The global cracking catalysts for propylene market size is likely to observe rapid growth in the forthcoming years. The growth is primarily attributable to rising product demand for polypropylene production, which is a thermoplastic polymer used in a wide variety of applications. Fortune Business Insights™ has presented this information in an upcoming report titled, “Cracking Catalysts for Propylene Market, 2022-2029”.
Polypropylene carries many physical and chemical characteristics, such as strong chemical resistance, high tensile strength, and high surface solidity. These characteristics make it useful in several applications like automobile, packaging, medical, construction, etc. Thereby augmenting the demand for cracking catalysts for propylene production.
Key Players in the Global Cracking Catalysts for Propylene Market are:
R. Grace & Co. Conn.
Technip Stone & Webster Process Technology Inc.
Maverick Engineering Inc.
Gazprom Neft PJSC
On the basis of type, the market segments into MMC, CHP, CIP, CRP, etc. On the basis of application, the market bifurcates into fluid catalytic cracking and steam cracking. Geographically, the market is categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The report offers an in-depth evaluation of the market.
The report highlights information on several crucial market aspects like drivers, trends, opportunities, and threats.
The report also presents information on the industry developments by key players.
The report will help the business to gain decisive advantages pertaining to growth in the prospected market.
The report also highlights the impact of COVID-19 and suggests measures and strategies to grow in the upcoming years.
Drivers & Restraints-
Growing Demand for Polypropylene to Augment Market Growth
Rapid urbanization in developing countries like India and China is fueling the growth of the chemical industry. This has led to a surge in demand for petroleum products which is, in turn, driving the cracking catalysts for propylene market growth. Rising product demand for the production of polypropylene is another major growth propellant. Polypropylene is used in industries like construction, packaging, medical, electrical & electronics, etc., further augmenting the product demand. Additionally, propylene is used to manufacture acetone, methyl methacrylate, acrylic acid, and acrylonitrile. A myriad of applications is expected to drive the market growth in the forthcoming years significantly.
However, fluctuating prices of petrochemicals and the environmental risks posed by propylene are likely to restrain the market growth.
Asia Pacific is expected to hold a substantial portion of the global cracking catalysts for propylene market share. Escalating demand for propylene for the manufacturing of polypropylene is anticipated to be a major growth propellant. The growth is likely to be further fueled by the mounting adoption of naphtha in the feedstocks.
North America is anticipated to observe considerable growth on account of escalating demand in fluid catalytical cracking.
Mounting demand for steam cracking in propylene production is likely to help Europe observe substantial growth in the forthcoming years.
The rising adoption of polypropylene for packaging is anticipated to help the Middle East & Africa, and Latin America witnessed striking growth in the upcoming years.
New Product Launches & Technological Innovations to be Key Growth Strategies
The global cracking catalysts for the propylene market comprises several key players like BASF SE, Maverick Engineering, MERYT, etc. These key players focus on developing new technologies for efficient production and reducing the impact on the environment imposed by the production of propylene and polypropylene. Major business giants are also focusing on adopting growth strategies such as partnerships, mergers, acquisitions, etc. Most recently, Larsen & Toubro won the HPCL Rajasthan Refinery contract in January 2021 to set up a catalytic cracking unit.
May 2020: BASF announced the launch of ZEAL, a new fluid catalytic cracking (FCC) additive product. The product is designed to enhance light olefins production in FCC units for gas oil or resid feedstock process
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