Hydrotreating Catalysts (CoMo/NiMo)

Danish specialty chemicals and catalysts company (Nasdaq Copenhagen: TOP, hybrid listing January 2025); ~40% of all global ULSD is produced using Topsoe's TK-series hydrotreating catalysts. Founded in the 1940s by Haldor Topsoe; family-controlled. Three critical catalyst lines: (1) Haber-Bosch ammonia synthesis catalysts (KM1) for fertilizer production; (2) Hydrotreating catalysts (CoMo/NiMo) for ULSD and gasoline desulfurization; (3) Solid oxide electrolysis cells (SOEC) for green hydrogen production — 500 MW SOEC facility operational in Herning, Denmark; 1 GW plant planned in Virginia, USA. Bayport, Texas catalyst plant in addition to Frederikssund Denmark primary site.

Albemarle Corporation (NYSE: ALB) is the world's largest lithium producer (for EV batteries) AND a top-3 FCC catalyst maker via its Ketjen subsidiary (acquired from Akzo Nobel 2021). Ketjen produces FCC and hydroprocessing catalysts at Bayport, Texas and Amsterdam, Netherlands. Albemarle announced a strategic review of the Ketjen catalysts business (potential divestiture) given focus on lithium for EV transition — the same company supplying lithium to Ford, BMW, and Tesla also makes the zeolite catalysts refining jet fuel and gasoline. Counter-cyclical hedge: as EV demand rises (lithium up) and gasoline demand falls (FCC catalysts down), Albemarle's business mix naturally rebalances.

Shell's catalyst and technology licensing division (The Hague, Netherlands); includes Criterion Catalysts & Technologies (formed 1988 combining Shell, American Cyanamid, and Shell International Chemical catalyst businesses). Offers CENTERA GT® hydrotreating catalyst platform and DC-2638 CoMo catalyst for ULSD. Simultaneously an oil major refiner (competing with customers it sells catalysts to) and one of the world's largest hydroprocessing catalyst suppliers. Shell Catalysts licenses technology to competing refineries while operating its own downstream refining operations — the oil industry's version of a restaurant supply company that also runs restaurants.

French refining technology and catalyst company, spun off from IFP Energies nouvelles (French government public research institute) in 2001. Largest catalyst plant at Salindres, Gard region, Occitania (~400 employees, €25M recent investment with €2.8M French government subsidy via France Relance). Produces 75,000+ tons of catalysts and adsorbents annually including hydrotreating, reforming, and renewable fuel catalysts. Co-develops technology with TotalEnergies (Impulse® catalyst series). Unique French government connection: IFPEN is publicly funded; Axens commercializes French public research in refining chemistry.

Hydroprocessing catalyst producer in Lake Charles, Louisiana. Originally a joint venture between W.R. Grace and Chevron. Grace acquired Chevron's stake in November 2025, making ART fully Grace-owned. Produces distillate hydrotreating, residue hydrocracking, and renewable fuel catalysts (ENDEAVOR™ series for renewable diesel and sustainable aviation fuel). U.S.-focused market position; part of Grace Catalysts Technologies portfolio.

Honeywell UOP acquired Johnson Matthey's Catalyst Technologies business for £1.8B in May 2025, consolidating JM's HYTREAT™ hydrotreating catalysts into Honeywell's refinery technology portfolio. Johnson Matthey had positioned HYTREAT as a low-lifecycle-emissions catalyst for ULSD and renewable fuel processing. Honeywell UOP already supplies refinery process technology; this acquisition adds catalyst manufacturing. Combined Honeywell/JM entity: major player in refinery catalyst + process technology.