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FCC Catalyst and Additives Market Worldwide Opportunities, Prominent Players, and Growth Rate
Global FCC catalyst and additives market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. The FCC, or fluid catalytic cracking is the most important technology in modern continuous process of refining. They are exclusively used to maximize quality target fuel production like diesel or gasoline, while limiting unwanted cuts of hydrocarbons. They are composed of binder, zeolite, clay, silica, and alumina. It enables refineries to process heavy levels of contaminants into clean fuels.
The factors that are playing a major role in the growth of FCC catalyst and additives market are the rising use of cost-efficient environmental FCC additives, availability of several options and opportunities for refiners, and the rising demand from end-users. Also, rising innovations to maximize production of highly-valued fuels and petrochemicals is estimated to boost overall market growth in the years to come. However, fluctuations in raw material costs and the quality of raw material may restrain overall market growth in the years to come. FCC catalyst and additives market is segmented based on type, product type, additives type, raw material, application, and region.
Metal passivation agent, octane number improving agent, Sulphur reducing agent, light olefins enhancing agent, and other types are explored in FCC catalyst and additives in the forecast period. PROvantage, AFX, and DuraZOOM are the product types that are explored in FCC catalyst and additives in the forecast period.
Sodium aluminate, sodium silicate, kaolin, and other raw materials are explored in FCC catalyst and additives in the forecast period. Platinum, magnesium oxide, and other additive types are explored in FCC catalyst and additives in the forecast period.
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The FCC catalyst and additives market is categorized based on applications like residue, vacuum gas oil, and others. Vacuum gas oil sector accounted for a substantial market share of FCC catalyst and additives and is estimated to lead the overall market attributing to the growing population in the years to come. In addition, residue sector is estimated to grow at a faster pace in the years to come.
Globally, North America accounted for the substantial market share of FCC catalyst and additives and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in the region, presence of developed R&D sectors, and the high demand from end-users. Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second larger region with significant market share. However, Asia Pacific is estimated to grow at the higher CAGR in the forecast period. The aspects that may be ascribed to the growth comprise the growing population in the region and low labor cost.
The key players of FCC catalyst and additives market are Yueyang Sciensun Chemical, Grace Catalysts Technologies, CNPC, BASF, Sinopec, Albemarle, JGC C&C, and Johnson Matthey These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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