The Refinery Process Additives Market is expected to reach $1,364.73 million by 2023
By Type (Demulsifier, Desalter, H2S Scavenger, Corrosion Inhibitor, Dewaxing Aids, Antifoulant and Others); By Crude (Low, High, Extra Heavy); By Process (Desalination, Cracking, Distillation and Others); By Geography- Forecast 2018-2023”, the market is driven by growing demand for enhancing the quality of crude oil and focus on the oil and gas industry to reduce the operational costs.
Refinery Process Additives Market (2018 - 2023)”
Americas dominates the Refinery Process Additives Market
Americas dominates the Refinery Process Additives Market during the forecast period. It is expected to generate $9,268.95 million by 2023. The market is enhanced by growing demand for oil and gas in the recent years. The discovery of shale oil fields in the region has driven the demand for oil and gas which results in the use of refinery process additives in the region. US had a major share of 46% in Americas total oil production in 2015. North America has seen a rise in the oil production due to the discovery of shale and oil resources.
Selected Analysis done in the full Report:
The Demulsifier segment in 2016 had reached revenue of $114.78 million. It is expected to generate revenue of $185.02 million by 2023 at a CAGR of 6.1%. Demulsifiers are emulsion breakers which are used to separate emulsion such as water and oil. Demulsification is the process of splitting crude oil emulsion into oil and water phase. Crude oil in the reserve is found with water. Hence, water in oil emulsions is formed during the process. Demulsification has two steps namely flocculation and coalescence. Flocculation is the process of joining the droplets together to form aggregates or flocculation. In coalescence, the water droplets fuse together to form a large drop, which decreases the number of water droplets. The high density of the droplets causes the separation of water from oil.
Excerpts on Market Growth Factors
- Increasing crude oil production will spur the demand for refinery process additives.
- Increasing preference for non-toxic corrosion inhibitors will drive the growth of the Refinery Process Additives Market.
- Increasing fracking operations will uplift the demand for refining process and growth in additives. Fracking is a process of drilling and injecting the fluid into the ground at a high pressure to obtain fissures in the shale rock. This process releases the natural gas which is trapped inside the rocks.
Key players of the Refinery Process Additives Market
Nalco Champion and Clariant AG are the dominant players in the Refinery Process Additives Market. Nalco Champion provides solutions for corrosion prevention, gas treatment, hydrogen sulfide scavengers, etc. Clariant AG has launched the SCALETREAT FES scale inhibitor which can prevent the formation of scales and damage in the refining applications.
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