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Heavy Oil Cracking Catalyst Market Snapshot (2022 to 2032)

According to the latest market study conducted by Future Market Insights, the global heavy oil cracking catalyst market is relishing a market valuation of US$ 2.6 billion in 2022 and is all set to expand with a CAGR of 4.3% during the 2022 to 2032 period. The market is anticipated to top a valuation of US$ 3.93 billion by the end of the forecast period.

Attributes Details
Market Size 2022 US$ 2.60 billion
Market Size 2032 US$ 3.93 billion
Value CAGR (2022 to 2032) 4.3%
Collective Value Share: Top 3 Countries (2022E) 40% - 45%

Heavy oil cracking catalysts are an integral part of any refinery process. These catalysts are used to convert high molecular weight and high boiling point hydrocarbons into more valuable products such as gasoline, olefin gases, and other petroleum products. The suppliers usually provide their customers with dedicated technical teams to better provide pre-sales, in-sales, and after-sales services according to the specific requirements of each refinery, and perfectly combine raw materials, operating parameters, and catalysts to achieve maximum efficiency.

Heavy oil cracking catalysts help crack the hydrocarbon chains in distilled crude oil to produce transportation fuels such as gasoline and diesel fuel and other petroleum-based products. In addition to cracking, heavy oil cracking catalyst additives are used to reduce sulfur in gasoline, maximize propylene production in refinery units, and reduce nitrogen oxides, sulfur oxides, and carbon monoxide emissions from refinery crackers.

As cracking produces sulfur and nitrogen compounds, the demand for additives is expected to increase in the near future. High demand for ultra-low sulfur diesel and aviation fuel will be the major driving factor driving the growth of the heavy oil cracking catalyst market. Furthermore, providing solutions to meet the customized needs of customers through tailor-made products and services will boost the growth of this market.

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Historical (2017 to 21) Vs. Forecast (2022 to 32) Market Outlook

Over the period of time covered by the study (2017 to 2021), heavy oil cracking catalyst is witnessed great interest from researchers and professionals of various disciplines for various high-value applications. The market for heavy oil cracking catalysts was recorded to grow at a phenomenal CAGR of 3.9% between 2017 and 2021, mostly due to the rising demand for heavy oil cracking catalysts in the refinery and petrochemical industries.

Whereas, as per the latest survey conducted by FMI, the heavy oil cracking catalysts market is expected to progress at a CAGR of 4.3% between 2022 and 2032. The increasing use of heavy oil cracking catalysts such as alumina, silica, and zeolites in oil and petroleum industries owing to reduce nitrogen bases, associated heavy metals, and sulfur, is a key factor driving the growth of the heavy oil cracking catalysts market. The demand for zeolite catalysts in heavy oil refining is expected to increase in the coming years because of the crystalline morphology of these catalysts which facilitates high surface area and low-cost processing. Therefore, zeolite catalysts are preferred over other catalysts for heavy oil refining.

Increasing demand for transportation fuel is driving the global heavy oil cracking catalysts market. Stringent fuel norms and standards, coupled with increasing consumption of petroleum derivatives are expected to boost the market growth. Government regulations and stringent emission standards for ultra-low sulfur diesel (ULSD) in developed markets are expected to proliferate heavy oil-cracking catalyst demand in the petroleum refining industry. Moreover, increasing demand for high-octane fuel, especially in major cities such as the USA, Japan, Germany, the UK, and India, is likely to propel the global heavy oil cracking catalysts market growth. However, an imbalance in raw material supply and demand and fluctuations in crude prices are expected to hamper the market during the forecast period.

Market Dynamics

Heavy Oil Cracking Catalyst is proven to be beneficial for the refinery and petrochemical industries

Recently, increasing crude oil quality deterioration has led to increasing demand for unconventional petroleum feedstocks such as heavy oil, bitumen, and residues. Therefore, the processing of such unconventional petroleum feedstocks is becoming increasingly essential. Processing of heavy oil feedstocks requires the development of new efficient technologies to increase yields of light distillates, suppress coke formation, and hydrogen saturation of liquid products. Increased adoption of efficient cracking catalysts such as alumina, silica, and zeolites for heavy oil refining is expected to meet these growing demands in the coming years.

The use of heavy oil-cracking catalysts minimizes the capital and operating costs of the process. This is estimated to increase the demand for heavy oil-cracking catalysts over the forecast period. New catalyst replacements that help reduce sulfur, sulfur oxides, nitrogen oxides, and carbon monoxide emissions and maximize propylene production from fuels are being rolled out on a commercial scale.

Nikhil Kaitwade
Nikhil Kaitwade

Principal Consultant

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Category-wise Insights

What is Heavy Oil Cracking Catalyst Market Outlook by Catalyst Type?

The zeolites segment is expected to dominate the global heavy oil cracking catalyst market in 2022 and is expected to continue this dominance during the forecast period. The increasing demand for zeolites as catalysts in the refining & petrochemical sector for various applications, such as light naphtha isomerization, reforming, cracking, olefin alkylation, and hydrocracking, is proliferating the global heavy oil cracking catalyst market.

