Farmington, April 14, 2023 (GLOBE NEWSWIRE) -- The Global Refining Additive market was valued at USD 8.62 billion in 2022 and Is Expected To Expand USD 12.87 billion By 2030 at a CAGR Of 5.2% From 2022 To 2030. Key factors driving the growth of this market include Increasing Automotive Sector and Growing an Oil and Gas Business. Low Viscosity Crude Oil" dominates the end use segment of the refinery process additives market because it is raising awareness about these additives. Refinery additive products are only utilized by the downstream oil and gas industry.
The expansion of the market for refinery fuel additives can be attributed to the rising demand for gasoline and diesel around the world. In addition, stringent environmental regulations are driving the expansion of the market for refinery fuel additives. Antioxidants are expected to dominate the global refinery fuel additives market over the forecast period, owing to their ability to prevent plaque formation.
Request Sample Copy of Report“The global Refining Additive market Size, Share & Trends Estimation Report By Type Outlook (Stabilizers, Corrosion Inhibitor, Hydrogen Sulfide Scavenger, Antioxidants, Antifoulants, Defoamers, Catalyst Regenerators, Biocides, Amine Solutions, Cetane number improver), By Application Outlook (Crude Oil Processing, Fluid Catalytic Cracking, Hydroprocessing), Region and Forecasts, 2022- 2030”, published by Contrive Datum Insights.
Segmentation Overview:
Type Outlook:
Refinery process additives are used to separate and eliminate oil's water content. These additives are both efficient and cost-effective. There are numerous varieties of additives on the market, including demulsifiers, corrosion inhibitors, antifoulants, lubricity enhancers, and many others. Demulsifiers are utilized to separate water from lipids. Lubricity enhancers function as protective films and enhance lubricity. Injectors and fuel systems are protected from corrosion due to the presence of corrosion inhibitors.
Application Outlook:
The crude oil processing segment held the largest share of the Refinery Process Additives Market in 2021 and is projected to expand at a CAGR of 4.7% from 2022 to 2027. The processing of crude oil involves three distinct procedures: thermal cracking, hydrocracking, and catalytic cracking. The refining of crude oil produces diesel, fuel oil, gasoline, and naphtha from residual oil.
Regional Analysis:
North America maintains a substantial market share, and this will continue for the foreseeable future. Also, you should be aware that this location is well-known for its extensive use of essential oils. When this occurs, West Europe, the Middle East, and Africa will all experience growth. Also, it is essential to consider that many Asian and Pacific nations desire rapid economic growth.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.2% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 12.87 Billion |
| By Type |
|
| By Application |
|
| By Companies |
|
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Drivers: Growth of an Oil and Gas Enterprise
In the oil and gas industry, additives are utilized to remove water from oil during refining. They are superior and reasonably priced. An ingredient for the refining process is added throughout distillation, catalytic reforming, the reformer system, desulfurization, and vacuum distillation.
Enhancing Automotive Sector
Refinement Method In the automobile industry, additives are used to help vehicles travel further and quicker. Fuel and oil are enriched with octane and cetane boosters at a facility.
Restraints/Challenges: Fluctuating prices
The development of the market is significantly hindered by fluctuating prices and fluctuating costs of raw materials and equipment. Standards, norms, and regulations If the government imposes stringent regulations on a broad variety of business uses and activities, market growth will be slowed even further.
Opportunities: Technology is continuously improving.
The market's value continues to rise as the technology used to manufacture goods improves. As technology advances, the costs of producing and discarding goods continue to decline.
Key Segments Covered:
Top Market Players:
- GE Power & Water
- Albemarle Corporation
- The Lubrizol Corporation
- BASF SE
- Dorf-Ketal Chemicals India Private Limited
- Johnson Matthey PLC
- Clariant AG Switzerland
- NALCO Champion (Ecolab)
- Exxon Mobil Corporation,
- Chevron Corporation
- Amspec
- LLC
- Infineum International Ltd
- Evonik Industries Ag
- Total SA and others.
By Type
- Stabilizers
- Corrosion Inhibitor
- Hydrogen Sulfide Scavenger
- Antioxidants
- Antifoulants
- Defoamers
- Catalyst Regenerators
- Biocides
- Amine Solutions
- Cetane number improver
By Application
- Crude Oil Processing
- Fluid Catalytic Cracking
- Hydroprocessing
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific:(Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
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