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Global Refinery Process Additives Market InsightDecember 31, 2021 Comments
The Refinery Process Additives is forecast to Steady growth over the next years. According to the World Knowledge Information (WKI) “Global Refinery Process Additives Professional Survey Report 2021, Forecast to 2026”, Refinery process additives are used as fuel enhancers, and various additives are used according to their functions. Many types of refinery process additives are introduced every year. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 3.97% base on WKI regression analysis model.
“The main challenge for the refinery process additives market is research and development. The new regulations formulated by various government authorities on air pollution control are also a challenge for this market. It is recommended that refining process additive manufacturers continue to innovate in order to provide better-performing products for the energy, oil and gas, and petrochemical vertical industries.”said Jennie, Senior analyst, Chemical industry Market Research Center in WKI.
The main driving force of the refinery process additives market is the tightening of global regulations on air pollution standards. Countries such as China, India, and North America have established certain regulations on sulfur content. Compared with previous traditional additives, bio-based oil refining process additives release fewer toxic substances. The United States plans to build a new refinery in Texas, India, and a new refinery in Ratnagiri, Maharashtra. The addition of new refineries will eventually increase the market for refinery process additives. Another growth driver is the use of refining process additives in fuel enhancement. The surge in demand for fuel-efficient vehicles is also a driving factor for process additives in refineries. However, high prices for refining process additives, especially in developing economies where consumers are more price-sensitive, may limit market growth.
BASF found in a recent study that N-alkyl or N-alkenyl derivatives have better corrosion inhibition performance than existing corrosion inhibitors in crude oil products.Major players operating in the refining process additives market include BASF, Nalco, GE Water, Cestoil, Dorf Ketal Chemicals, Clariant, Arkema, Baker Hughes, Albemarle, Lubrizol, Chevron And Total.
Segmentation of Refinery Process Additives Market:
Divided by type, the refinery process additive market can be divided into demulsifiers, desalting agents, corrosion inhibitors, defoamers, antifouling agents, etc.Among them, antifouling agents occupies a larger share in the market, because antifouling agents can deal with all aspects of fouling in the industry. In order to implement cleaner fuel programs, the demand for antifouling agents is increasing.According to application, refinery process additives can be divided into: gasoline, aviation fuel, residual oil, etc.Among them, gasoline occupies a large share of the market, because of the increasing efforts to protect the environment, the global economy of automobiles has increased sharply, which has also promoted the increase in gasoline.
Refinery Process Additives Market: Regional Analysis
In terms of geography, the global Refinery Process Additives market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa.Among them, North America occupies a larger share of the market. The United States plans to build new refineries in India and Texas, and build a new refinery in Ratnagiri, Maharashtra. The addition of new refineries will eventually increase the market for refinery process additives.
Largest share area：North America
Largest share country：the Unite States