The refinery catalyst market has gained significant importance over the past few years due to the increasing demand for cleaner fuels. Refinery catalysts help remove impurities from crude oil and lower the production costs of fuels like gasoline, diesel and jet fuel. They convert heavy oil fractions into lighter and more valuable products and remove sulfur from motor fuels to meet stringent environmental standards.
Key Takeaways
Key players operating in the refinery catalyst market are Ashok Leyland, General Motors Company, Bosch Rexroth AG, Xiamen Golden Dragon Bus Co., Ltd., Daimler AG, Volvo Group, Volkswagen AG, Mahindra and Mahindra Ltd., Toyota Motor Corporation, and Tata Motors Ltd. These players are focusing on developing innovative catalyst technologies to process heavier crudes and reduce environmental emissions.
The increasing need for gasoline and diesel fuel across industries and transportation sector presents significant opportunities for Refinery Catalyst Market Growth manufacturers. In addition, growing demand for cleaner fuels from stringent emission norms will drive refiners to invest in advanced catalysts.
Refinery catalyst companies are expanding their production facilities globally especially in emerging markets such Asia Pacific and Middle East & Africa due to rising refining capacities. Collaboration with global refiners and technology licensing agreements are also helping companies strengthen their foothold.
Market Drivers
The primary driver boosting the refinery catalyst market is the rising demand for transportation fuels owing to growing vehicle ownership in developing countries. According to industry estimates, global gasoline demand is projected to rise by over 10 million barrels per day by 2030. Furthermore, stringent emission norms enacted by governments across nations to curb air pollution are necessitating improved catalyst technologies. Refiners need to comply with international standards for sulfur content in fuels that require investments in advanced catalyst formulations. This is a major factor propelling the market growth over the forecast period.
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