The Europe refining catalysts market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 2.5% during 2023–2031. The growth of the market is attributed to The number of automobiles on the road is increasing, which means more toxins are being emitted into the environment.
Because of the ever-increasing stringency of environmental rules governing refinery emissions, refiners must carry out their refining procedures with as little environmental toxins as possible. Refining catalysts are one of the most effective ways to enforce the refining process's ever-increasing environmental requirements.
The phrase refining catalyst has two meanings that are intertwined. A refining catalyst is any dual-functioning chemical substance used in refineries to help in the refining of crude materials while also controlling the pace of the chemical reaction. Refining catalyst is the process of converting hazardous catalysts into non-harmful chemicals. On the one hand, a refining catalyst is a catalytic refining substance used in refineries to refine crude materials. The method of purifying polluted or used catalysts is also included.
In the petroleum business, refining catalysts were preferred over thermal processing because refining catalysts create more petroleum products, such as gasoline, and they provide higher quality products than thermal cracking.
Fluid catalytic cracking catalysts, hydro processing catalysts (hydrocracking catalyst (zeolite) and hydrotreating catalyst), and catalytic reforming catalysts are the most common types of catalysts used in the petroleum industry (platinum). These catalysts are solid-state catalysts. The isomerization refining catalyst is another type of catalyst utilized in the refining process.
According to the BP Statistical Review of World Energy 2018, the EU has a refining capacity of over 14 million barrels per day, accounting for roughly 14% of total world capabilities, making it the third biggest refining market after the United States and China.
The EU also need energy from third-world countries. Petroleum goods (including crude oil, which is the major component) were the most commonly imported energy product in 2019, accounting for over two-thirds of all energy imports into the EU, followed by gas (27 %) and solid fossil fuels (six percent) In 2019, the EU's reliance rate was 61 %, implying that net imports provided more than half of the EU's energy requirements.
The International Maritime Organization (IMO) restrictions on bunker fuels, which are set to take effect in 2020, are one of the most significant problems in the existence of the refining business. The Sulphur content limit in marine fuels will be reduced from 3.5 to 0.5 wt% under these regulations.
To comply with the impending IMO regulation, refiners can choose from a number of options to reduce the Sulphur content of their fuel production. Implementation of such solutions is generally the result of a thorough techno-economic analysis, which is tailored to each refinery's unique scenario.
Residues, which are the major raw material used to make residual bunker fuels, can be converted or desulfurized using certain process methods. Resid fluid catalytic cracking (resid FCC), Coking, resid hydrodesulfurization (RDS), and resid hydrocracking are some of the most prevalent process technologies.
Europe Refining Catalysts Market Trends, Drivers, Restraints, and Opportunities
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Increased exports from the country implies to rising demand for oil is expected to drive the market expansion in coming years.
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Rising urbanization and growing number of vehicles are anticipated to surge the market.
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Growing demand for cleaner petroleum products and surging population are expected to boost the market during the forecast period.
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Stringent regulation on greenhouse gas and carbon emission is expected to fuel the market during the forecast period.
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Growing aviation industry and automotive sector is key factors pushing the market growth in the coming years.
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Rapid concerns regarding the use of cleaner and greener energy are major factors boosting the market in the coming years
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Growing investments in renewal energy sources such as solar, wind and other are expected to hinder the market.
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Disturbed oil supply and price hikes are major challenges that can hamper the market growth.
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Research and development in catalyst to improve its efficiency is creating an lucrative opportunity for the market players.
Scope of Europe Refining Catalysts Market Report
The report on the Europe refining catalysts market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Europe Refining Catalysts Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Ingredients (Metals, Zeolites, and Chemical Compounds), Types (Reforming Catalysts, Fluid Catalytic Cracking Catalysts, Isomerization Catalysts, Hydrocracking Catalysts, and Alkylation Catalysts)
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Regional Scope
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Europe
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Haldor Topsoe A/S; W. R. Grace & Co.-Conn; BASF SE; Albemarle Corporation; Haldor Topsoe A/S
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Europe Refining Catalysts Market Segment Insights
The zeolites segment is projected to represent a large market share
Based on ingredients, the Europe refining catalysts market is divided into metals, zeolites, and chemical compounds. The zeolites segment is expected to represent a key share of the market during the forecast period owing to in regard to widely used as catalysts in the petrochemical industry as it dehydrates alcohol to generate a mixture of hydrocarbons, which is then converted into gasoline (petrol).
The fluid catalytic cracking catalysts segment is anticipated to expand at a substantial CAGR
On the basis of types, the Europe refining catalysts market is segregated into reforming catalysts, fluid catalytic cracking catalysts, isomerization catalysts, hydrocracking catalysts, and alkylation catalysts. The fluid catalytic cracking catalysts segment is expected to constitute a key share of the market during the forecast period owing to provides for greater product selectivity control. many FCC systems have been developed and marketed that can process vacuum gas oil (VGO) and/or oil wastes for the synthesis of light olefins.
Segments
The Europe refining catalysts market has been segmented on the basis of
Ingredients
- Metals
- Zeolites
- Chemical Compounds
Types
- Reforming Catalysts
- Fluid Catalytic Cracking Catalysts
- Isomerization Catalysts
- Hydrocracking Catalysts
- Alkylation Catalysts
Country
Key Players
Competitive Landscape
Key players competing in the Europe refining catalysts market include Haldor Topsoe A/S; W. R. Grace & Co.-Conn; BASF SE; Albemarle Corporation; Haldor Topsoe A/S.
Some of these players are coming up with several markets strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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