Crude oil is composed of a variety of organic compounds and hydrocarbons such as alkanes, aromatics, asphaltics and naphthenes with varying molecular weights. This crude oil undergoes a series of numerous complex processes such as reformation, alkylation, cracking, desulfurization, and hydro treating, among the others in order to yield a gamut of desired products which find wide scale applications across a diverse set of industries as well as in household use. The aforementioned processes are complex and involve use of numerous chemicals at various stages in order to ensure high quality of the end products. Some of the commonly used refinery processing chemicals include corrosion inhibitors, catalysts, and anti-fouling agents among the others. Refinery process chemicals market is expected to witness a steady growth in its market value during the forecast period.
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Refinery Process Chemicals Market: Drivers & Restraints
The ever-growing demand for fuels especially from transportation sector is expected to emerge as one of the primary growth driving factor for global refinery process chemicals market during the forecast period. Moreover, increase in demand across the globe for petroleum based products is another factor that is likely to result in growth of global refinery process chemicals market. The growing pressure from regulatory bodies on the refineries as regards pollution is expected to result in an increase in use of refinery process chemicals over the forecast period.
Refinery Process Chemicals Market: Segmentation
On the basis of type of products, global Refinery Process Chemicals market can be segmented into following key market segments:
- Corrosion Inhibitors
- PH adjustors
- Anti-fouling agents
Catalysts segment of global refinery chemicals market is expected to register a moderate single digit growth rate during the forecast period.
Depending on the type of refinery process, global refinery process chemicals market has been segmented into the following key market segments:
- Petroleum Treatment
- Hydro treatment
Refinery Process Chemicals Market: Region-wise Outlook
On the basis of geographic regions, global Refinery Process Chemicals market is segmented into seven key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa. Among all the above mentioned regions, North America refinery process chemicals market is expected to dominate the overall global refinery chemicals market during the forecast period. Asia Pacific refinery process chemicals market and Middle East & Africa refinery process chemicals market are expected to witness steady growth during the forecast period.
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Refinery Process Chemicals Market: Key Players
Some of the identified major players operating in the global Refinery Process Chemicals market are as follows:
- BASF SE
- General Electric
- Lubrizol Corporation
- Akzo Nobel N.V.
- Johnson Matthey Plc.