Market Trends of Catalysts in Petroleum Refining, Chemicals, and Polymer Synthesis Industry
This section covers the major market trends shaping the Petroleum Refining & Chemicals Catalysts Market according to our research experts:
Petroleum Refining Application to Dominate the Market
- The growing consumption of petroleum products, like hydrocarbons, is expected to grow, thereby, driving the market studied. The global demand for liquid hydrocarbons is growing mainly due to the growth of the population and the consumer class in developing countries.
- The growth in the demand for oil in the developing countries will be majorly encouraged by the industrial sector, in particular, the petrochemical industry.
- Stringent environmental legislations, while being a bane for industries, such as refineries, can be a boon for catalyst manufacturers, provided they introduce efficient catalysts at the right time.
- For instance, 'drop-in' catalysts that can be used with the existing refinery setup could be a preferred industry choice.
- Hence, owing to the above-mentioned reasons, the petroleum refining catalysts application is likely to dominate the market studied during the forecast period.
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Asia-Pacific to Dominate the Market
- Asia-Pacific is likely to lead the market owing to the higher consumption of petroleum products, including transport fuels, polymers, and other life amenities. The major demand for catalysts in Asia comes from China.
- China has emerged as one of the biggest production houses in the world today and is the principal location for the manufacture and export of plastic products.
- In the recent past, there has been significant growth in the demand for catalysts from India, and Southeast Asian countries for various applications.
- Hence, owing to the above-mentioned factors, Asia-pacific is likely to dominate the market during the forecast period.
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