Chevron →Prices ease
Grupo AeromexicoAERO
Aeromexico buys fuel from Chevron and prices are benchmarked to Platts, so added global refining capacity from India would likely ease jet-fuel supply and lower Aeromexico's fuel costs.
82% confidence
Hydrotreating Catalysts (CoMo/NiMo) →supply up
Gasoline and diesel
India's extra refining capacity directly supports more hydrotreating activity, lifting output of gasoline and diesel, for which this input is critical.
72% confidence
Hydrogen (refinery-grade) →Stands to benefit
Air Products and Chemicals, Inc.APD
A larger Indian refining buildout should increase demand for refinery-grade hydrogen, and Air Products is the largest qualified supplier on the graph with a 40% share and long replacement lead time.
67% confidence
Hydrogen (refinery-grade) →Stands to benefit
Linde plcLIN
Rising refinery hydrogen demand should flow to Linde as another major qualified supplier, with a 35% share and similarly sticky replacement dynamics.
66% confidence
Valero →Prices ease
Grupo AeromexicoAERO
Aeromexico buys airport fuel from local suppliers such as Valero at market-based prices, so added Indian refining capacity should ease jet-fuel prices for this customer.
66% confidence
Fluid Catalytic Cracking (FCC) Catalysts →Stands to benefit
W.R. Grace & Co.
Higher refinery throughput should lift FCC catalyst demand, and Grace's 38% supply share plus 6-month replacement lead time make it a likely beneficiary.
61% confidence
Hydrogen (refinery-grade) →Stands to benefit
United States
The graph shows this input is sourced 90% from the United States, so higher refinery hydrogen demand disproportionately benefits U.S.-sourced supply.
61% confidence
Fluid Catalytic Cracking (FCC) Catalysts →Stands to benefit
BASF Catalysts (Refining Division)BAS.DE
BASF's 30% share and 6-month replacement lead time make it a strong beneficiary if FCC catalyst demand rises with Indian refining expansion.
60% confidence
Hydrogen (refinery-grade) →Stands to benefit
Air Liquide S.A.
Air Liquide should also benefit from stronger refinery-grade hydrogen demand, though its 20% share makes the transmission smaller than the two larger suppliers.
59% confidence
Hydrotreating Catalysts (CoMo/NiMo) →Stands to benefit
Topsoe A/STOPSOE.CO
More refinery throughput raises hydrotreating-catalyst demand, and Topsoe's 40% share plus 8-month replacement lead time make it a likely beneficiary.
58% confidence
Fluid Catalytic Cracking (FCC) Catalysts →Stands to benefit
United States
Because U.S.-based producers account for 52% of the supply share, a rise in FCC catalyst demand should primarily benefit the United States.
55% confidence
Fluid Catalytic Cracking (FCC) Catalysts →Stands to benefit
Sinopec Catalyst Company (SCC)
More FCC catalyst demand from expanding refining capacity should benefit SCC, though its 20% share makes the upside smaller than the leaders.
53% confidence
Fluid Catalytic Cracking (FCC) Catalysts →Stands to benefit
Albemarle Corporation (Ketjen Catalysts)ALB
Albemarle should see some upside from higher FCC catalyst demand, but its 15% share implies a more moderate benefit.
51% confidence
Fluid Catalytic Cracking (FCC) Catalysts →Stands to benefit
China
China's 20% supply share means its catalyst producers should gain some benefit from stronger FCC catalyst demand, but less than the largest suppliers.
49% confidence
Pemex (Petróleos Mexicanos) →Prices ease
Grupo AeromexicoAERO
Aeromexico’s jet fuel is supplied directly from Pemex via a single dedicated pipeline, so a global increase in refined-fuel supply from India should ease jet-fuel price pressure on this customer.
44% confidence
Fluid Catalytic Cracking (FCC) Catalysts →Stands to benefit
Netherlands
The Netherlands has a meaningful but smaller 12% supply share, so it should see a limited benefit from higher FCC catalyst demand.
44% confidence
Fluid Catalytic Cracking (FCC) Catalysts →Stands to benefit
Germany
Germany's 8% supply share implies only a modest upside from increased FCC catalyst demand.
42% confidence
Fluid Catalytic Cracking (FCC) Catalysts →Stands to benefit
Clariant Catalysts
Clariant is likely to benefit only modestly because its share of FCC catalyst supply is small at 5%.
40% confidence
