Refinery Catalyst Market - Forecast (2020 - 2025)
According to the Organization of Petroleum Exporting Companies (OPEC), among all the resources of energy, oil will have the largest market share that is estimated to be 27% by 2040. Furthermore, the organization projects that the term period of 2016 to 2022 will observe an augmented demand for oil from 95.4 Mb/d to 102.3 Mb/d. Subsequently, the growing demand for oil will lead to production upsurge in refineries which is creating opportunities in the refinery catalyst market that had a market size of $7 billion as of 2018. Furthermore, the demand for catalysts in refineries is estimated to grow with a compound annual growth rate of 3% during the forecast period of 2019 to 2025. In 2018, the American Petroleum Institute (API) documented that the first four months of the year had observed an increased demand for petroleum that translates to 750,000 barrels a day, which is the highest level in 11 years. As documented in the U.S. Energy Information Administration (EIA), the country impor...