Wilmington, Delaware, United States, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Maximum middle distillates constitute one of the fastest growing markets for FCC catalyst in terms of process. Recent developments in FCC catalyst market indicate that market players are increasingly tapping into revenues emanating from growing sales of petroleum products. Of note, the transition of refineries worldwide toward cleaner fuels has spurred the utilization of FCC catalysts. The FCC catalyst market stood at US$ 2.7 Bn in 2021.
Focus of refiners toward enhancing production capacities for maximum middle distillates will drive future market demand for FCC catalyst. Many leading players in the FCC catalyst market are keenly grabbing competitive value in cleaner fuels in the shipping industry. The rising adoption of low-sulfur fuels in the marine industry is a case in point. The uptake has been propelled by stringent implementation of the latest regulations on marine fuel by International Maritime Organization (IMO).
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Recent trends in FCC catalyst market underscore the growing adoption of cost-effective maximum middle distillates processes in FCC units. This has led to the introduction of new refinery configurations for maximizing middle distillates. The oil refinery expansion in several countries is a key pivot for growth of the market, especially in developing countries.
Key Findings of FCC Catalyst Market Study
- Rising Uptake in Refineries Steering Revenue Growth: Growing use of FCC catalysts by refineries worldwide has generated sizable revenues to market players. Growing capacities of refineries over the years has led to increased production of gasoline and diesel to meet the demands in end-use industries, notably automotive and automobile sector. The drive toward producing more value-added petroleum products has opened up new revenue streams.
- Use of Synthetic Zeolites in Numerous Applications Spur Utilization of FCC Catalysts: The TMR study observed that synthetic zeolites are compensating the paucity of natural ones. The demand has risen from the growing use of these in several applications, including in water softeners, water purification products, refrigerators, automobile air-conditioning, and laundry detergents.
FCC Catalyst Market: Drivers
- Refineries globally are leaning on cleaner fuels to cater to the demand in range of commercial and industrial applications. This is a key driver of the FCC catalyst market. Steadily expanding oil & gas sector over the decades has augmented the market size.
- Rapid pace of organized urbanization has spurred the demand for petroleum products, notably gasoline and diesel as transportation fuel. Thus, remarkable advancements in refining methods have enriched the growth prospects.
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Regional Growth Dynamics
- Catalyst manufacturers and sellers find lucrative avenues in the Middle East & Africa. The demand is propelled by the rising production of light distillate petroleum products. Of note, Saudi Arabia held a key market share in 2021. Growing utilization of petroleum products in the automobile industry will generate substantial revenue streams in the near future.
- Asia Pacific is projected to account for a major share in FCC catalyst market during the forecast period. The regional market was led by China in 2021, owing to massive utilization of FCC catalysts in refineries. India is also a lucrative market in the region, and is expected to make notably strides on the back of government initiatives to reduce oil imports and boost energy security.
FCC Catalyst Market: Competition Landscape
Top players are leaning on commercializing environmentally-friendly products to boost growth and are entering into mergers and acquisitions with the aim of gain market shares.
Some of the key market players are SINOCATA, Anten Chemical Co., Ltd., Clariant International Ltd., ReZel Catalysts, Sinopec, Haldor Topsoe A/S, BASF SE, and Albemarle Corporation.
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FCC Catalyst 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)
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia and CIS
- Japan
- China
- India
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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