New York, July 19, 2023 (GLOBE NEWSWIRE) -- The global Refinery Process Additives Market is expected to witness significant growth at a remarkable CAGR of 6.8% during the forecast period of 2023-2030. The factors such as the increasing development of new oil refineries, growth in deployment of automated crude oil extracting technology, and others are accelerating the demand for refinery process additives, which, in turn, is benefiting the market growth. In addition, the rising development of a new range of refinery process additives product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the refinery process additives market is poised for strong expansion and is expected to reach USD 3,305.73 Million by 2030. The market, which was valued at USD 1,961.39 Million in 2022, is predicted to grow at a compound annual growth rate of 6.8% during the period 2023-2030. The report highlights the increasing adoption of refinery process additives in crude oil processing, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the refinery process additives market.
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Refinery process additives are employed in crude oil processing to remove corrosion in the processing stage. The recent technological upgrades related to crude oil processing plants are driven by the factors such as increasing government initiatives for the modernization of oil refineries, increasing investment in upgradation projects, and others. Hence, with the recent development of oil processing refineries, the deployment of refinery process additives in crude oil processing is increasing to enhance fuel performance. This, in turn, is fostering market growth.
Refinery process additives are deployed in oil refineries to remove the contents such as metal impurities and high acid numbers, among other harmful substances. For instance, in April 2021, PKN ORLEN, headquartered in Poland, the company is dealing in a petrochemical refining portfolio invested in the olefin’s complex expansion at the Płock Production Plant in Poland. The expansion of the Płock Production Plant in Poland is part of the PKN ORLEN Petrochemical Development Programme strategy. The project is expected to be completed by the end of 2024 and production activities will commence by 2025. Hence, the development of new oil refineries will spur the demand for refinery process additives to minimize the challenges associated with high sulfur content. This prominent factor will create a lucrative opportunity for the refinery process additives market size growth.
Global Refinery Process Additives Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 3,305.73 Million |
| CAGR (2023-2030) | 6.8% |
| By Type | Demulsifier, Antifoulants, Corrosion Inhibitor, Hydrogen Sulfide Scavenger, Stabilizer, Biocides, Octane Booster, and Others |
| By Crude Oil Type | Light Crude Oil, Medium Crude Oil, and Heavy Crude Oil |
| By Application | Crude Oil Processing, Fluid Catalytic Cracking, Hydroprocessing, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | BASF SE, Chevron Corporation, Total, Westlake Chemical Corporation, Mitsubishi Chemical Corporation, SABIC, LG Chem, Dow, DuPont, and Eastman Chemical Company |
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Global Refinery Process Additives Market Segmentation Details:
Based on Type, the antifoulants segment contributed the largest shares to the market growth in 2022. Antifoulants are employed in oil refineries to minimize organic and inorganic material deposition on heat transfer surfaces, including polymers, sludge, corrosion productions, coke, and catalyst fines. The antifoulant additives increase throughput and enhance the production of crude oil. Moreover, antifoulants improve product quality and overall equipment reliability. Thus, due to the above benefits, the demand growth for antifoulant is increasing to minimize waste disposal costs, which, in turn, is benefiting the market growth.
Based on Crude Oil Type, the light crude oil segment accounted for the largest market share in the year 2022. The light crude oil refineries deploy refinery process additives to efficiently break water content from the oil. In addition, the efficient utilization of refinery process additives in light crude oil reduces the crude oil viscosity and consequently. This reduces the pipeline pressure drop. Thus, the demand for refinery process additives is increasing for the production of light crude oil to enhance crude oil performance, thereby spurring market growth.
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Based on Application, the crude oil processing segment is anticipated to offer substantial shares in the global refinery process additives market growth during the forecast period. Refinery process additives are utilized in crude oil processing to facilitate the equal and regular flow of the crude oil mass. This averts clogging in the flow stream processes. Furthermore, the use of refinery process additives in crude oil processing prevents obtrusion of the manufacturing and flow stream delivery or renewed production of inactive wells. Henceforth, due to the above properties of refinery process additives, the adoption of refinery process additives is increasing in crude oil processing to ensure efficient crude oil processing. This, in turn, is boosting market growth.
Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth. This is due to the increase in the production process of crude oil in the region. For instance, according to the recent statistics published by the U.S. Energy Information Administration, in 2021, the annual production of crude oil in North America was 26.44 million barrels per day, and in 2022, it was 27.82 million barrels per day. In 2022, the year-on-year growth of crude oil production in North America was 5.19%. Therefore, the growth of crude oil production in North America is boosting the demand for refinery process additives to ensure a reduction in corrosion. This, in turn, is proliferating the market growth.
Competitive Landscape
As per the research, BASF SE, Chevron Corporation, Total, and Westlake Chemical Corporation are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of refinery process additives. Further, the refinery process additives market is expected to grow steadily due to rising demand for superior functionality additives, especially in the regions such as Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing the development of new oil refinery facilities will boost the demand for refinery process additives in the upcoming years, thereby anticipated to increase the competition in the market.
Recent Developments
- In October 2021, BASF SE, a leading chemical manufacturer in Germany launched Enable FCC additive. The product is an advanced refinery additive. Enable ensures excellent performance in regenerator afterburn control and emissions. The introduction of a new range of products is benefiting the market growth.
Key Market Takeaways
- The global refinery process additives market size is estimated to exceed USD 3,305.73 million by 2030 with an astonishing CAGR of 6.8% during the forecast period (2023-2030).
- North America accounted for the highest market share at 36.55% and was valued at USD 716.89 million in 2022, and is expected to reach USD 1,211.55 million in 2030. Moreover, in North America, the U.S. accounted for the highest market share of 67.45% during the base year of 2022.
- Based on type, the antifoulants segment accounted for the highest share contribution to the refinery process additives market statistics in 2022.
- In the context of crude oil type, the light crude oil segment is expected to contribute significant shares to the growth of refinery process additives market statistics during the forecast period.
- By application, the crude oil processing segment is anticipated to contribute the largest shares to the market growth in 2022.
- Asia Pacific is expected to grow with the highest CAGR in the refinery process additives market due to the increasing investments in new oil refineries in countries such as India, China, and others.
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List of Major Global Refinery Process Additives Market:
- BASF SE
- Chevron Corporation
- Total
- Westlake Chemical Corporation
- Mitsubishi Chemical Corporation
- SABIC
- LG Chem
- Dow
- DuPont
- Eastman Chemical Company
Global Refinery Process Additives Market Segmentation:
- By Type
- Demulsifier
- Antifoulants
- Corrosion Inhibitor
- Hydrogen Sulfide Scavenger
- Stabilizer
- Biocides
- Octane Booster
- Others
- By Crude Oil Type
- Light Crude Oil
- Medium Crude Oil
- Heavy Crude Oil
- By Application
- Crude Oil Processing
- Fluid Catalytic Cracking
- Hydroprocessing
- Others
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Frequently Asked Questions in the Refinery Process Additives Market Report
- What was the market size of the refinery process additives industry in 2022?
- In 2022, the market size of refinery process additives was USD 1,961.39 million
- What will be the potential market valuation for the refinery process additives industry by 2030?
- In 2030, the market size of refinery process additives will be expected to reach USD 3,305.73 million.
- What are the key factors driving the growth of the refinery process additives market?
- The increasing adoption of refinery process additives in crude oil processing is driving the growth of the market.
- What is the dominating segment in the refinery process additives market by crude oil type?
- In 2022, the light crude oil segment accounted for the highest market share of 45.88% in the overall refinery process additives market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the refinery process additives market?
- North America accounted for the highest market share in the overall refinery process additives market.
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