Refinery Process Chemicals Market Growth Trends: US$ 24.5 Billion by 2031 at 3.5% CAGR

The Global Refinery Process Chemicals Market was valued at US$ 18.1 Bn in 2022 and is projected to expand at a CAGR of 3.5% from 2023 to 2031.

The extensive rise in demand for fuels in the transportation sector in the last several years is fueling the refinery process chemicals market. Refinery process chemicals are primarily used in crude oil refineries to optimize operations. Refinery process chemicals also help to minimize corrosion, foul smells, and contamination of crude oil.

Growth in the oil & gas sector is likely to boost market development in the next few years. In the oil and gas sector, refinery process chemicals are used in several processes, such as cracking, distillation, and reforming.

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Key Findings of Study

High Demand for Fuels in the Transportation Sector Boosts Market Expansion - The transportation sector accounts for large volumes of demand for fuel. It accounts for approximately 50% of the total oil consumption globally. Rapid urbanization, industrialization, and economic development are likely to lead to increased demand for fuels in the transportation sector in the near future. This requires refineries to produce more fuel to meet the rise in demand. However, cost-effective and efficient fuel production requires the utilization of specialty chemicals and processes. Thus, rise in demand for fuels in the transportation sector is spurring market demand.

Refinery process chemicals are associated with the operational advantages of crude oil refining processes. These chemicals improve the productivity and efficiency of refining processes, produce high-quality fuels, and reduce the environmental impact of refining. The production of cleaner-burning fuels requires chemical reactions to be enhanced using catalysts and other additives that help eliminate sulfur and other impurities from crude oil.

Production of high-performance fuels, such as aviation fuel, requires the utilization of advanced refining processes. This is because high-performance fuels need to possess specific characteristics, such as low freezing point and high energy density. Therefore, rise in production of high-performance fuels is expected to boost refinery process chemicals market growth in the next few years.

Surge in adoption of Petroleum-based Products - Petroleum-based products are used in a large range of end-use industries, including chemicals, plastics, textiles, and pharmaceuticals. Growth in the global population is anticipated to drive demand for refined petroleum products and thus boost market value.

The production of petroleum products in an efficient and cost-effective manner requires specialized chemicals and processes. Refinery process chemicals are utilized to improve the productivity and efficiency of refining processes, produce high-quality products, and reduce the environmental impact of refining processes. Hence, continual rise in demand for petroleum-based products is augmenting the refinery process chemical market size.

Refinery process chemicals are also used in the production of waxes, lubricating oils, and asphalt, which are widely used in the construction and automotive industries.

High Demand for Catalysts - The catalyst type segment is anticipated to hold the leading market share during the forecast period. The catalyst type segment held the leading 22.9% share of the global industry in 2022. It is projected to account for 23.9% market share by 2031, expanding at a CAGR of 4.1% during the forecast period.

Catalysts are substances that speed up the chemical reactions in the refining process in the oil & gas industry. Catalysts are primarily used in the cracking process, wherein complex organic molecules are disintegrated into smaller molecules.

Extensive Utilization of Refinery Process Chemicals in Cracking Applications - In terms of application, the cracking segment accounted for the leading 28.4% market share in 2022. The segment is estimated to hold a 25.4% share of the global industry by 2031, expanding at a CAGR of 2.3% during the forecast period.

Growth Drivers

Demand from the transportation sector for the growing global population is fueling the refinery process chemicals market
Expansion of the oil & gas sector is anticipated to augment market demand

Regional Landscape

According to refinery process chemicals market analysis, Europe is anticipated to constitute the leading share during the forecast period. Growth of the oil & gas sector in Russia & CIS, Germany, and the rest of Europe is fueling market dynamics in the region.

Competitive Analysis

The competition landscape is highly consolidated, with 45.0% to 55.0% of market share cumulatively held by a few players. Technological innovations, financial restructuring and investments, and acquisitions are some key strategies adopted by vendors to increase their market share.

Prominent players in the refinery process chemicals market include

BASF SE,
The Lubrizol Corporation,
Akzo Nobel, and General Electric.

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The refinery process chemicals market is segmented as follows:

Refinery Process Chemicals Market, by Type

Corrosion Inhibitors
H2S Scavengers
Scale inhibitors
Demulsifiers
Antifouling Agents
Coagulants and Flocculants
Biocides
Antifoams and Defoamers
Disinfectants
Catalysts
Others

Refinery Process Chemicals Market, by Application

Treatment
Boiler Water Treatment
Cooling Water Treatment
Steam/Condensate Treatment
Desalination Plant
Others
Distillation
Cracking
Reforming
Others

Refinery Process Chemicals Market, by Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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This release was published on openPR.