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Trends of Refinery Catalyst Market Reviewed for 2020 with Industry Outlook to 2025

Author : Ravi Chawat | Published Date : 2020-10-29 

According to the study, Saudi Arabia refinery catalyst market size will potentially surpass US$ 180 million by 2025-end. Housing the second largest crude oil reserve in the world, Saudi Arabia has upped research and development activities in expansion and development of the refineries. Additionally, the regional government is also working toward bettering the downstream petrochemical sector.

Unprecedented surge in the number of oil rigs will help bolster the refinery catalyst industry outlook. With plunging demand and dip in price, oil and gas rig count has observed notable fluctuation over the years. For instance, global oil rig count was lowered by 197 and was pegged at 1772 in 2016 as compared to the preceding year.

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While the Middle East is anticipated to emerge as a lucrative avenue for refinery catalyst market, owing to the increasing oil exploration activities, analysts also project Europe to crop up as a pivotal regional ground for the industry. Apparently, Europe has been predicted to account for more than 20% of refinery catalyst industry share by 2025. The marked surge is mainly attributed to the palpable presence of petrochemical industry in the continent. Not to mention, the region also houses a number of refineries and is gaining traction in the global landscape as far as the increase in oil exploration activities are concerned.

The refinery catalyst market is eventually aligning with the rising production of petroleum resulting from the resurgence of oil and gas industry, after recovering from a tremendous downfall faced earlier in the decade. By the end of 2018, the total crude oil reserves in Saudi Arabia stood at 267.03 billion barrels. Petroleum refiners are heavily investing in the advancement and expansion of refineries to meet the sulfur content rules.

Efforts are undertaken by major petroleum refiners across the globe to comply with fuel standards, enhance the fuel output with reduced emissions, and achieve operational efficiency. The product witnesses extensive usage in various processes like reforming, catalytic cracking, isomerization, desulfurization among various others. It is projected that global refinery catalyst market size will surpass US$5.5 billion in value by 2025.

Major key players in the refinery catalyst market are Royal Dutch Shell PLC, Albemarle Corporation, China Petroleum & Chemical Corporation (Sinopec Corp.), BASF SE, Exxon Mobil Corporation, Clariant AG, Honeywell UOP LLC, W. R. Grace & Co., Johnson Matthey, Haldor Topsoe A/S, Dorf-Ketal Chemicals India Private Limited, Axens SA, Pingxiang Chempack Imp & Exp Co. Ltd., Unicat Catalyst Technologies, Inc., JGC Catalysts and Chemicals Ltd.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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