Global Fluid Catalytic Cracking Market is expected to grow at attractive 3.5% during 2016-2022. There are several reasons for the growth of fluid catalytic cracking market such as huge demand for gasoline, increasing government investment in petroleum refinery, future plans for refinery construction and expansion, technological upgradation and development in existing equipment. The parent market ’Refinery catalyst’, is projected to grow to US $6.70 billion by 2020 over the forecast period. Fluid catalytic cracking (FCC) is the leading refinery conversion process which continues to develop to meet changing refinery needs. Fluid catalytic cracking market is basically a type of secondary unit operation which enables additional gasoline production in petroleum refining processes.
Increase in gasoline demand in U.S. leads to high refinery levels due to lowest crude oil prices. The retail gasoline prices in U.S. rose around 16% in past two months to $2.800 gallon which was near the highest since November. Due to this, increasing fuel consumption helps to increase in construction market and economy as well.
In the terms of technological segment, Fluid catalytic cracking market is divided into two parts such as side-by-side type and stacked-type, both includes important components of catalyst reactor and regenerator. By side-by-side typecatalyst reactor and regenerator are two different vessels. On the other hand, by stacked-typecatalyst reactor and regeneratorare within a single vessel.
On the basis of geography, North America, Asia Pacific, Europe, and Rest of the World. Among these regions, Asia Pacific is the largest and fastest growing region followed by Europe, North America, and Rest of the World (ROW). Asia-Pacific is projected to grow higher during forecast period specifically in India, china, Singapore and Indonesia, due to growing huge demand for fuel in transportation and availability of bio-products is very less, hence is the growing factor for global fluid catalytic cracking market. Developing countries like India and China, are the major contributors which influence the global energy demand.
There are many of restraints which hinder the fluid catalytic cracking market such as decline in gasoline demand from Europe and North America and high operation and investment cost. According to Energy Information Administration report, there is a huge decline in supply of gasoline dropped by 10.5 million barrels in the past several weeks in America.
The key players of the global fluid catalytic cracking market includes Exxonmobil, Axens, CB&I Company, Flour Corporation, W.R. Grace Company, Albemarle Corporation, and Chevron Lummus Global. Exxon Mobile Corporation, U.S. based company have planned to invest again to expand its Beaumont refinery, for making it one of the largest producers of fuels. In this current year, Exxon will start construction to add about 40,000 barrels of daily refining capacity to Beaumont complex. Moreover, one another growth opportunity for market players is the rising backward integration of FCC producers in order to reduce overall possession cost.