FCC Catalyst Market Revenue to Reach USD 3.9 Billion by 2031, Driven by Advancements in Refining Technologies | Transparency Market Research Inc.

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:

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&ltype=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