According to Future Market Insights’ most recent market research, the global heavy oil cracking catalyst market is expected to reach a market worth of US$ 2.6 billion in 2022 and grow at a CAGR of 4.3% between 2022 and 2032. By the conclusion of the projected period, the market is anticipated to reach a worth of US$ 3.93 billion.
A heavy Oil Cracking Catalyst is an integral part of any oil refinery process. These catalysts are used to convert high molecular weight and high boiling point hydrocarbons to more valuable products such as olefin gases, gasoline and other petroleum products.
Heavy Oil Cracking Catalysts help in cracking the hydrocarbon chain in distilled crude oil to produce transportation fuels such as gasoline and diesel fuels and other petroleum-based products. Apart from cracking, Heavy Oil Cracking Catalyst additives are also used to reduce sulfur in gasoline, maximize propylene production in refinery units and reduce sulfur oxide, nitrogen oxide and carbon monoxide emission from refinery cracking units.
The suppliers generally provide a dedicated technical team to their customers to provide better provide pre-sales, sales and after-sales services based on specific requirements of individual refineries to perfectly combine feedstock, operation parameters and catalysts for maximum effectiveness.
The demand for additives is expected to rise in near future as cracking produces sulphur and nitrogen compounds. The high demand for ultra-low sulphur containing diesel and aviation fuels will be a major driving factor propelling the growth of the heavy oil cracking catalyst market. Also, supply solutions to meet customized needs of the clients through tailored products and services will add to the growth of this market.
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Heavy Oil Cracking Catalyst Market: Drivers and Restraints
Increasing scarcity of oil resources is one of the key factors driving demand of Heavy Oil Cracking Catalysts in coming years. These catalysts are required for improving light oil yield and efficiently utilizing existing oil resources. The primary source of air pollution are the olefins that exist in vehicle exhaust. Developing countries such as China and India will face issues regarding depleting petroleum reserves due to high economic growth.
Also, increasing usage of petroleum products to cater to rising demand from manufacturing, industrial and transportation sectors is also anticipated to drive the demand for Heavy Oil Cracking Catalysts during the forecast. Cracking catalysts that reduce olefins in gasoline are anticipated to gain importance in coming years to comply with rigorous environmental protection standards being implemented by various government authorities.
The demand for heavy oil cracking catalysts will also be fueled by expected technological up gradation and enhancement of existing equipment in the region. However, high operation and investment costs are two major restraints expected to negatively impact future demand for Heavy Oil Cracking Catalysts. Demand for gasoline in developed regions such as Europe and North America is declining and this may heavily impact Heavy Oil Cracking Catalyst industry growth in these regions.
Heavy Oil Cracking Catalyst Market: Region Wise Outlook
The global Heavy Oil Cracking Catalyst Market is segmented into seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). As of 2017, the growth in developed regions such as Western Europe, Japan and North America will be driven by new product innovations that comply with strict government regulation owing to rising environment concerns across the globe.
APEJ and Latin America regions are also expected to register a significant CAGR over the forecast period owing to strategically increasing investments in the petroleum refining sector to cater to the growing demand. MEA is also projected to expand with a significant CAGR over the forecast period due to expected future investments in the downstream sector to compliment huge oil reserves in the region.
Examples of some of the market participants in the global Heavy Oil Cracking Catalyst Market identified across the value chain include
- Haldor Topsoe
- China National Petrochemical Company
- Axens
- Johnson Mathey
- CRI Catalyst Company
- Süd-Chemie
- Albemarle Corporation
- Grace Davison, Inc
- BASF SE
- ExxonMobil Chemical
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology and applications.
The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends and Issues and Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest Of Latin America)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia, Rest Of Eastern Europe)
- Asia Pacific Excluding Japan (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC countries, S. Africa, N. Africa, Rest Of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Heavy Oil Cracking Catalyst Market: Segmentation
On the basis of hydrocarbon type, the Heavy Oil Cracking Catalyst Market can be segmented into:
- Vacuum Gas Oil (VGO)
- Resid
- Oil Sands
On the basis of application, the Heavy Oil Cracking Catalyst Market can be segmented into:
- Cracking
- Olefin reduction
- Propene enhancement
- Other additives
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