Global Refinery Process Chemicals Market Outlook 2029

Refinery chemicals are the chemicals that minimize corrosion, foul smell and regulate the pH levels and various contaminations during the refinery process. The global refinery process chemicals market is anticipated to grow with a CAGR of 3.9% during the forecast period, i.e., 2021-2029. Factors such as the growing production of crude oil, followed by the increasing demand for petroleum products worldwide, and the increasing demand for energy across different end-user industries, are expected to accelerate the market growth. The global refinery process chemicals market garnered a revenue of close to USD 29270 Million in 2020, and is further expected to reach over USD 42420 Million by the end of 2029.

The global refinery process chemicals market is segmented by numerous segments, which include segmentation by product type, end-use application, and by region. On the basis of product type, the market is segmented into corrosion inhibitors, pH adjusters, catalysts, anti-fouling agents, and others. The pH adjusters segment is expected to hold the highest market share amongst all the other segments and further attain the largest market revenue of about USD 11250 Million by the end of 2029, up from around USD 7570 Million in 2020.

The global refinery process chemicals market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of the market in these regions, the market in the Asia Pacific is anticipated to garner the largest market revenue of over USD 16050 Million by the end of 2029, up from a revenue of around USD 10520 Million in 2020.

Some of the prominent industry leaders in the global refinery process chemicals market that are included in our report are 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.