Refinery Process Additives Market Forecast 2023 - 2030

By Type :

The type segment is categorized into demulsifier, antifoulants, corrosion inhibitor, hydrogen sulfide scavenger, stabilizer, biocides, octane booster, and others. In 2022, the antifoulants segment accounted for the highest market share in the refinery process additives market. Antifoulants are deployed in oil refineries to reduce organic and inorganic material deposition on heat transfer surfaces, including polymers, sludge, corrosion productions, coke, and catalyst fines. The antifoulant additives enhance throughput and increase the production of crude oil. Moreover, antifoulants enhance product quality and overall equipment reliability. This results in minimizing the equipment cleaning and replacement costs. For instance, according to the recent statistics published by the U.S. Energy Information Administration, in 2021, the annual production of crude oil in OPEC countries was 31.66 million barrels per day, and in 2022, it was 34.17 million barrels per day. In 2022, the year-on-year growth of crude oil production at the global level was 7.91%. Thus, the increase in the production activities associated with crude oil in OPEC countries is favoring the demand growth for antifoulant to minimize waste disposal costs, which, in turn, is benefiting the market growth.

However, the corrosion inhibitor segment is expected to be the fastest-growing segment during the forecast period. This is due to the development of a new product range, which is leading to segmental growth.

By Crude Oil Type :

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 of 45.88% in the overall refinery process additives market. The light crude oil refineries utilize refinery process additives to efficiently break water content from the oil. Furthermore, the efficient deployment of refinery process additives in light crude oil minimizes the crude oil viscosity and consequently. This minimizes the pipeline pressure drop. For instance, according to the recent data published by the Alberta Energy Regulator, in 2021, the annual production of light crude oil in Alberta, Canada was 39.90 10³m³/day, and in 2022, it was 43.90 10³m³/day. In 2022, the year-on-year growth of crude oil production in Alberta, Canada was 10.02%. Thus, the increase in the production of light crude oil is fostering the demand for refinery process additives to increase crude oil performance, thereby spurring market growth.

However, the medium crude oil segment is expected to be the fastest-growing segment during the forecast period because of the development of new medium crude oil refinery facilities.

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By Application :

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. Refinery process additives are deployed in crude oil processing to facilitate the equal and continuous flow of the crude oil mass. This prevents clogging in the flow stream processes and production wells. In addition, the use of refinery process additives in crude oil processing prevents obtrusion of the manufacturing and flow stream delivery or renewed production of inactive wells. For instance, according to the recent statistics published by the U.S. Energy Information Administration, in 2021, the annual production of crude oil at the global level was 95.69 million barrels per day, and in 2022, it was 99.85 million barrels per day. In 2022, the year-on-year growth of crude oil production at the global level was 4.34%. Henceforth, the increase in the production of crude oil at the global level is accelerating the demand for refinery process additives to ensure efficient crude oil processing, thereby propelling the market growth.

However, the fluid catalytic cracking segment is expected to be the fastest-growing segment in the refinery process additives market during the forecast period. This growth will be attributed due to factors such as new technological innovations, and increasing investment opportunities, among others.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, North America accounted for the highest market share at 36.55% and was valued at USD 716.89 million, and is expected to reach USD 1,211.55 million in 2030. In North America, the U.S. accounted for the highest market share of 67.45% during the base year of 2022. This is due to the increase in the production process of crude oil in the North American region. For instance, according to the recent statistics published by the U.S. Energy Information Administration, in 2021, the annual production of crude oil in North America was 26.44 million barrels per day, and in 2022, it was 27.82 million barrels per day. In 2022, the year-on-year growth of crude oil production in North America was 5.19%. Therefore, the growth of crude oil production in North America is boosting the demand for refinery process additives to ensure a reduction in corrosion. This, in turn, is proliferating the market growth.

Furthermore, Asia Pacific is expected to witness significant growth over the forecast period, growing at a CAGR of 7.1% during 2023-20230. This is attributed to the growing demand for refinery process additives from various applications, including fluid catalytic cracking, crude oil processing, and hydroprocessing, among others.