What is Heavy Oil Cracking Catalyst Market Outlook by Hydrocarbon Type?

The oil sand segment is expected to grow at a significant CAGR in the global heavy oil cracking catalyst market during the forecast period. The increasing demand for oil sand in the refining & petrochemical sector owing to its properties is proliferating the global heavy oil cracking catalyst market.

What is Heavy Oil Cracking Catalyst Market Outlook by Application?

In 2022, the cracking segment dominated the market and generated the majority of global revenue. Growing demand for heavy oil cracking catalysts in catalytic cracking applications to increase gasoline yield, reduce olefin content, and offer hydrothermal stability is expected to boost the global heavy oil cracking catalysts market over the forecast period.

Region-wise insights

How is North America progressing in the global heavy oil cracking catalyst market?

North America accounted for a major share of the global heavy oil cracking catalyst market in 2021. North America is the major consumer of heavy oil cracking catalysts, followed by Europe and Asia Pacific. Rising demand for heavy oil cracking catalysts as fuel catalysts in developed economies such as the USA and Canada is expected to boost the market in the region over the forecast period.

In addition, North America is the main producer of heavy oil-cracking catalysts in the world. Countries such as the USA and Canada have a strong distribution network for heavy oil-cracking catalyst products. The USA produces heavy oil-cracking catalysts in large quantities and exports them to Europe and Asia. Rising environmental concerns in developed economies of North America have led to the implementation of stringent regulations which is expected to drive demand for heavy oil cracking catalysts in the region in near future.

What are the future prospects for the heavy oil cracking catalyst market in the Asia Pacific region?

The market in Asia Pacific is expected to expand rapidly over the forecast period owing to increasing industrialization and growth in the refining industry in countries such as China and India. The growing demand for heavy oil cracking catalysts in the Asia-Pacific region has prompted catalyst manufacturers in China to build new production lines. This is likely to boost domestic demand for heavy oil-cracking catalysts in the coming years. Advancements in heavy oil cracking catalyst components and the emergence of new manufacturing technologies are estimated to drive the demand for heavy oil cracking catalysts in Asia Pacific in the near future. Rising FDI (Foreign Direct Investment) in the oil industry in developing economies of Asia Pacific is another key factor expected to drive the market in the region over the forecast period.

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Competitive Landscape

The major players in the heavy oil cracking catalyst market are focusing on expanding their capabilities and resources to meet the increasing demand for heavy oil cracking catalysts in various applications. Additionally, major players are adopting partnership and joint venture strategies to augment their reach and resources. Several major players are launching new products to meet the rising demand for innovative products in various end-use industries.

Various assessments and findings presented in the study helps identify prevailing opportunities and new areas in key and emerging regions. The study takes a closer look at developments in the manufacturing industry and the important trends that will underpin new applications.

Scope of the Report

Attribute Details
Growth Rate CAGR of 4.3% from 2022 to 2032
Base Year for Estimation 2021
Historical Data 2017 to 2021
Forecast Period 2022 to 2032
Quantitative Units Revenue in USD Billion, Volume in Tons, and CAGR from 2022 to 2032
Report Coverage Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered Catalyst Type, Hydrocarbon Type, Application, Region
Regions Covered North America; Latin America; Europe; East Asia; South Asia Pacific; Middle East and Africa
Key Countries Covered United States of America, Canada, Mexico, Brazil, Germany, United Kingdom, France, Italy, Spain, Russia, BENELUX, China, Japan, South Korea, India, ASEAN Countries, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa
Key Companies Profiled Haldor Topsoe; China National Petrochemical Company; Axens; Johnson Mathey; CRI Catalyst Company; Süd-Chemie; Albemarle Corporation; Grace Davison, Inc.; BASF SE; ExxonMobil Chemical; Other Key Players
Customization & Pricing Available upon Request

Market Segmentation

By Catalyst Type:

  • Alumina
  • Silica
  • Zeolites
  • Others

By Hydrocarbon Type:

  • Vacuum Gas Oil (VGO)
  • Resid
  • Oil Sands

By Application:

  • Cracking
  • Olefin Reduction
  • Propene Enhancement
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia Pacific
  • East Asia
  • Middle East & Africa

Frequently Asked Questions

What was the value of the market in 2022?

In 2022, the value of the global heavy oil cracking catalyst market reached over US$ 2.60 billion.

At what rate is the global market projected to expand during the forecast period?

During the forecast period, the global heavy oil cracking catalyst market is estimated to expand at a CAGR of 4.3% from 2022 to 2032.

By 2032, what will the value of the global market?

The global heavy oil cracking catalyst market is projected to reach US$ 3.93 billion by the end of 2032.

Which are the top players in the market?

The key players operating in the heavy oil cracking catalyst market are Haldor Topsoe, China National Petrochemical Company, Axens, Johnson Mathey, CRI Catalyst Company, Süd-Chemie, Albemarle Corporation, Grace Davison, Inc., BASF SE, ExxonMobil Chemical, and among others.

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