Global Refinery Process Chemicals Market to Garner a Revenue of USD 42429.7 Million by 2029; Market to Expand on Account of Growing Consumption of Energy Amongst End-Use Industries

Key Companies Covered in the Refinery Process Chemicals Market Research 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 other key market players.

New York, Dec. 03, 2021 (GLOBE NEWSWIRE) -- According to the statistical report by bp, titled “BP Statistical Review of World Energy 2019”, the primary consumption of energy in the year 2018 grew at a rate of 2.9% than its previous year. This growth was recorded to be double its 10-year average of 1.5% per year. On the other hand, according to the statistics by the International Energy Agency (IEA), the demand for oil around the globe is projected to increase to 104 mb/d by the end of 2026, up from 91 mb/d in 2020. The statistics also stated that the imports of crude oil globally increased from 1975233.0 kt in the year 2000 to 2341530.0 kt in the year 2018.

Research Nester has recently released a report titled “Global Refinery Process Chemicals Market”, which focuses on the latest market trends, opportunities, and drivers that are anticipated to accelerate the market growth during the forecast period, i.e., 2021-2029. The report also includes the list of players who are operating in the market, along with a brief analysis of their product portfolio and their growth strategies over the years.

Globally, the demand for energy is growing at a noteworthy pace. With the increasing consumption of oil and other non-renewable energy fuel sources, the organizations in the oil refinery industry are focusing on raising their production, which in turn is expected to drive the demand for refinery process chemicals. The global refinery process chemicals market is anticipated to reach a revenue of USD 42429.7 Million by the end of 2029, up from USD 29272.9 Million in 2020. The market is further projected to grow with a CAGR of 3.9% during the forecast period.

Moreover, the increasing distillation capacity of petroleum refineries worldwide is also expected to create several opportunities for the growth of the market in the coming years. According to the statistics by the United States Energy Information Administration (EIA), the total atmospheric crude oil distillation capacity in the United States grew from 17736370 barrels per calendar day as of January 1, 2011, to 18127700 barrels per calendar day as of January 1, 2021.

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The global refinery process chemicals market is segmented on the basis of region 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, up from a revenue of USD 10516.9 Million in 2020. The market in the region is further segmented on the basis of country into China, India, Japan, South Korea, Singapore, Indonesia, Thailand, and the Rest of the Asia Pacific. Out of these, the market in China held the highest market share in the year 2020 and is further expected to 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 market in the country is also anticipated to grow with a CAGR of 5.2% during the forecast period. On the other hand, the market in India is expected to grow with the highest CAGR of 5.8% during the forecast period and further hold the second-highest market share by the end of 2029.

On the other hand, the market in North America is anticipated to hold the second-highest market share and further attain revenue of USD 10538 Million by the end of 2029, up from USD 7312.6 Million in 2020. The market in the region is segmented by country into the United States and Canada, out of which, the market in the U.S. is expected to hold the highest market share, while the market in Canada is projected to grow with the highest CAGR of 4.7% during the forecast period.

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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), 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 garnered the largest market revenue of USD 7571.8 Million in the year 2020 and is further projected to touch USD 11254.2 Million by the end of 2029, by growing with the highest CAGR of 4.2% during the forecast period. In the Asia Pacific, the segment is expected to garner the largest revenue of USD 4288.4 Million by the end of 2029, up from USD 2735.2 Million in 2020. The segment in the region is also expected to grow with the highest CAGR of 5.3% during the forecast period. Moreover, in China, the segment held the highest market share in the year 2020 and also attained a market revenue of USD 1128.7 Million in the same year. The segment in the country is further projected to touch USD 1803.3 Million by the end of 2029, up from USD 1128.7 Million in 2020. In India, the segment is projected to grow with the highest CAGR of 6.2% during the forecast period.

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On the other hand, in North America, the pH adjusters segment garnered the largest market revenue of USD 1886.6 Million by the end of 2020 and is further projected to touch USD 2782 Million by the end of 2029, by growing with the highest CAGR of 3.6% during the forecast period. Moreover, in the U.S., the segment is projected to grow with the highest CAGR of 3.5% during the forecast period.

The global refinery process chemicals market is also segmented on the basis of end-use application.

Global Refinery Process Chemicals Market, Segmentation by End-Use Application

• Distilling

• Cracking

• Reforming

• Treating

• Blending

• Others

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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.

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