The Refinery Process Additives Market
size is projected to grow at a CAGR of 4.1% during the forecast period (2022-2027) and reach US$2.1 billion by 2027. The growth of the refinery process additives Market is primarily dependent on the growth of the crude oil processing sector. Refinery process additives are the chemicals that are utilized to improve the performance of various refinery processes and fuels, by being utilized as antifoulants, octane and cetane improvers and more. The fuel performance is enhanced to achieve the fuel specifications regulated by government bodies. The surging developments associated with crude oil processing across the world have led to considerable growth in the Refinery Process Additives market.
Refinery Process Additives Market: Crude Oil Processing is the Leading Segment
On the basis of the application, the Refinery Process Additives Market can be segmented into crude oil processing, fluid catalytic cracking, hydroprocessing and others. Crude oil processing was evaluated to be the leading segment in the refinery process additives market in 2021. During the forecast period 2021-2027, crude oil processing is expected to grow with a CAGR of 4.7%. Refinery process additives are utilized in crude oil processing to address problems in upstream, midstream and downstream, the wax and asphaltene deposits and the flow issues in production pipelines and refinery storage. According to the International Trade Administration, in Mexico, from 2021 to 2024, companies such as ExxonMobil and Fieldwood would invest US$18 billion, in order to purchase drilling, exploration and seismic services and extraction equipment, involving platforms and related services for 794 wells.
Refinery Process Additives Market: North America Leads the Market
On the basis of geography, the Refinery Process Additives Market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, North America has emerged as the most dominant region in the market. In 2021, the North American region held around 35% share of the total revenue earned by the market globally. North American countries including the USA and Canada are comparatively ahead in terms of the growth of crude oil processing. According to the Canadian Association of Petroleum Producers (CAPP), in 2021, capital investments were about US$3.36 billion higher as forecasted and there was a 14% increase in upstream oil & gas investment, rising up to US$27.3 billion, in 2021, in comparison to US$24 billion in 2020.
The Refinery Process Additives market would also witness significant growth in the European region. Germany and the UK are emerging as competitive countries in the Refinery Process Additives market.
Refinery Process Additives Market: Competitive Landscape
Key companies holding major shares in the Refinery Process Additives Market are Chevron Corporation, Total, Westlake Chemical Corporation, Mitsubishi Chemical Corporation, SABIC, LG Chem, BASF SE, 3M, Dow and DuPont. The key strategies adopted by the companies include product launches and expansion among others. In October 2021, BASF launched Enable, a next-generation Carbon Monoxide (CO) promoter additive. Enable significantly enhances the activity and delivers superior performance for refiners with more efficient use of precious metal. Enable optimizes durability via support surface morphology modification. Moreover, In March 2019, Chevron launched Techron fuel treatment solutions for ATVs, UTVs, watercraft, karts, snowmobiles, scooters and other maintenance equipment engines.
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