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Refinery Catalyst Market Analysis
The refinery catalyst market is set to witness a spend growth of more than USD 1 billion with spend momentum to accelerate at a CAGR of over 3% between 2019-2024. Out of the types of refinery catalysts, the chemical compounds will account for the maximum usage owing to the growing popularity of organometallic compounds used for manufacturing polyethylene and polypropylene. Zeolite, a refinery catalyst type, is the most extensively utilized material that are essential in refining and petrochemical applications and will be used in abundance in the near future.
Top Spending Regions in the Refinery Catalyst Market
North America and APAC will dominate the refinery catalyst market in terms of spend share and will observe a sustained spend growth of the refinery catalyst market through the forecast period.
Stakeholders in the North American refineries are focusing on making advances in drilling technologies which is enabling them to reduce the cost of extraction and increase their drilling efficiency. This is motivating the refineries to expand their production capacities to meet the growing regional and global demands for natural gas and low-cost liquid fuels, predominantly from the transport and manufacturing industries. This expansion of refining capacity is expected to lead to an increase in demand for refinery catalysts.
An increase in refinery capacity in countries such as China and India to meet the demand for transportation fuel from countries such as Singapore, Malaysia, Thailand, and Indonesia are expected to trigger the growth of the refinery catalyst market in APAC. An increase in demand for jet fuel from the aviation industry due to improving air connectivity to domestic and international destinations from APAC countries, low fares as a result of increasing competition among airlines, and growing business activities will contribute to the growth of the refinery catalyst market in APAC during the forecast period.
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Insights Offered in this Refinery Catalyst Market Report
Insights into Some of the Leading Refinery Catalyst Suppliers
The supply market dynamics hint at a substantial hike in suppliers' OPEX which will drive buyer's procurement spend. Keeping such dynamics in mind, strategic selection of suppliers and maintaining an effective supplier relationship management are observed to facilitate buyers with optimized procurement expenditure and better category management in the refinery catalyst market. This refinery catalyst market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top refinery catalyst suppliers. The top refinery catalyst suppliers highlighted in this report include:
Criteria to select suppliers in this dynamic refinery catalyst market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.