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, by growing with a CAGR of 3.9% during the forecast period, i.e., 2021-2029. The growth of the market can primarily be attributed to the growing energy consumption worldwide, including oil and natural gas. According to the statistical report titled “BP Statistical Review of World Energy 2019” by bp, the global primary energy consumption grew at a rate of 2.9% in the year 2018. This was the fastest growth since the year 2010. The demand for petroleum products has grown significantly over the past few years. To meet the rising demand for such products, the petroleum refineries are increasing their production rates. The process of petroleum refinery requires numerous chemicals, which in turn is anticipated to drive the growth of the global refinery process chemicals market during the forecast period. In addition, growing investments in oil refineries, along with the rising environmental concerns related to the refinery process, are some of the additional factors anticipated to drive the market growth. Chemical products, such as corrosion inhibitors, hydrogen sulfide scavengers, pH stabilizers, and others are utilized massively during the refinery process, and are also promoted by environment monitoring bodies as these products help to lower the environmental pollution during the refinery process.
Regionally, the global refinery process chemicals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific is anticipated to garner the largest market revenue of USD 16059.9 Million by the end of 2029, up from a revenue of USD 10516.9 Million in 2020. The market in the region is also anticipated to grow with the highest CAGR of 5.0% during the forecast period. Amongst the countries in the region, the market in China is anticipated to hold the highest market share during the forecast period and further attain the largest market revenue of USD 6728.6 Million by the end of 2029, up from a revenue of USD 4327.7 Million in the year 2020. The growth of the market in the nation can primarily be attributed to the increasing production and consumption of petroleum products and the increasing investments by players in the petroleum industry. According to the statistics by the National Bureau of Statistics of China, output of crude oil in December 2019 recorded to 16.06 Million tons, which was an increase by 0.9% than its previous month. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global refinery process chemicals market is segmented by product type into corrosion inhibitors, pH adjusters, catalysts, anti-fouling agents, and others. Out of these segments, the pH adjusters segment is expected to garner the largest market revenue of USD 11254.2 Million by the end of 2029, up from USD 7571.8 Million in 2020. Further, the market is segmented by end-use application into distilling, cracking, reforming, treating, blending, and others. Amongst these segments, the treating segment garnered the highest market share in the year 2020 and is further expected to hold the largest market revenue of USD 14582.5 Million by the end of 2029, up from USD 9861.5 Million in 2020. The segment is also expected to grow with the second-highest CAGR of 4.2% during the forecast period.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global refinery process chemicals market that are included in our report are 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.
FREQUENTLY ASKED QUESTIONS
The rapidly growing demand for petroleum products is one of the major factors anticipated to drive the market growth.
The market is anticipated to attain a CAGR of 3.9% over the forecast period, i.e., 2021-2029.
The shift in preferences towards alternative fuel sources is one of the major factors estimated to hamper the market growth.
The market in North America is projected to display significant business opportunities in the future.
The major players in the market are BASF SE, The Lubrizol Corporation, General Electric Company, CLARIANT, Johnson Matthey, Albemarle Corporation, Dorf Ketal Chemicals (I) Pvt. Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, end-use application, and by region.
The pH adjusters segment is expected to garner the largest market revenue of USD 11254.2 Million by the end of 2029 and display significant growth opportunities.
Global Refinery Process Chemicals Market TOC
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