Refinery Process Chemical Market Size, Share, Demand & Growth by 2034

Valued at US$ 4 Billion in 2021, the target market is set to reach an estimated US$ 4.2 Billion by the end of 2022.  An upsurge in the consumption of oil as well as other non-renewable energy fuel sources will drive the target market during the forecast period. The global refinery process chemicals industry is anticipated to reach a valuation of US$ 6.2 Billion in 2032, with the market growing at an average CAGR of 4% from 2022 to 2032.

Crude oil experiences a series of different complex processes such as reformation, alkylation, cracking, desulfurization, and hydrotreating, among others, to yield a variety of in-demand products that find extensive usage across diverse industry verticals as well as in household purposes.

The refining processes of crude oil are complex and include the usage of several chemicals at different steps in order to ensure superior quality of the end products. Owing to high demand and large-scale usage of crude oil, the refinery process chemicals market is likely to witness standard growth in its value during the assessment period.

The escalating demand for fuels particularly from the transportation industry spurs the global growth of the target market. This demand is a major growth driver of the refinery process chemicals market. In addition, a rise in demand, worldwide, for petroleum-based goods is another aspect that contributes significantly to the expansion of the global refinery process chemicals market size.

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Moreover, rising concern for the environment is encouraging governments across the globe to enforce strict regulations against pollutants. This too acts as a market driver as the increasing pressure from regulatory bodies on the refineries with regard to pollution will likely result in a proliferation in the utilization of refining process chemicals over the projected period.

Similarly, the rising distillation capacity of petroleum refineries all over the world will also offer several opportunities for growth in the next few years.

“High demand from the transportation sector coupled with the implementation of stringent environmental regulations will likely propel the global growth of the refinery process chemicals market over the forecast period,” says an FMI analyst. 

Key Takeaways:

• Large-scale application of crude oil to strengthen market prospects.
• Access to alternative energy sources may impede the market growth.
• The US refinery process chemicals market accounts for 20% of the global demand.
• Countries like India and China will offer lucrative market opportunities in the Asia-Pacific region.
• The refinery process chemicals market in China will grow at a CAGR of 5% during 2022-2032.

Competitive Landscape 

Top Key Players are

1. BASF SE
2. General Electric
3. Albemarle Corporation
4. Dorf Ketal
5. Lubrizol Corporation
6. Clariant
7. Akzo Nobel N.V.
8. Johnson Matthey Plc

In a highly competitive market, leading market players are focusing on their production capacities. These organizations also employ various organic and inorganic strategies to deepen their market reach.

About the Chemicals and Materials Division at Future Market Insights (FMI)

The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing — ‘The Way Forward’.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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