Growing environmental concerns across the globe have triggered the adoption of devices and equipment that aid in providing a cleaner environment. In the wake of this, industries worldwide are striving to adhere to the policies that have been implemented by the governments in order to maintain a competitive edge in the global market.
According to a report published by Future Market Insights (FMI), the global CDU heat exchanger antifoulants market is expected to witness a CAGR of 3.1% from 2022 to 2028. In 2017, the market was worth US$ 160.3 Million in 2021 and is estimated to rise to a valuation of US$ 197.6 Million by the end of 2028.
One such chemical that is added to the heat exchanger equipment in oil refineries is antifoulants which help in saving the machine from any form of corrosion. Corrosion inhibitors are used in machinery as they provide long-term benefits such as reducing corrosion and improving the safety of the operational equipment
In order to retain their position in the market, companies are fiercely competing against each other. Their awareness regarding the importance of maintaining their machinery and equipment has increased.
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They are also expanding the oil refineries according to the growing application needs and their ability to handle the challenges of the industry. Some of the leading companies operating in the market are BAKER HUGHES, a GE Company, Dorf Ketal, CHIMEC SpA, Croda International Plc, CRISTOL, Eonchemical, Chematek S.p.A., Expert Chem SERV, Innospec, and SUEZ.
Changing Geopolitical Scenario, Coupled with Growing Awareness Regarding the Use of Safe Equipment, Poised to Benefit Market
Globalization, population explosion, and economic changes have not only contributed to the crude oil industry but have also resulted in a rise in the standards of oil and gas services. The formulation of fouling deposits can have a number of effects. For instance, it can decrease heat transfer, impede fluid flow, and impair the safe operation of equipment. In recent times, people have become vigilant towards the safe operation of equipment, which, in turn, is expected to accelerate the growth of the antifoulant market over the forecast period.
Moreover, huge amounts of fuel additives are utilized in the manufacturing of crude oil. These additives act as the backbone of refinery sectors across the globe. Refineries strive for reliability and processing flexibility with minimal fouling and impurities. An antifoulant treatment program is the result of the incentive loss. The burgeoning use of fuel additives for the purpose of oil purity, in turn, is anticipated to boost demand for antifoulants. Spin-off benefits are acquired with treatment programs, which are more important than sustainable benefits.
Fluctuating Oil Prices to Limit Market Expansion
Feedstock for naphthenic oil and paraffinic oil is processed from base oil, which in turn is a derivative of crude oil. Thereby, the prices of these base oils tend to be unhinged and volatile as they are subject to the uncertainty occurring in the prices of crude oil. This instability shakes the profitability of manufacturers and in turn, may inhibit market growth. The petro specialty market is majorly dependent on imports and sudden changes in oil prices hamper the regional import trade, thus hindering the growth of crude distillation unit heat exchanger antifoulants market.
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CDU Heat Exchanger Antifoulants Market by Category
By Type:
- Dispersants
- Corrosion Inhibitors
- Metal Coordinators
- Polymerization Inhibitors
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- India
- Japan
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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