Market Trends of Asia-Pacific Refining Catalysts Industry
This section covers the major market trends shaping the APAC Refining Catalysts Market according to our research experts:
Fluid Catalytic Cracking (FCC) Catalysts to Dominate the Market
- The fluid catalytic cracking (FCC) process plays a crucial role in refineries while producing lighter products from crude oil.
- FCC unit helps in converting a variety of feed types, such as cracked gas oil, gas oil, deasphalted gas oils, vacuum/atmospheric resins, and others, into lighter and high-value products, such as diesel oil, jet fuel, LPG, kerosene, and gasoline.
- In the FCC unit, the feedstock is heated at high temperature and moderate pressure. Along with this, the feedstock is brought in contact with a catalyst which helps to break the long-chain molecules of the high-boiling hydrocarbon liquids into small molecules, which are further collected in the form of vapors.
- In the FCC process, the catalysts are used in the form of fine powders. Previously, catalysts, such as amorphous silica-alumina were used for cracking vacuum gas oils in the FCC unit. However, in the early 1960s, zeolite was commercially introduced as FCC catalysts, which had been a significant advancement in the history of catalytic cracking.
- Owing to the aforementioned factors, FCC catalysts are of great importance in propelling the market demand for refining catalysts in the forecast period.
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China to Dominate the Market
- China is one of the top catalyst consumers with high growth rates. China's refinery capacity is about 14,177 thousand barrels per day, which constitutes around 14% of the world's refining capacity.
- Oil and gas sector in China is dominated by four national and provincial oil companies, which includes PetroChina, Sinopec, China National Offshore Oil Corporation (CNOOC), and Yanchang Petroleum. PetroChina accounts for 31% of total crude oil refining capacity and Sinopec accounts for 45% of total crude oil refining capacity in the country.
- Zhejiang Petrochemical of China has started the first phase of its oil refining and petrochemical complex, which will be operational by 2020. This project will contribute two oil refineries with the capacity of nearly about 400,000 barrels-per-day.
- China's National Development and Reform Commission (NDRC) has approved a refinery project by Risun Coal Chemicals Co in Hebei province of China, with the expected production capacity of 810,000 t of gasoline, 2.5 MMt of jet fuel, as well as 3.37 MMt of diesel per year.
- Owing to the above-mentioned factors, the market for refining catalysts in the country is projected to grow during the forecast period.
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