The global refinery process chemicals market is anticipated to reach a valuation of US$ 6.2 Bn in 2032, with the market growing at an average CAGR of 4% from 2022 to 2032. Valued at US$ 4 Bn in 2021, the target market is set to reach an estimated US$ 4.2 Bn by the end of 2022. An upsurge in the consumption of oil as well as other non-renewable energy fuel sources will drive the target market during the forecast period.
Crude oil experiences a series of different complex processes such as reformation, alkylation, cracking, desulfurization, and hydrotreating, among others, to yield a variety of in-demand products that find extensive usage across diverse industry verticals as well as in household purposes.
The refining processes of crude oil are complex and include the usage of several chemicals at different steps in order to ensure superior quality of the end products. Owing to high demand and large-scale usage of crude oil, the refinery process chemicals market is likely to witness standard growth in its value during the assessment period.
The escalating demand for fuels particularly from the transportation industry spurs the global growth of the target market. This demand is a major growth driver of the refinery process chemicals market. In addition, a rise in demand, worldwide, for petroleum-based goods is another aspect that contributes significantly to the expansion of the global refinery process chemicals market size.
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Moreover, rising concern for the environment is encouraging governments across the globe to enforce strict regulations against pollutants. This too acts as a market driver as the increasing pressure from regulatory bodies on the refineries with regard to pollution will likely result in a proliferation in the utilization of refining process chemicals over the projected period.
Similarly, the rising distillation capacity of petroleum refineries all over the world will also offer several opportunities for growth in next few years.
“High demand from the transportation sector coupled with the implementation of stringent environmental regulations will likely propel the global growth of the refinery process chemicals market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Large-scale application of crude oil to strengthen market prospects.
- Access to alternative energy sources may impede the market growth.
- The U.S refinery process chemicals market accounts for 20% of the global demand.
- Countries like India and China will offer lucrative market opportunities in the Asia Pacific region.
- The refinery process chemicals market in China will grow at a CAGR of 5% during 2022-2032.
Competitive Landscape
BASF SE, General Electric, Albemarle Corporation, Dorf Ketal, Lubrizol Corporation, Clariant, Akzo Nobel N.V., and Johnson Matthey Plc., among others are some of the major players in the refinery process chemicals market profiled in the full version of the report.
In a highly competitive market, leading market players are focusing on their production capacities. These organizations also employ various organic and inorganic strategies to deepen their market reach.
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Key Segments Profiled in Refinery Process Chemicals Market
Product Type:
- Catalyst
- PH Adjustors
- Anti-fouling Agents
- Corrosion Inhibitors
Type of Refinery Process Conversion:
- Hydro Treatment
- Petroleum Treatment
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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