The statistics portray the growing consumption of energy globally, which is driving the need amongst the oil refinery organizations to increase their production rates. With the increasing production of oil and oil-based products, the demand for refinery process chemicals is expected to grow significantly, which in turn is anticipated to drive the growth of the global refiner process chemicals market. The market registered a revenue of USD 29272.9 Million in 2020, and is further expected to reach USD 42429.7 Million by the end of 2029. Additionally, the market is anticipated to grow with a CAGR of 3.9% during the forecast period, i.e., 2021-2029.
Research Nester has released a report titled “Refinery Process Chemicals Market: Demand Analysis & Opportunity Outlook 2029″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
In the year 2018, according to the statistical report titled “BP Statistical Review of World Energy 2019” by bp, the growth rate for the global primary energy consumption was known to be the fastest since 2010, by recording a growth rate of 2.9%.
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The global refinery process chemicals market is segmented by product type into corrosion inhibitors, pH adjusters, catalysts, anti-fouling agents, and others. The pH adjusters segment, in the year 2020, registered the largest market revenue of USD 7571.8 Million, and is further projected to reach USD 11254.2 Million by the end of 2029. The market is further segmented on the basis of geographical analysis into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. In the year 2020, the market in the Asia Pacific garnered the largest market revenue of USD 10516.9 Million and is anticipated to garner the largest market revenue of USD 16059.9 Million by the end of 2029, by growing with the highest CAGR of 5.0% during the forecast period.
However, the shift in preferences towards alternative fuel sources is one of the major factors anticipated to hinder the growth of the market.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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This report also provides the existing competitive scenario of some of the key players of the global refinery process chemicals market, which includes company profiling of BASF SE, The Lubrizol Corporation, General Electric Company, CLARIANT, Johnson Matthey, Albemarle Corporation, Dorf Ketal Chemicals (I) Pvt. Ltd., Berryman Chemical Inc., W. R. Grace & Co., Baker Hughes Company, and others.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Refinery Process Chemicals Market: Demand Analysis & Opportunity Outlook 2029”, analyses the overall global refinery process chemicals industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global refinery process chemicals market in the near future.
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