Global Cracking Catalysts for Propylene Market Report and Forecast 2024-2032

Global Cracking Catalysts for Propylene Market Outlook

The global cracking catalysts for propylene market is expected to grow at a CAGR of about 5% in the forecast period of 2024-2032 owing to the rising demand for propylene for the production of polypropylene.

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Asia Pacific to be a Significant Regional Market for Cracking Catalysts for Propylene

Due to the increased demand for propylene for the production of polypropylene, the Asia Pacific region is predicted to expand significantly throughout the forecast period. The rising adoption of naphtha in the feedstocks is anticipated to further fuel the growth of the cracking catalysts for propylene market. The rise in refining activity, coupled with a developed end-use industry in the region, has impelled the demand for fluid catalytic cracking catalysts. Petroleum-based products are likely to have increased demand in this region due to their widespread availability and lower pricing when compared to bio-based products. Low labour costs and the presence of abundant raw materials have resulted in a shift in manufacturing base from Western countries to Asia Pacific, which is predicted to augment the fluid catalytic cracking demand in the region.

The market's expansion in North America is expected to be fuelled by the increased product demand in fluid catalytical cracking. The increased need for steam cracking in the manufacturing of propylene is credited for the expansion in Europe. With the growing use of polypropylene in packaging, Latin America, the Middle East, and Africa are expected to experience significant growth in the forecast period of 2024-2032.

Market Segmentations

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Propylene is a colourless and flammable gas, which is used as a main building block, produced from steam cracking, ethane and liquid feeds, and naphtha reformers. In the production process of propylene, the long-chain hydrocarbons feedstocks are split into simpler molecules or light hydrocarbons namely ethylene and propylene, by breaking carbon-carbon bonds. This process is done in the presence of temperature and pressure. The cracking catalysts for propylene are used to increase the rate of cracking process.

By type, the market includes:

• CHP
• CRP
• CIP
• MMC
• Others

The major applications of the market are:

• Steam Cracking
• Fluid Catalytic Cracking

The regional markets for the cracking catalysts for propylene market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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Rising Product Demand for Polypropylene Production Propelling the Market Growth

The global market for cracking catalysts for propylene is likely to observe rapid growth in the forthcoming years. The growth can be attributed to the rising product demand for polypropylene production, a thermoplastic polymer used in various applications. 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, electrical and electronics, among others, thereby augmenting the demand for cracking catalysts for propylene production. Rapid urbanisation in developing countries like India and China is fuelling the growth of the chemical industry. This is leading to a surge in demand for petroleum products, which in turn, is driving the cracking catalysts for propylene industry growth. Additionally, propylene is used to manufacture acetone, methyl methacrylate, acrylic acid, and acrylonitrile. A myriad of applications is expected to significantly drive the market growth in the forthcoming years. Globalisation and rising international trade practices have triggered a number of industries utilising the rapidly diminishing resource. Escalating global fuel consumption to meet rising demand from transportation and industrial sectors is likely to augmenting the market demand.

Key Players in the Global Cracking Catalysts for Propylene Market

The report gives a detailed analysis of the following key players in the global cracking catalysts for propylene industry, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• BASF SE
• Albemarle Corporation
• Sinopec RIPP
• Clariant
• Royal Dutch Shell Plc
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
 

Key Highlights of the Report