosene, and gasoline.

Asia-Pacific is estimated to be the largest market for refining catalysts, in terms of revenue, in 2016. China is a key consumer of refinery catalysts in the Asia-Pacific region. Positive growth from automotive industry in many countries, along with the growing investments for refineries, contributed to the growth of the refinery catalyst market in this region.

Companies Mentioned

Albemarle Corporation Axens BASF Chevron Corporation Clariant AG CRI/Criterion Inc. DuPont Evonik Industries ExxonMobil Chemical Haldor Topsoe Honeywell International Inc. JGC C & C Johnson Matthey Sinopec W.R. Grace & Co