Market Size of Refining Catalysts Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 3.9 Billion |
| Market Size (2029) | USD 4.68 Billion |
| CAGR (2024 - 2029) | 3.69 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Refining Catalysts Market Analysis
The Refining Catalysts Market size is estimated at USD 3.9 billion in 2024, and is expected to reach USD 4.68 billion by 2029, growing at a CAGR of 3.69% during the forecast period (2024-2029).
The COVID-19 outbreak negatively impacted the market due to reduced consumption of oil-refined products. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
- Over the short term, increasing investment in refineries and the accelerating demand for higher octane fuel are the major factors driving the market studied.
- On the flip side, the volatility in precious metal prices is expected to hinder market growth.
- The shifting focus toward nanocatalysts will likely act as an opportunity in the future.
- Asia-Pacific region accounted for the largest market for refining catalysts, with almost half of the global share, and is also expected to be the fastest-growing market.
