Recently, in March 2020, BASF SE, a German chemicals company, launched Fortune Fluidized Catalytic Cracking (FCC) catalyst to deliver more butylenes for refiners
There are major concerns regarding declining crude oil prices as well as high demand for electric vehicles. Such factors can hinder the growth of the refinery catalyst market. A phosphorous catalyst acts as a reagent that helps to add hydrogen to the air. This can be useful in producing oxygen inside a refiner. An inhibitor is a reagent that prevents something from reacting with something else in a chemical reaction. A catalyst and an inhibitor are also commonly used in some refineries as a way to keep gases in the plant from escaping while they are processing the chemicals. Furthermore, the demand for fuel with high octane is increasing rapidly across the globe. Such factors can boost the growth of the refinery catalyst market shortly.
Many refineries around the world are using biofuels to improve fuel economy. With these kinds of fuel being used by refiners, it helps to reduce the amount of fuel that is needed to operate a refinery. Refineries that use biodiesel tend to create less pollution than most other methods. There are a lot of different ways that refineries can profit by using biofuels. However, before these fuels are even used, they must be created in large enough amounts to allow them to be used in refineries. Emerging regions, such as the Asia Pacific have witnessed major demand for refinery catalysts. This is because an increasing number of private companies playing a key role in promoting the refinery catalyst market.