FCC Catalyst Demand to Remain Strong Amid High Gasoline
Demand in India
WILMINGTON, Del., Aug. 2, 2024 /PRNewswire/ -- Fluid catalytic
cracking (FCC), a critical process in the petroleum-refining
industry, is designed to convert heavy petroleum fractions into
lighter hydrocarbon products inside a reactor. It is a major
contributor to the production of gasoline.
The global FCC catalyst market is expected to
register a CAGR of 3.7% from 2023 to 2031, as gasoline
demand continues to grow despite the electric vehicle (EV) boom.
The market was valued at US$ 2.8 Bn
in 2022. It is estimated to reach US$ 3.9
Bn by the end of 2031, according to Transparency
Market Research (TMR), a leading global market research
company.
Request a PDF Sample of this Report Now -
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=67520
FCC Catalyst Market Key Insights
- High gasoline demand in India
offering opportunities to vendors
- Gasoline demand rebounding in China, North
America, and gas-rich countries
- FCC catalysts to aid refineries increase their profits and
maintain a positive bottom line
- Strong Demand for Gasoline in Many Countries Positively
Impacting Market Development
Gasoline demand is growing in many countries despite efforts to
electrify the transportation sector. According to the
International Energy Agency (IEA), India is expected to record a significant rise
in gasoline consumption.
The agency's Oil 2024 Report stated that India's oil demand is forecast to grow
more than any country other than China between 2023 and 2030. India's oil demand is projected to rise
from 5.4 million barrels per day (bpd) in 2023 to 6.7
million bpd by 2030, a growth of 3.2% or 1.3
million bpd.
Gasoline demand is rebounding in China, North
America, and gas-rich countries in Africa as a result of expected colder weather
and lower prices. Such a scenario offers lucrative
FCC catalyst market opportunities during the forecast
period.
- Rise in Focus on Profits and Maintaining Positive Bottom
Lines in Refineries
Refineries across the globe are focused on increasing their
profits and maintaining a positive bottom line in a competitive oil
& gas sector. Additionally, growth in the adoption of EVs is
likely to slow down the demand for gasoline in the near future.
This prompts oil & gas vendors to maximize their revenues while
gasoline demand is still strong. Fluctuating crude oil prices and
changing regulatory requirements have also pressured refineries to
optimize their operations and ensure positive financial
performance. This heightened focus on profitability is ensuring
positive market demand.
Unlock Growth Potential in Your Industry! Download PDF
Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=67520
FCC Catalyst Market Regional Insights
- China and India to define the market scenario in
Asia Pacific
- The market for FCC catalysts in India seems strong with high automotive fuel
and naphtha sales
Asia Pacific accounted for
the largest market share in 2022. The FCC catalyst
market dynamics in the region are diverse, with increased
adoption of electric vehicles in China expected to put a major dent in gasoline
demand growth in the near future and India's fuel demand hitting a new high in
2024.
China accounted for nearly
60% of all new electric car registrations globally in 2023,
according to IEA. In addition to dominating global electric vehicle
manufacturing, the country is likely to meet its ambitious EV
adoption goal of 40% of vehicles sold by the year
2030. Growth in EV demand is estimated to bring a slowdown
in gasoline demand, hindering the FCC catalyst market size.
On the other hand, India is
riding on higher automotive fuel and naphtha sales. According to
the Indian Petroleum Ministry's report, Indian oil marketing
companies sold 37.22 MMT of petrol during the 2023-24 fiscal,
6.4% higher than FY23. Such record petrol and diesel
consumption on vehicles is augmenting the FCC catalyst market share
in India.
FCC Catalyst Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2022-2031
|
Base
Year
|
2017-2020
|
Size in 2023
|
US$ 2.8 Bn
|
Forecast (Value) in
2034
|
US$ 3.9 Bn
|
Growth Rate
(CAGR)
|
3.7 %
|
No. of
Pages
|
244
Pages
|
Segments
covered
|
By Application, By
Region, By Process
|
Leading Players in FCC Catalyst Industry
BASF SE, W.R. Grace & Co.-Conn, Clariant AG, Albemarle
Corporation, and China Petrochemical Corporation are major players
operating in the FCC catalyst industry.
Key Strategies by FCC Catalyst Market
Players
- Breakthrough in FCC catalyst iron tolerance
- Investment in polypropylene technology
In recent years, iron tolerance has emerged as a significant
challenge for catalyst suppliers. Thus, FCC catalyst manufacturers
are investing in R&D activities to address these challenges.
In July 2024, W. R. Grace &
Co. announced a groundbreaking advancement in iron tolerance
for FCC catalysts. This development is expected to enable greater
flexibility in feedstock selection and ultimately lead to increased
profitability.
Various FCC catalysts are employed in the production of
polypropylene. Rapid growth in propylene demand in China is offering lucrative opportunities for
FCC catalyst market vendors.
In February 2024, W. R. Grace
& Co. announced that China Coal Shaanxi Energy &
Chemical Group Co., Ltd. has expanded its license for Grace's
UNIPOL PP process technology, doubling its polypropylene production
capacity from 300 to 600 kilotons per annum (KTA).
Market Segmentation
Process
- Gasoline Sulfur Reduction
- Maximum Light Olefins
- Maximum Middle Distillates
- Maximum Bottoms Conversion
- Others (including Low Coke Production)
Application
- Vacuum Gas Oil
- Residue
- Others (including Cycle Oil)
Buy this Premium Research
Report: https://www.transparencymarketresearch.com/checkout.php?rep_id=67520<ype=S
More Trending Reports by Transparency Market Research
–
- VOC Recovery Market: is estimated to advance at a
CAGR of 14.9% from 2024 to 2034 and reach US$ 118.4 Bn by the end of 2034
- High-speed Rail Coating Market: is estimated to
grow at a CAGR of 5.2% from 2024 to 2034 and reach
US$ 1.3 Bn by the end of
2034
- HBI Additives Market: is estimated to grow at a
CAGR of 6.4% from 2024 to 2034 and reach US$ 537.6 Mn by the end of 2034
- Palm Oil-based Oleochemicals Market: is estimated
to grow at a CAGR of 4.3% from 2024 to 2034 and reach
US$ 8.2 Bn by the end of
2034
About Transparency Market Research
Transparency Market Research, a global market
research company registered at Wilmington, Delaware, United States, provides custom research and
consulting services. Our exclusive blend of quantitative
forecasting and trends analysis provides forward-looking insights
for thousands of decision makers. Our experienced team of Analysts,
Researchers, and Consultants use proprietary data sources and
various tools & techniques to gather and analyses
information.
Our data repository is continuously updated and revised by a
team of research experts, so that it always reflects the latest
trends and information. With a broad research and analysis
capability, Transparency Market Research employs rigorous primary
and secondary research techniques in developing distinctive data
sets and research material for business reports.
Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER
DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware
19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free:
866-552-3453
Website: https://www.transparencymarketresearch.com
Email: sales@transparencymarketresearch.com
Follow
Us: LinkedIn| Twitter| Blog | YouTube
Logo:
https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/fcc-catalyst-market-revenue-to-reach-usd-3-9-billion-by-2031--driven-by-advancements-in-refining-technologies--transparency-market-research-inc-302213427.html