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LANDON, GREATER LANDON, UNITED KINGDOM, September 27, 2024 /EINPresswire.com/ -- The hydrodesulfurization catalyst market has experienced robust growth in recent years, expanding from $2.75 billion in 2023 to $2.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to refinery upgrades and expansion, stringent environmental regulations, globalization of oil and gas industry, shift towards cleaner fuels, focus on energy security.
What Is The Estimated Market Size Of The Global Hydrodesulfurization Catalyst Market And Its Annual Growth Rate?
The hydrodesulfurization catalyst market is projected to continue its strong growth, reaching $3.63 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to increasing focus on renewable energy, transition to hydrogen economy, continued regulatory stringency, demand for sustainable catalysts, geopolitical shifts in energy markets, growing importance of biofuels.
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Growth Driver Of The Hydrodesulfurization Catalyst Market
The rising demand for transportation fuels is expected to propel the growth of the hydrodesulfurization catalyst market going forward. Transportation fuels are the energy sources that are used to power motor vehicles that use internal combustion engines. Gasoline/Petrol, Diesel, LPG (Liquefied Petroleum Gas), Jet fuel, and Marine fuel are various examples of transportation fuels. Hydrodesulfurization catalysts are used in crude oil refineries to remove harmful organosulfur compounds to create cleaner end products that are used as a transportation fuel.
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Which Market Players Are Steering The Hydrodesulfurization Catalyst Market Growth?
Key players in the market include Albemarle Corporation, Advanced Refining Technologies LLC, China Petroleum & Chemical Corporation, Haldor Topsoe Holding A/S, Shell PLC., PetroChina Company Limited, Axens SA, JGC C&C, Honeywell UOP, Johnson Matthey PLC., BASF SE, Clariant AG, Dorf Ketal Chemicals, ART Hydroprocessing, Repsol S.A, W R Grace & Co, Chiyoda Corporation, Sinopec Corp., Chevron Phillips Chemical Company, Redkino Catalyst Company, Criterion Catalysts & Technologies, CRI Catalyst Leuna GmbH, Mitsubishi Electric Corporation, Emerson Electric Co., General Electric Co., Texas Instruments Inc., Delta Catalysts, Denso Corporation, Delphi Automotive PLC, Noble Group Ltd.
What Are The Key Trends That Influence Hydrodesulfurization Catalyst Market Share And Analysis?
Major companies operating in the market are focusing on investments to sustain their position in the market. For instance, in June 2021, Raízen Argentina S.A.U., an Argentina-based company that operates in the oil and gas sector, has made an investment of $715 million in Axens Group to supply technology licensing and equipment for a new modular fluid catalytic cracking (FCC) gasoline hydrodesulfurization unit.
How Is The Global Hydrodesulfurization Catalyst Market Segmented?
1) By Type: Cobalt-Molybdenum, Nickel-Based, Other Types
2) By Feedstock: Natural Gas, Naphtha, Heavy Oil, Diesel Oil, Kerosene, Other Feed Stocks
3) By End Use Industry: Petrochemicals, Natural Gas Processing
Geographical Insights: Asia-Pacific Leading The Hydrodesulfurization Catalyst Market
Asia-Pacific was the largest region in the market in 2023. North America is expected to be the highest-growing region in the market during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Hydrodesulfurization Catalyst Market Definition
Hydrodesulfurization catalysts (HDS) refer to catalysts that are involved in carrying hydrodesulfurization process, a chemical process that organosulfur compounds are removed over heterogenous catalysts during the refinement of petroleum.
Hydrodesulfurization Catalyst Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global hydrodesulfurization catalyst market report covering trends, opportunities, strategies, and more
The Hydrodesulfurization Catalyst Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on hydrodesulfurization catalyst market size, hydrodesulfurization catalyst market drivers and trends, hydrodesulfurization catalyst market major players and hydrodesulfurization catalyst market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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