Global Hydrocracking Market: Overview
Hydrocracking process is carried out in two steps in a petroleum refinery to convert heavy oil feedstock into high quality lighter fuel products such as diesel, gasoline, kerosene, and naptha. Different kinds of feedstock are processed in hydrocrackers such as atmospheric gas oils, vacuum gas oils, deasphalted oil, and thermally cracked gas oils.
Depending upon the type of products, hydrocrackers can be segmented into single stage, series, and two-stage flow. Single-stage hydrocrackers are primarily used to generate feedstock for other processes as the product efficiency is not satisfactory enough on account of incomplete conversion. Two-stage flow was the dominant segment in the market in 2014 and is slated to hold on to its leading position in the years to come due to its design efficiency and lower cost of production. Preference for technologically advanced two stage and series flow products is predicted to dent the demand for single flow hydrocrackers in the near future.
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Global Hydrocracking Market: Trends and Opportunities
The global market for hydrocracking is slated to tread on a solid growth path in the near future on the back of solid demand for middle and light distillates such as jet fuel, kerosene, diesel, and gasoline, particularly from the emerging economies of Southeast Asia and BRICS. The capability of hydrocrackers to change gas and crude oil into smaller components with reduced production of coke as a by-product is predicted to further enhance the growth of the market. The global glut in oil and gas, along with increasing refinery capacities, technological advancements, and strong focus on research and development, is also expected to have a positive impact on the market.
Countering the growth in the market is the steep initial investment and operating expenses. Further, technological issues pertaining to hydrocracker temperature control and catalyst replenishment system is hampering seamless manufacture. An exhaustive technology licensing process is also posing hurdles to the growth of the global market for hydrocracking. Ample opportunities lie for hydrocracking process as demand for petroleum products is increasing at a rapid rate.
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Global Hydrocracking Market: Regional Outlook
Geography-wise, the global market for hydrocracking can be segmented into Europe, North America, Asia Pacific, and the Rest of the World. Among them, North America leads the hydrocracker consumer market and is slated to continue its dominance in the upcoming years due to the rapid pace of technological progress. The U.S. is expected to be at the forefront of driving demand in the next couple of years on account of a lot of focus on research and development in the country, which is one of the most developed in the world.
In terms of growth pace, however, Asia Pacific will likely outshine other regions in the near future because of the growing number of refineries there, especially in the emerging economies of India and China, and because of a higher demand for middle and light distillates. Europe would likely see a lacklustre growth due to weak demand from the region. France, Russia, and the U.K. are expected to generate maximum demand in Europe.
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Companies Mentioned in the Report
The global market for hydrocracking is highly consolidated with a handful of large players dominating it. A few of the technology licensors of hydrocracker units are CB&I Company, Axens, Chevron Lummus Global, Flour Corporation, Exxon Mobil, Shell Global Solutions, and UOP.
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