Fluid Catalytic Cracking Market to be Dominated by Side-By-Side Type Segment Through 2028
Technological advancements, increasing demand for petroleum
products, and growing concerns about environmental are expected to drive Global
Fluid Catalytic Cracking market in the forecast period 2024-2028
According to TechSci Research report, “Fluid Catalytic Cracking
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028”, Global Fluid Catalytic Cracking market is
anticipated to upsurge at an impressive rate during the forecast period of 2028
owing to favorable government policies on sustainable development. The refining
industry is one of the largest emitters of greenhouse gases and other
pollutants. To address this, governments worldwide have implemented regulations
to reduce emissions from refineries. The fluid catalytic cracking market has
responded to these concerns by investing in research and development to create
more efficient and sustainable catalysts that reduce emissions and minimize
environmental impact.
Maintenance &
downtime and fluctuating crude oil prices are the major factors impeding the
global fluid catalytic cracking market growth. Fluid Catalytic Cracking process
requires regular maintenance to ensure efficient operation. However,
maintenance can result in downtime, reducing production and impacting
profitability. Companies in the Fluid Catalytic Cracking market must balance
the need for maintenance with the need for maximum production to minimize
downtime.
Environmental regulations aimed at reducing emissions and improving air
quality are driving the demand for cleaner fuels. The fluid catalytic cracking process
plays a vital role in producing cleaner transportation fuels with lower sulfur
content and reduced emissions. Refineries are, therefore, adopting fluid
catalytic cracking technologies to meet these regulatory requirements,
resulting in the growth of the fluid catalytic cracking market.
The fluid catalytic
cracking process is primarily used in the refining industry to convert heavy
hydrocarbon feedstocks into lighter and more valuable transportation fuels,
such as gasoline and diesel. With the growing global demand for transportation
fuels, particularly in emerging economies, the fluid catalytic cracking market
is expected to witness sustained growth.
Global energy demand
continues to rise due to population growth, urbanization, and
industrialization. The FCC process plays a critical role in meeting this
increasing demand by converting heavy feedstocks into lighter, high-energy
products. The need for energy security and the reliance on petroleum-based
fuels drive the growth of the FCC market.
Moreover, the cost of
crude oil is a significant factor in the profitability of the fluid catalytic
cracking process. Fluctuating crude oil prices can impact the economics of the
fluid catalytic cracking process, as the margins between the cost of crude oil
and the value of the refined products can vary greatly. This can make it
difficult for companies in the fluid catalytic cracking market to predict
profits and plan investments, thereby, restraining the global fluid catalytic
cracking market growth.
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Global fluid catalytic cracking market is segmented on the basis of type, technical
configuration, end user, and region.
Based on type, the market is segmented
into lanthanum oxide, and zeolite. Palladium-based catalysts segment is expected to hold the
largest market share during the forecast period. Zeolite-based catalysts are
the most widely used catalysts in the fluid
catalytic cracking process. These catalysts are
highly selective and can produce high yields of gasoline and light olefins.
Based on end user, the market is further
fragmented into refinery, environmental, and others.
Refinery segment is
expected to hold the largest market share during the forecast period,
2024-2028. Owing to the growing demand for petroleum products because of their wide
range of application in different industries such as automotive, consumer
goods, paints and coating, and others are driving the demand for fluid
catalytic cracking market.
Major companies operating in the global fluid catalytic cracking market are:
- Albemarle Corporation
- W.R. Grace & Co
- BASF SE
- Johnson Matthey Plc
- Arkema SA
- JGC CORPORATION
- Flour Corporation
- Shell Plc
- Honeywell International Inc.
- Exxon Mobil Corporation
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“The fluid
catalytic cracking market is expected to experience significant growth during the
forecast period. Technological advancements have led to the development of more
efficient fluid catalytic cracking catalysts that improve the efficiency of the
fluid catalytic cracking process. Innovations in catalyst technology have led
to better conversion rates and higher yields of valuable products such as gasoline,
diesel, and jet fuel. Moreover, advancements in the design and operation of
fluid catalytic cracking units have improved efficiency, reduced energy
consumption, and minimized environmental impact. Such efforts in fluid catalytic cracking market are likely to
benefit from the market growth and create huge prospects of market growth
during the forecast period,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Fluid
Catalytic Cracking Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2018-2028, Segmented
By Product Type (Lanthanum Oxide, and Zeolite),
By Technical Configuration (Side-By-Side Type, and Stacked Type), By End
User (Refinery, Environmental, and Others), By
Region, and Competition, has evaluated the future
growth potential of global fluid catalytic cracking market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global fluid catalytic cracking market.”
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