PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1258050
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1258050
Global Fluid Catalytic Cracking (FCC) Market is valued at approximately USD 6.51 billion in 2021and is anticipated to grow with a healthy growth rate of more than 3.35% over the forecast period 2022-2029.Fluid Catalytic Cracking (FCC) is a secondary unit conversion process to produce added gasoline in the refining process. It is used in petroleum refineries to convert high-molecular and high-boiling point hydrocarbon fraction fractionsof petroleum into gasoline and other petroleum products. This process breaks long-chain hydrocarbons into smaller-chain hydrocarbons with the help of catalysts and heat. The FCC unit converts Gas oil into lighter hydrocarbons that can be used as valuable transportation fuels. Additionally,the growing Petroleum and Refinery Industry and increasing transportation activities is aredriving the market demand for Fluid Catalytic Cracking (FCC) globally.
Growing The growingpetroleum and refinery industry is driving the market for Fluid Catalytic Cracking (FCC). In 2021, the global oil refinery capacity reached nearly 102 million barrels per day, the annual growth rate accounted to be 0.2%. FCC is useful in converting a heavy portion of crude oil feedstock into lighter petroleum products to be used as transportation fuelthat whichhas increased fuel standard standardsand better operational efficiency.Increasing transportation activities surge the demand for products like such asgasoline, and petroleum products to meet the fuel and power needs therefore this is expected to complement the catalytic cracking industry growth. For instance, the global demand for transportation fuel in Europe is anticipated to reach USD 16 billion by 2030. Moreover, continuous advancements in formulations and rising government investments in the transportation sector are the factors creating major market opportunities for Fluid Catalytic Cracking (FCC). fueling the market demand of Fluid Catalytic Cracking (FCC) . However, the high investment cost of Fluid Catalytic Cracking (FCC) stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Fluid Catalytic Cracking (FCC) Marketstudy includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market for Fluid Catalytic Cracking (FCC) due to the rising number of refining activity activitiesand higher investment within this region. The availability of inexpensive raw material materialsand low labor cost costsis fueling the market demand for FCC. North America is anticipated to be the fastest-growing region over the forecast period. The driving factors for huge demand are wider availability and high consumption of petroleum-based products. Growing initiatives by the government and key market players in the petroleum industry is aredriving the market for Fluid Catalytic Cracking (FCC).
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporatespotential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Type offerings of key players. The detailed segments and sub-segment of the market are explained below.
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of figures
List of tables and figures and dummy in nature, final lists may vary in the final deliverable