Valued at US$ 4,308.81 Million in 2023, the refinery process chemicals industry is set to reach an estimated US$ 4,481.16 Million by the end of 2024. The global industry is anticipated to reach a valuation of US$ 6,633.22 Million in 2034, with the market growing at an average CAGR of 4% from 2024 to 2034. 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 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.
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 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 United States is anticipated to rise at a 3.7% CAGR through 2034.
- Countries like India and China will offer lucrative market opportunities in the Asia-Pacific region.
- The refinery process chemicals market in China is anticipated to surge at a 4.4% CAGR through 2034.
Competitive Landscape
Top Key Players are
- BASF SE
- The Dow Chemical Company
- Chevron Phillips Chemical Company LLC
- Exxon Mobil Corporation
- Royal Dutch Shell PLC
- SABIC (Saudi Basic Industries Corporation)
- Clariant AG
- Evonik Industries AG
- Honeywell International Inc.
- Albemarle Corporation
- Johnson Matthey
- W.R. Grace & Co.
- Arkema S.A.
- DuPont de Nemours, Inc.
- Haldor Topsoe A/S
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.
More Insights into Refinery Process Chemicals Market Report
In its latest report, FMI offers an unbiased analysis of the global refinery process chemicals market, providing historical data from 2015 to 2020 and forecast statistics for 2024 to 2034.
To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (catalyst, PH adjustors, anti-fouling agents, corrosion inhibitors), refinery process conversion (hydro treatment, petroleum treatment), and region.
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According to the latest FMI reports, based on region, the refinery process chemicals market in North America is anticipated to perform well during 2024-2034 with the United States accounting for 20% of the global demand. Valued at around US$ 1 Billion in 2021, the refinery process chemicals market in North America is driven by aggressive investments in research and development by regional market players.
Rising use of petroleum feedstock coupled with strict governmental regulations will further aid the target market growth during the projected period. The refinery process chemicals market in Asia Pacific will register a strong CAGR during 2024-2034 with countries like India and China propelling the market growth.
This region will offer the target market several lucrative opportunities during the upcoming years due to China and India’s increasing development in oil production and oil refinery capacities. Rapid industrialization, dense population, and environmental regulations will push the target market forward in this region during the forecast period.
Key Segments Profiled in the 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
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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