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Refinery And Petrochemical Filtration Global Market Analysis, Trends, Growth, Research And Forecast 2033
Refinery And Petrochemical Filtration Global Market
According to The Business Research Company's, the refinery and petrochemical filtration market size has grown strongly in recent years. It will grow from $4.34 billion in 2023 to $4.67 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to regulatory compliance, increasing demand for refined products, focus on operational efficiency, global economic trends, aging infrastructure.
The refinery and petrochemical filtration market size is expected to see strong growth in the next few years. It will grow to $5.94 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to stringent environmental standards, rising global energy demand, focus on sustainable practices, investment in infrastructure upgrades, global economic trends and energy transition. Major trends in the forecast period include digitalization and industry 4.0, advancements in filtration technologies, technological advancements, focus on cost-effective solutions, rising demand for high-efficiency filtration systems .
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Market Drivers and Trends:
The increasing demand for refined petroleum products is expected to propel the growth of the refinery and petrochemical filtration markets going forward. Refined petroleum products are processed derivatives of crude oil, such as gasoline, diesel fuel, and jet fuel that have undergone purification and distillation to meet specific consumer and industrial needs. Refinery and petrochemical filtration processes are used to enhance the quality of refined petroleum products. Initial filtration ensures crude oil impurity removal, while petrochemical filtration refines the products, making them suitable for a wide range of applications, from fuels to chemicals. For instance, in March 2023, according to Statistique Canada, a Canada-based statistical agency, in 2022, the production of refined petroleum products increased by 0.8% compared to the previous year, reaching a total of 112.3 million cubic meters. This increase was mainly due to kerosene-type jet fuel (+44.7%) and distillate fuel oil (+2.1%). Therefore, the increasing demand for refined petroleum products will drive the growth of the refinery and petrochemical filtration markets.
Major companies operating in the refinery and petrochemical filtration markets are focused on innovative process filtration solutions, such as liquid-gas coalescers, to enhance efficiency and drainage performance and gain a competitive advantage. A liquid-gas coalescer is a specialized filtration device or system designed to merge tiny liquid droplets suspended in a gas stream into larger droplets, allowing for easier removal through filtration. For instance, in February 2021, Amazon Filters Ltd., a UK-based manufacturer of high-quality liquid and gas filters, launched the SupaSep LGP. The SupaSep LGP is engineered to deliver the superior efficiency and drainage performance required by many high-flow filtration and separation operations. In addition to eliminating impurities, such as liquid-aerosol contamination, well-designed coalescers protect machinery and equipment, save costly unscheduled downtime, and ensure the final purity of output. SupaSep LGP is a coalescing solution for gas turbines, natural gas compressors, lubricating oil recovery, and catalyst beds. It also aids in the recovery of fluids used in natural gas sweetening and dehydration.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
3M Company, Eaton Corporation plc, Parker Hannifin Corporation, Atlas Copco, AMETEK Inc., MANN+HUMMEL Holding GmbH, Pentair PLC, ExxonMobil Chemicals Company, Donaldson Company Inc., Pall Corporation, Filtration Group Corp., Burckhardt Compression Holding AG, Camfil AB, Ariel Corporation, Axens SA, Hilliard Corporation, Porvair Filtration Group, Amazon Filters Ltd., Graver Technologies, Blasch Precision Ceramics Inc., Filtration Technology Corporation, Norman Filter Company, Sungov Engineering Private Limited, Filson filter, Compositech Products Manufacturing Inc., RCI Technologies Inc., Brother Filtration, Lenntech B.V., Filtcare Technology Pvt. Ltd., Yixing Huading Machinery Co. Ltd.
Refinery And Petrochemical Filtration Market 2024 Key Insights:
• The refinery and petrochemical filtration market is expected to grow to $5.94 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Rising Demand For Refined Petroleum Products Energizes The Refinery And Petrochemical Filtration Market
• Enhancing Efficiency With Glass Microfiber Media For Gas Filtration
• Europewas the largest region in the refinery and petrochemical filtration market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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