NEWARK, Del., July 08, 2024 (GLOBE NEWSWIRE) — The global refinery process chemicals market size is US$5,969.7 million It is expected to grow at a further CAGR by 2024. 5.2% During the forecast period, global sales of refinery process chemicals will total $9,950.4 million By 2034.
The refining industry is responding to the growing need to reduce carbon emissions through investments in carbon capture systems. Digital technologies such as artificial intelligence and machine learning are transforming the industry, and the circular economy is driving waste reduction, recycling and reuse.
Nanotechnology is being used to develop new materials and catalysts for refining processes. 3D printing and additive manufacturing are being used to build refining facilities, and Industry 4.0 is enabling data-driven chemical supply for refining processes. This development is enabling companies to strengthen their global presence and expand their customer base.
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Manufacturers can develop refinery chemicals that facilitate the synthesis, storage and utilization of hydrogen to meet the growing demand for clean energy. Refinery chemicals that support a circular economy can also be developed for resource-efficient, environmentally friendly solutions.
However, companies may need to invest in complying with environmental regulations or develop new formulations. The switch to alternative energy sources such as electric vehicles and renewables could pose a threat to the existing oil and gas industry.
Key takeaways from the market report
- The global refinery process chemicals market is $9,950.4 million By 2034, CAGR will be 5.2% During the forecast period.
- Based on application, the water treatment segment accounted for the largest share of the market. 35.1% 2024.
- Based on end-user, the oil & gas industry holds the largest market share. 61.7% 2024.
- India is expected to register a compound annual growth rate (CAGR). 7.8% Between 2024 and 2034.
- Sales in China are expected to grow at a compound annual growth rate (CAGR). 5.9% Until 2034.
“Consumers are demanding environmentally friendly products amid a global move toward sustainability, and manufacturers are focusing on developing water treatment chemicals and other process aids made from bio-based materials,” he said. Nikhil Kate WadeVice President at Future Market Insights (FMI).
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Who will win?
The Dow Chemical Company, Chevron Phillips Chemical Company, Exxon Mobil Corporation and Royal Dutch Shell are working to develop innovative, efficient and sustainable chemicals for their refinery processes, including targeted catalysts for specific refinery processes, sustainable water treatment chemicals, cost-effective corrosion inhibitors and digital tools such as sensor-based monitoring systems and AI-powered optimization software.
These tools help optimize chemical dosing, reduce waste and increase efficiency. AI tools can predict equipment issues and corrosion problems, allowing for preventative maintenance and reduced downtime.
Manufacturers are also developing water treatment chemicals and treatment aids made from bio-based materials to meet environmental regulations. Research is underway to find chemical solutions that will enable refineries to reuse water and contribute to water sustainability efforts.
The companies offer consumers a complete solution, including technical support, on-site application expertise and performance insurance, which is beneficial for refinery owners looking for a streamlined experience and reduced operational costs. This approach also aims to reduce energy consumption and equipment maintenance requirements.
Industry Updates –
- MOGAS IndustriesThe UAE-headquartered company was awarded a multi-million dollar contract in July 2024 for the first commercialization of its TC2C (thermal conversion of crude oil to chemicals) technology for South Korea's S-Oil Shaheen project.
- Ong CThe India-based company announced plans in November 2023 to invest US$5.38 billion in setting up two petrochemical plants that can convert crude oil into high-value chemical products.
Major refinery process chemical company
- The Dow Chemical Company
- Chevron Phillips Chemical Company
- Exxon Mobil Corporation
- Royal Dutch Shell
- SABIC (Saudi Arabian Basic Industries Corporation)
- Clariant AG
- Evonik Industries AG
- Honeywell International Inc.
- Albemarle Corporation
- Johnson Matthey
- WR Grace & Company
- Arkema SA
- DuPont de Nemours
- Haldor Topsøe A/S
Report preview: https://www.futuremarketinsights.com/reports/Refining Process Chemicals Market
Key Segments of the Market Report
By product type:
Based on product type, the sector is divided into catalysts, pH adjusters, antifouling agents, and corrosion inhibitors.
Refinery Process Conversion by Type:
Based on the type of process conversion in the refinery, it is divided into water treatment and oil processing segments.
By end user:
Refinery process chemicals find application in the oil and gas, chemical, and water treatment industries.
By region:
The sector spans North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, the Middle East and Africa.
author
Nikhil Kaitwade, Vice President, Future Market Insights, Inc., has over 10 years of experience in market research and business consulting, having successfully completed over 1,500 engagements for clients primarily in the automotive, chemical, industrial equipment, oil & gas, and services industries.
His key competencies are developing research methodologies, creating proprietary analytical frameworks, creating statistical data models for pricing analysis, competitive mapping and market feasibility analysis. His expertise extends beyond analytics as he advises clients on identifying growth potential of existing and niche market segments, investment/divestment decisions and market entry decisions.
Nikhil holds an MBA in Marketing and IT and a degree in Mechanical Engineering. Nikhil is a published author and has been quoted in publications such as EMS Now, EPR Magazine, and EE Times.
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