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...