Fort Collins, Colorado, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The Refinery and Petrochemical Filtration Market size was valued at USD 4.32 Billion and is expected to reach a market size of USD 7.99 Billion at a CAGR of 6.44% by 2032.
Filtration systems are crucial in effectively separating liquids from hydrocarbon streams. Stringent norms regarding emission control have contributed to its higher adoption in removing contaminants from gaseous and water discharges from the refinery.
The technological advancements have led to the development of more efficient coalescer filter designs that offer improved separation capabilities. These innovative filters can handle higher flow rates, operate at higher temperatures and pressures, and provide enhanced contaminant removal efficiency compared to traditional filter systems. By effectively removing contaminants from process streams, these filters prevent equipment fouling, reduce maintenance costs, minimize downtime, and extend the lifespan of downstream equipment.
The petrochemical sector has played a key role in the automobile sector experiencing a significant transformation and increase in the use of plastic-based parts. This sector has also given way to new energy generation technologies to ensure a sustainable future for industrial and end-consumers to rely on solar and wind energy.
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Segmentation Overview:
The global refinery and petrochemical filtration market has been segmented into filter type, end-use, and region. North America is a major refinery market worldwide. Most of the largest petroleum refineries are located near Texas, Louisiana, and California waterways. Some of the largest petroleum refiners include Saudi Aramco, ExxonMobil, Marathon Petroleum, BP plc, and Chevron Corp. Refineries and petrochemical complexes play a major role in the U.S. economy and account as a high-rolling sector owing to flexible regulations. The resumption of crude oil export for processing on foreign soil is expected to add more resources to the regional industry.
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Refinery and Petrochemical Filtration Market Report Highlights:
- The global refinery and petrochemical filtration market growth is anticipated at a CAGR of 6.44% by 2032.
- The technological advancements have led to the development of more efficient coalesce filter designs that offer improved separation capabilities.
- Refineries are prominently used in processing crude oil to yield gasoline, aviation fuels, and fuel oil. The exhaust gases and water discharge from the refineries have garnered the attention of environmentalists for a long period.
- India ranks 4th globally in refining capacity and has several new and expansion projects underway, which Hindustan Petroleum Corp. and Indian Oil Corp own. The world’s largest refinery hub, with 1.2 million bpd, is operated by Reliance Industries and is located in Gujarat (India). A growing number of refinery projects in the U.S., with those in other countries, such as India, China, and Russia, are expected to drive demand for filtration systems in the forecast period.
- Some prominent players in the refinery and petrochemical filtration market report include 3M, Brother Filtration, Camfil AB, Chase Filter Company, Deha Tech, Eaton, General Atomics, Hy-Pro Filtration (Donaldson Co.), Pall Corporation (Danaher), Parker Hannifin, Pentair Filtration, and Porvair Filtration Group.
Industry Trends and Insights:
- DiviGas secured USD 3.6 million in funding in 2021 to augment the commercialization process for next-gen membranes for H2 Generation. A major significance of this deal is that this funding was directed at minimizing the loss of hydrogen gas to flares. By deploying a next-gen membrane, DiviGas could retain unrecoverable H2 gas and add 3x returns on the investment.
- Despite refinery closures in 2022, the refiners increased production in 2023 to offset the supplies lost due to the conflict between Russia and Ukraine.
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Refinery and Petrochemical Filtration Market Segmentation:
By Filter Type: Coalescer, Cartridge, Electrostatic, Filter Press, Bag Filter
By End-use: Refinery, petrochemical
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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