Global Refinery Process Additives Market growing at a CAGR of 6.8% from 2023 to 2030
Category : Materials And Chemicals | Published Date : Jul 2023
Key Market Overview
Consegic Business Intelligence analyzes that the refinery process additives market is predicted to grow at a compound annual growth rate of 6.8% from 2023 to 2030 and is expected to reach USD 3,305.73 million in 2030 which was valued at USD 1,961.39 million in 2022.
The report highlights the increasing adoption of refinery process additives in crude oil processing, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the refinery process additives market.
Global Refinery Process Additives Market By Overview
The refinery process additives market is bifurcated into type, crude oil type, and application. Based on type the market is segmented into demulsifier, antifoulants, corrosion inhibitor, hydrogen sulfide scavenger, stabilizer, biocides, octane booster, and others. In 2022, the antifoulants segment dominate in the overall refinery process additives market. The crude oil type segment is categorized into light crude oil, medium crude oil, and heavy crude oil. In 2022, the light crude oil segment accounted for the highest market share in the refinery process additives market. The application segment is categorized into crude oil processing, fluid catalytic cracking, hydroprocessing, and others. In 2022, the crude oil processing segment accounted for the highest market share in the refinery process additives market.
Get Free SampleMarket Dynamics
Driver:
- Booming technological innovations associated with refinery process additives is supplementing the market growth.
- The increasing adoption of refinery process additives in crude oil processing is driving the growth of the market.
Restraints:
- Stringent rules and regulations governing the utilization of refinery process additives are retraining the market growth.
Market Segmentation:
| Report Attributes | Report Details |
| By Type | Demulsifier, Antifoulants, Corrosion Inhibitor, Hydrogen Sulfide Scavenger, Stabilizer, Biocides, Octane Booster, and Others |
| By Crude Oil Type | Light Crude Oil, Medium Crude Oil, and Heavy Crude Oil |
| By Application | Crude Oil Processing, Fluid Catalytic Cracking, Hydroprocessing, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
As per the study, the market is dominated by certain major companies such as BASF SE, Chevron Corporation, Total, and Westlake Chemical Corporation which have a strong market position in current market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more durable, ensure superior functioning, and others. Furthermore, the refinery process additives market is expected to witness substantial growth in the coming years due to the growing investment in new oil refineries in key regions such as North America, Asia Pacific, and others.
The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
- BASF SE
- Chevron Corporation
- Total
- Westlake Chemical Corporation
- Mitsubishi Chemical Corporation
- SABIC
- LG Chem
- Dow
- DuPont
- Eastman Chemical Company