According to the research report titled ‘Global Hydrocracking Market Size study, by Type (Single-stage, Two-stage flow, Other) by Application (Refinery, Diesel and jet fuel, Other) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global hydrocracking market is poised to witness a healthy CAGR over the forecast period 2021-2027.
 

Surging demand for kerosene, jet fuel, diesel, and gasoline, coupled with rapid industrialization are primarily boosting global hydrocracking market growth.
 

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The IBEF reported that India is slated to become one of the leading global contributors to non-OECD petroleum growth. It also found that crude oil imports grew to USD 101.4 billion in 2019-20 from just USD 70.72 billion in 2016-17.
 

Additionally, the ability of hydrocrackers to convert gas and crude oil into smaller components is anticipated to bolster industry remuneration scope in the upcoming years.
 

For the unversed, hydrocracking is used to convert heavy oil feedstock into premium lighter fuels like gasoline, diesel, kerosene, and naphtha. This system is also used to process atmospheric gas oils, de-asphalted oil, vacuum gas oils, and thermally cracked gas oils.
 

Despite the positive outlook, high initial investments and operating costs are likely to impede market progression over the stipulated timeframe.
 

Based on product type, global hydrocracking market is arrayed into two-stage flow, single-stage, and others. Considering application scope, the business vertical is split into diesel & jet fuel, refinery, and others.
 

On the geographical front, the research literature covers major regions such as North America, Asia Pacific, Europe, and Latin America. Among these, North America presently captures a major market share driven by fast paced technological progress in the region. In the meantime, Asia-Pacific market is touted to grow at a notable pace over 2021-2027, owing to the progressive rise in number of refineries.
 

Speaking of the competitive landscape, companies such as McDermott International Ltd., Honeywell International Inc. (UOP), Shell plc, Haldor Topsoe A/S, Emerson Electric Co., Fluor Corp., Exxon Mobil Corp., Axens, Chevron Corp., and CB&I are primarily influencing worldwide hydrocracking industry trends.
 

The report includes a comprehensive analysis of business profiles of these market players and evaluates their financials, and strategies so as to equip users with a comprehensive understanding of market dynamics.