Global Fluid Catalytic Cracking Catalyst Market: Overview
Fluid catalytic cracking (FCC), a type of secondary unit operation, is primarily used to produce additional gasoline in the refining process. Fluid catalytic cracking is a chemical process that utilizes a catalyst and heat to break long-chain hydrocarbons into smaller-chain hydrocarbons. Typical products include gasoline, distillate, butane, and propane fuels. Currently, FCC produces most of the world's gasoline, as well as an important fraction of propylene for the polymer industry.
Rapid urbanization coupled with significant expansion of the chemical industry in developing countries, such as China and India, has driven the demand for petroleum products, which in turn boosts the demand for fluid catalytic cracking catalyst market. Moreover, a rise in the demand for ultra-low sulfur content diesel and aviation fuel is another major factor driving the demand for fluid catalytic cracking, which in turn ultimately is propelling the demand for fluid catalytic cracking catalysts. Emphasis on the reduction of operation cost of the petroleum refining process has made fluid catalytic cracking a highly preferred alternative for the cracking of petroleum fractions, which in turn is driving the demand for market. Additionally, several governments across the globe are increasing their investments in petroleum refining activities in order to cater to the rise in demand, which in turn is boosting the market. However, high investment as well as operational costs are expected to hamper the fluid catalytic cracking catalyst market. Furthermore, a decline in the demand for gasoline in Europe and North America is also restraining the market.
Global Fluid Catalytic Cracking Catalyst Market: Key Segments
The global fluid catalytic cracking catalyst market can be segmented based on type, technical configuration, and region. In terms of type, the market has been classified into lanthanum oxide and zeolite. Based on configuration, the market can be segregated into side-by-side type and stacked type. Stacked-type FCC catalysts comprise the catalyst generator and reactor within a single vessel with a regenerator below the main reactor, while side-by-side FCC catalysts contain these components individually in separate vessels.
In terms of region, the global fluid catalytic cracking catalyst market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the global fluid catalytic cracking catalyst market in 2017. The market in the region is projected to expand at a notable CAGR during the forecast period. Rise in refining activity coupled with developed end-use industry in the region has impelled the demand for fluid catalytic cracking catalyst. China is expected to dominate the fluid catalytic cracking catalyst market in Asia Pacific, followed by India and Japan, during the forecast period.
The Ratnagiri refinery in India has a significantly high planned FCC capacity of 312 Mbpd. The refinery is expected to start operations in 2022 with a total capex of US$ 40 billion. Indian Oil Corporation Ltd is the operator of the refinery. The Dayushan Island refinery in China has the second-highest planned FCC capacity of 304 Mbpd. In Middle East & Africa, GCC countries are major producers and exporters of the crude oil and refined products. Hence, the fluid catalytic cracking catalyst market in the sub-region is expected to expand significantly during the forecast period. Europe is a mature market for FCC catalyst. The economic slowdown in Eastern Europe led to the sluggish expansion of the fluid catalytic cracking catalyst market in the sub-region.Hence, the market is expected to expand at a steady pace in Europe during the forecast period.
Global Fluid Catalytic Cracking Catalyst Market: Key Players
Key companies operating in the global fluid catalytic cracking catalyst market include The Linde Group, BASF SE, Toyo Engineering India Private Limited, Flour Corporation, Larsen & Toubro Limited, Honeywell International Inc., Axens, Amec Foster Wheeler, Shell group, Albemarle Corporation, W.R. Grace Company, Exxonmobil, Chevron Lummus Global, CB&I Company, Sinopec Ltd., Eurecat Group, JGC Catalysts and Chemicals (Beijing) Ltd. and Johnson Matthey PLC.
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