Refinery Process Chemical Market Size, Share, Demand & Growth by 2034
Valued at US$ 4 Billion in 2021, the target market is set to reach an estimated US$ 4.2 Billion 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. The global refinery process chemicals industry is anticipated to reach a valuation of US$ 6.2 Billion in 2032, with the market growing at an average CAGR of 4% from 2022 to 2032.
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 the 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
US 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
Top Key Players are
- BASF
SE
- General
Electric
- Albemarle
Corporation
- Dorf
Ketal
- Lubrizol
Corporation
- Clariant
- Akzo
Nobel N.V.
- Johnson
Matthey Plc
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.
About the Chemicals and Materials Division
at Future Market Insights (FMI)
The chemicals and materials division of Future Market
Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and
materials industry. This exhaustive coverage extends from commodity, bulk,
specialty, and petrochemicals to advanced materials, composites, and
nanotechnology in particular, with special emphasis on ‘green alternatives,
recycling and renewable technology developments, and supply-demand-trade
assessment. Our research studies serve as referencing market guidelines for
chemical manufacturers, research institutions, channel partners, and government
bodies for developing — ‘The Way Forward’.
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