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FCC Catalyst Market Size, Growth & Forecast 2024-2033
FCC Catalyst Market Size
According to The Business Research Company's, The fcc catalyst market size has grown strongly in recent years. It will grow from $2.75 billion in 2023 to $2.91 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to growth in global refining capacity, global shift towards heavy crude processing, focus on yield improvement, increasing demand for petrochemicals, globalization of refining operations, focus on energy efficiency..
The fcc catalyst market size is expected to see strong growth in the next few years. It will grow to $3.61 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to increasing complexity in feedstocks, transition to sustainable catalysts, focus on residue upgrading, optimization for propylene production, market penetration in developing regions.. Major trends in the forecast period include integration of artificial intelligence, enhanced catalyst regeneration technologies, collaboration for research and development, digitalization and process optimization, adoption of bottom-of-the-barrel technologies..
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Market Drivers and Trends:
The growing demand for petroleum-based products is contributing to the growth of FCC catalysts going forward. Petroleum products refer to the complex mixture derived from crude oil, which has similar physical and chemical properties. Fluid catalytic cracking (FCC) catalyst increases the rate of the chemical reaction, which lowers the activation energy in the petroleum refining process. In these processes, FCC catalyst solutions are used to transform high-boiling, high-molecular-weight hydrocarbon fractions of petroleum crude oils into valuable petroleum products, including olefinic gases, gasoline, and other items. For instance, in November 2021, according to the US Energy Information Administration, a US-based Department of Energy statistical agency, the United States produced over 11.8 million barrels per day of crude oil. Therefore, the growing demand for petroleum-based products is driving the growth of the FCC catalyst market.
Technology advancements are a key trend gaining traction in the FCC catalyst market. Major market players in the fluid catalytic cracking sector are focused on technological advancement to sustain their market positions and on launching new technologies to improve their product offerings. For instance, in March 2022, BASF, a German-based company that offers fluid catalytic cracking (FCC) catalysts and systems for refinery catalysts, launched FourtitudeTM, a new fluid catalytic cracking (FCC) catalyst designed to maximize butylenes from reside feedstocks. Fourtitude, the latest product based on BASF's award-winning multiple framework topologies (MFT) technology, is optimized to deliver superior selectivity to butylenes while maintaining catalyst activity.
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Major Key Players of the Market:
Axens SA; N.E. Chemcat; Porocel Corporation; Yueyang Sciensun Chemical Co. Ltd.; DuPont de Nemours Inc.; Magma Ceramics & Catalysts; Albemarle Corporation; W.R. Grace Company; Johnson Matthey; Flour Corporation; Shell plc; Honeywell International Inc.; Exxon Mobil Corporation; McDermott International Ltd; Arkema S.A.; BASF SE; Sinopec Corporation; China National Petroleum Corporation; Clariant AG; Haldor Topsoe; JGC C&C; Zeolyst International; Versalis; Nanjing Lantian Chemical; Jilin Petrochemical Company; Qingdao Huadong Catalytic Agent Co. Ltd.; Fushun Shuntian Petrochemical; Rive Technology; Wuxi Xuelang Chemical Technology; Ecopetrol S.A.; Nippon Ketjen Co. Ltd.; Sumitomo Chemical Co. Ltd.; Universal Oil Products; Johnson Matthey Davy Technologies; PetroChina Catalyst Company; Shell Catalysts & Technologies; Grace Catalysts Technologies
FCC Catalyst Market 2024 Key Insights:
• The fcc catalyst market will grow to $3.61 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Surging Petroleum Demand Fuels Fcc Catalysts Market Growth
• Fcc Catalyst Market Embraces Innovation With Advanced Technologies
• Asia-Pacific was the largest region in the FCC catalyst market in 2023
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