Research Nester published a report titled “Refinery Process Chemicals Market: Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global refinery process chemicals market in terms of market segmentation by product type, end-use application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global refinery process chemicals market is anticipated to grow with a CAGR of 3.9% during the forecast period, i.e., 2021-2029. The market is segmented by product type into corrosion inhibitors, pH adjusters, catalysts, anti-fouling agents, and others, out of which, the pH adjusters segment garnered the largest market revenue of USD 7571.8 Million in 2020, and is further projected to reach USD 11254.2 Million by the end of 2029.
The global refinery process chemicals market garnered a revenue of USD 29272.9 Million in 2020, and is further expected to reach USD 42429.7 Million by the end of 2029. Rising demand for petroleum products worldwide, followed by the rising consumption of energy, and the increasing production of crude oil, are some of the major factors anticipated to drive the growth of the market in the coming years.
The global refinery process chemicals market is segmented regionally into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in the Asia Pacific is anticipated to garner the largest market revenue of USD 16059.9 Million by the end of 2029, by growing with the highest CAGR of 5.0% during the forecast period. Moreover, in the year 2020, the market in the region registered a market revenue of USD 10516.9 Million.
Growing Demand for Energy to Create Opportunities for Market Growth
In the statistical report titled “BP Statistical Review of World Energy 2019” by bp, in the year 2018, the global primary energy consumption grew at a rate of 2.9%. The growth rate was known to be the fastest since 2010.
Backed by the rising demand for energy worldwide, organizations in the energy industry are increasingly focusing on raising their production for crude oil, gas and other related products. The increasing production of these oil products is expected to drive the demand for refinery process chemicals, as these chemicals help to lower environmental pollution that may arise during the refinery process. Such a factor is anticipated to drive the growth of the global refinery process chemicals market.
However, the shift in preferences towards alternative fuel sources is expected to operate as key restraint to the growth of global refinery process chemicals market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global refinery process chemicals market which includes company profiling of BASF SE, The Lubrizol Corporation, General Electric Company, CLARIANT, Johnson Matthey, Albemarle Corporation, Dorf Ketal Chemicals (I) Pvt. Ltd., Berryman Chemical Inc., W. R. Grace & Co., Baker Hughes Company, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global refinery process chemicals market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.