Asia and Middle East FCC Catalyst Market expand at a CAGR of ~4% by 2030
Asia and Middle East FCC Catalyst Market: Introduction
The FCC catalyst market in Asia and Middle East was valued at US$ 1 Bn in 2018 and is anticipated to expand at a CAGR of ~4% during the forecast period. In terms of product type, the maximum middle distillates segment accounted for a major share of the FCC catalyst market in Asia and the Middle East in 2018. Growth of the segment can be ascribed to the increase in chemical refineries in Asia and the Middle East. In terms of application, the vacuum gas oil segment dominated the FCC catalyst market in Asia and the Middle East in 2018. The implementation of environmental norms for sulfur emission is anticipated to propel the vacuum gas oil segment during the forecast period. In terms of region, Asia dominated FCC catalyst market in 2018. Implementation of stringent government regulations to minimize sulfur emission is anticipated to propel the FCC catalyst market in the region.
Major Drivers of Asia and Middle East FCC Catalyst Market
The consumption of petroleum products has been rising significantly in Asia and the Middle East since the last few years due to rapid urbanization, increase in investments in industrial infrastructure, and economic growth. The increase in demand for refined products and enactment of strict government regulations to limit sulfur emissions from petroleum products are compelling companies to upgrade the existing refining facilities. This, in turn, is anticipated to propel the FCC catalyst market during the forecast period.
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The rise in demand for synthetic zeolites in countries such as China and India in various applications such as insulated windows, automobile air-conditioning, refrigerators, air brakes on trucks, and laundry detergents is also estimated to propel the FCC catalyst market in Asia during the forecast period.
Prominent Developments in Asia and Middle East FCC Catalyst Market
In June 2019, W. R. Grace & Co. acquired the business and assets of Rive Technology, Inc., including its Molecular Highway zeolite technology. The Molecular Highway zeolite technology is used for catalytic processes, such as fluid catalytic cracking (FCC) units, in oil refineries.
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In January 2018, Clariant International Ltd. announced that it had entered into an agreement with SINOPE
C. The acquisition strategy will allow the company to strengthen its presence.
Asia Dominated FCC Catalyst Market
Asia dominated the FCC catalyst market in 2018. The availability of inexpensive raw materials and low labor cost have led to a shift in the manufacturing base from Western countries to Asia. This, in turn, is expected to boost the FCC market in Asia during the forecast period. China constituted a major share of the FCC catalyst market in Asia in 2018.
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Rise in demand for petroleum product in China, owing to rapid industrialization, strong economic growth, and increase in efforts to reduce the import dependence of petroleum products are likely to propel the FCC catalyst market in the country in the near future. The FCC catalyst market in the Middle East is anticipated to expand during the forecast period. Increase in investments to expand and upgrade refining facilities, primarily in Saudi Arabia and the UAE, in order to meet the rising demand for petroleum is anticipated to drive the FCC catalyst market in the Middle East. Saudi Arabia held a major share of the FCC catalyst market in the region in 2018. It was followed by Iran and the UAE.
Competition Landscape of Asia and Middle East FCC Catalyst Market
The FCC catalyst market in Asia and the Middle East is dominated by several local and regional players. Prominent players operating in the FCC catalyst market in Asia and the Middle East include W. R. Grace & Co.-Conn, Albemarle Corporation, BASF SE, Haldor Topsoe A/S, JGC Catalysts & Chemicals Co., Ltd., China Petroleum & Chemical Corporation, Clariant International Ltd., ReZel Catalysts, Anten Chemical Co., Ltd., SINOCATA, and Yueyang Sciensun Chemical Co., Ltd.
