The Hydrodesulfurization Catalys by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hydrodesulfurization Catalys , The hydrodesulfurization catalyst market size has grown strongly in recent years. It will grow 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..
The hydrodesulfurization catalyst market size is expected to see strong growth in the next few years. It will grow to $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.. Major trends in the forecast period include integration of nanotechnology, r&d for catalyst innovation, digitalization and process optimization, technological collaborations and partnerships, advancements in catalyst technologies..
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. For instance, according to the Energy Information Administration (EIA), a US-based federal agency for collecting, analyzing, and disseminating energy information, petroleum products accounted for about 90% of the total U.S. transportation sector energy use in the year 2021, which gasoline is the dominant transportation fuel followed by distillate fuels such as diesel fuel and jet fuel. Therefore, the rise in demand for transportation fuel is driving the growth of the hydrodesulfurization catalyst market.
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The hydrodesulfurization catalys market covered in this report is 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
The innovative use of hydrodesulfurization end products is a key trend gaining popularity in the hydrodesulfurization catalyst market. Major players are concentrating their efforts on formulating uses of hydrodesulfurization end products to gain profit and sustain their position in the market. For instance, in April 2022, Chevron Phillips Chemical Company LLC, a US-based company operating in chemical production, built a new hydrodesulfurization (HDS) to accelerate change for a sustainable future. The new HDS unit will promote circularity by converting sulfur, into hydrogen sulfide, a feedstock that will be utilized for the synthesis of mercaptans. Additionally, it will lower SO2 emissions and supply fuel for a new cogeneration unit, which generates steam and electricity for the facility.
The hydrodesulfurization catalys market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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