FCC Catalyst Market: Key to Bridging the Gap between Supply-Demand
Plant operators are under increasing pressure to increase oil production capacities as global energy demand continues to soar. Fluid catalytic cracking (FCC) remains the preferred method of conversion in oil refineries as it not only produces gasoline with high octane rating but enhances the volume of production. FCC catalysts have been extensively adopted by numerous leading refinery and catalyst companies across the globe.
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In its new study, Transparency Market Research (TMR) sheds light on the key trends influencing the FCC catalyst market, including analysis on factors that can influence demand-supply. Considering the evolving nature of the FCC catalyst industry, it is pertinent for stakeholders to understand how subtle developments can lead to massive transformations in the future.
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How Growth has Unfolded in the FCC Catalyst Market
The fluid catalytic cracking (FCC) process has been deployed for over 60 years now, and has been incessantly evolving ever since. It has aptly substituted the primitive thermal cracking method, with its ability to produce premium quality gasoline. This technique forms the bedrock for the petroleum industry, since it is extensively used for the production of commodity fuels and platform chemicals.
The Middle East continues to lead the bandwagon of the FCC catalyst market, as a majority of countries in the region are heavily reliant on oil economy. Oil production and sales account for a significant percentage of GDP for Oman, Saudi Arabia, Kuwait, and Bahrain. As a result, demand for FCC catalysts from Middle East has remained significant over the years. Driven by all these factors, Transparency Market Research (TMR) opines that the FCC catalyst market will attain a valuation of over US$ 3,300 Mn by the year 2027.
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Strategic Acquisitions to Build Growth Blocks
Stakeholders in the FCC catalyst market continue to bank on new product innovation. To do so, they are relying on strategic acquisitions that help them gain an edge in terms of production capacities and new technologies. For instance, in January 2018, Clariant, a giant in specialty chemicals, entered into two key agreements with SINOPEC, a prominent chemical and petroleum company in China. This first agreement will enable Clariant to enhance its catalyst product portfolio to commercially produce low sulfur gasoline. On the other hand, the second agreement offered Clariant Qatar W.L.L. to be a representative of SINOPEC’s FCC catalysts for the oil refineries in Qatar.
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Rise in Capital Investments to Expand Market Precincts
Another key trend in the FCC catalyst market on the rise in capital spending in oil and gas industry and petroleum refining activities. Governments are following the capital trail in the industry, and are increasing their capital investments on refining activities. Manufacturers have realized the call for a dynamic capital approach that demands reprocessing non-core assets to increase capital investments. For instance, W. R. Grace & Co. entered in an investment framework agreement with KazMunayGas (KMG), and in Kazakhstan under which it will provide FCC catalysts to KMG’s refineries and also offer investments to construct FCC catalyst laboratory in Kazakhstan.
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