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 nonrenewable 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 AsiaPacific 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
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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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