Refinery Catalyst Market Overview 2023-2027: Projected Market Size, Growth Drivers, And Key Trends As Per The Business Research Company's Refinery Catalyst Global Market Report 2023
LONDON, Nov. 08, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company's Refinery Catalyst Global Market Report 2023, the global refinery catalyst market is poised for substantial growth, with a projected market size of $5.93 billion in 2023, up from $5.63 billion in 2022, reflecting a significant compound annual growth rate (CAGR) of 5.3%. Looking ahead, the market is expected to reach $7.08 billion in 2027, maintaining a CAGR of 4.6%. This growth is attributed to the thriving petrochemical industry, which plays a pivotal role in the production of essential petrochemical feedstocks.
Fueling Growth: The Petrochemical Industry
The growth of the petrochemical industry is a key driver for the refinery catalyst market. This industry focuses on the production of chemicals from crude oil and natural gas, supporting the demand for various petrochemical products. Refinery catalysts enable the production of vital petrochemical feedstocks like naphtha, propylene, and reformate, which serve as the building blocks for a wide range of petrochemicals. With the global demand for petrochemical feedstock set to rise significantly in the coming years, this market's growth is highly anticipated.
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Industry Concentration and Leading Players
The global refinery catalyst market is characterized by a high level of concentration, with large players dominating the industry. The top ten competitors held a substantial 80.14% share of the market in 2022. Barriers to entry, including the substantial costs associated ...
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