Most governments are making augmented investment in petroleum refinement to cater to the increasing demand. The global FCC catalyst market is likely to be driven by technological upgrade and augmented investment in the industry. Upgrade of existing equipment is also estimated to drive the demand for FCC catalyst in the years to come. The refining capacity is likely to be increased by refinery development and expansion plans and this generates increased demand for the processes of catalytic cracking. This factor is likely to support development of the global FCC catalyst market over the analysis timeframe, from 2020 to 2030.Uneven distribution of petroleum creates opportunity for growth and more competition in the market.
The fluid catalytic cracking (FCC) process has been in use for more than 60 years and it has been evolving since then. This newer FCC process has replaced the earlier thermal cracking procedure as the FCC process comes with the capability to produce high quality gasoline. Besides, this very technique helps in the creation of bedrock in the petroleum sector. It finds extensive use in the production of platform chemicals and commodity fuels.
Heavy reliance on the oil and presence of several leading companies in the Middle East makes it one of the promising regions in the global FCC catalyst market. Sale and production of oil in the regions makes substantial contribution to the global market, which is likely to expand at a growth rate of ~3.5% over the forecast period, from 2019 to 2027.
Market to Thrive on Rising Demand of this Vehicle Technology in Urban Planning
Rise in the demand for synthetic zeolites and petrochemical products will raise the demand for FCC catalyst. Synthetic zeolites find extensive use in the form of ion-exchange beds in commercial and domestic water softening, purification, and other applications. Zeolites are also utilized in the form of a trap for molecules for further analysis and for the separation of molecules. Synthetic zeolites also find use in several applications, such as laundry detergents, brakes on trucks, refrigerators, automobile air conditioning, and insulated windows. All these factors are likely to foster growth of the global FCC catalyst market in the forthcoming years.
Besides, in the next few years it is expected that the demand for crude blended products is likely to increase, thanks to increased investment in industrialization. This factor is anticipated to work in favor of the global FCC catalyst market in the near future.
Radar-based Variant of the System to Gather Significant Traction
The global FCC catalyst market is observing constant innovation with maximum middle distillates in the spotlight. International Maritime Organization (IMO) has mandated switching to low-sulfur fuels for use in ships. As such, refineries are all set to increase their production capacities for maximum middle distillates. Although, uncertainty prevails over production of additional shipping fuels that are in line with IMO mandates, new regulations have substantially played an important role in bolstering growth of the market in the years to come.