The global Refining Additive market is projected to grow at a CAGR of 4.7% during the forecast period 2023 to 2030.
Market Overview
The research firm Contrive Datum Insights has just recently added to its database a report with the heading global Refining Additive Market .Both primary and secondary research methodologies have been utilised in order to conduct an analysis of the worldwide Refining Additive Market . In order to provide a comprehensive comprehension of the topic at hand, it has been summed up using appropriate and accurate market insights. According to Contrive Datum Insights, this worldwide comprehensive report is broken up into several categories in order to present the data in a way that is understandable, succinct, and presented in a professional manner.Refinery additives (RAs) are compounds or chemicals that are added to refinery processes and fuels to make them run better. The performance of fuel is improved to meet the standards that government agencies and authorities set for fuel. Most of the time, these refinery additives are added during the refining process. They can also be used to improve or change the performance of some end products, like motor spirits and diesels. Products that are used as refinery additives are used in many refinery processes, such as reforming, distilling, filling plant processes, process crackers, desulfurization, coking, catalytic reforming, vacuum distilling, and more.
Only the oil and gas downstream industry uses these refinery additives. There are many different types of refining additives, such as antioxidants, stabilizers, antifouling agents, antifoaming agents, octane boosters, catalyst regenerators, low flow properties, biocides, cetane number enhancers, and amine solutions. There are also lubricity enhancers and metal deactivators in many products. Refining additives are used in several end-use petroleum products, such as diesel, gasoline, asphalt, and aviation fuel. With the help of refining additives, major players in the downstream are increasing the throughput and productivity of refineries. Different processing methods are used to make these kinds of tablet additives, and they are made in different ways to meet different needs.
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Segment Analysis
It encompasses the most important key players in the world’s various regions and contains them. In this research report, several different techniques that high-level industries have utilised to achieve their goals are discussed. In order to obtain a more in-depth analysis of a number of different businesses, player profiles of the most important top players have been developed. It is beneficial to have an understanding of the worldwide competition on both the domestic and international platforms.
It provides a detailed description of the drivers and opportunities in the Refining Additive Market , which assists current customers and potential customers in gaining a clear vision and making decisions that are most effective for them. In order to discover the desired facts regarding the target market, various types of analysis models, such as Refining Additive Market , are utilised. In addition to this, it includes a variety of different techniques for strategic planning, which encourages the way to define and develop the framework of the various industries.Based on type, the market is divided into deposit control, cetane improvers, lubricity improvers, cold-flow improvers, stability improvers, octane improvers, and corrosion inhibitors. The cetane number is the parameter used to show how a fuel’s ignition properties compare to the standard cetane number. Gasoline, diesel, and aviation fuel are the three main uses of the market. The gasoline segment made up most of the market. One of the main things driving the market is the growing demand for gasoline fuel, which is helped by the growing number of cars that are being made. As tourism grows, there will be a greater need for aviation fuel for business use. This is expected to drive the market’s growth.
Based on types, the Refining Additive Market is segmented into:
- Stabilizers
- Corrosion Inhibitor
- Hydrogen Sulfide Scavenger
- Antioxidants
- Antifoulants
- Defoamers
- Catalyst Regenerators
- Biocides
- Amine Solutions
- Cetane number improver
Based on application, the Refining Additive Market is segmented into:
- Crude Oil Processing
- Fluid Catalytic Cracking
- Hydroprocessing
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Recent Development
- In January 2021, BASF Enzymes LLC and Innospec Fuel Specialties LLC signed a distribution agreement to increase the overall value for customers and show their commitment to the ethanol yield business. As part of this agreement, BASF will give ethanol producers in the U.S. DCI-11 Plus ClearTrak, which is a concentrated corrosion inhibitor.
- In December 2021, BASF released KEROPUR-D, a new diesel additive that can be used for many different things. It is a high-performance diesel additive that can be used for many different things. It removes deposits from the engine and stops new ones from forming.
- In November 2021, Evonik announced that it would set up a new lab in Asia Pacific to test the performance of oil additives. The goal of this new, state-of-the-art lab and testing service for additives is to serve customers in the Asian region.
Regional Analysis
By 2021, it was thought that North America’s share of the market for fuel additives would be worth USD 2.70 billion. North America is the biggest market right now, and it’s expected to stay that way for the next few years. Market growth could be fueled by more oil exploration and more demand for fuel from industries that use it, such as transportation and power production. The aerospace and defense industry is growing quickly, and many U.S. government projects will also help the region do well.
Europe is likely to grow a lot in terms of volume. The market is likely to be driven by the well-established automotive manufacturing industry and the growing demand for passenger cars. The presence of groups like the Additive Technical Committee (ATC), which helps the additive industry grow, will also have an effect on growth.
Asia-Pacific is one of the most developed and industrialized places in the world. Fuel additives are expected to be a big market driver because countries like China and India are buying more of them. Demand would rise if automakers like Tata, Bajaj, Ashok Leyland, and others worked harder to make better cars.
Regional Refining Additive Market coverage (Regional Status, Demand Forecast, Country Trends, etc.):
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- North America, Europe, China, Japan, Southeast Asia, India.
- North America (USA, Canada, and Mexico).
- Europe (Germany, France, UK, Russia and, Italy).
- Asia-Pacific (China, Japan, Korea, India and, Southeast Asia).
Key segments covered in Refining Additive Market include:
-
- Refining Additive Market Growth Drivers and Barriers.
- Market Trends, Market Opportunities, Porter’s Five Forces Analysis.
- Market Overview, Industry Development, Market Maturity, Value Chain Analysis.
- Regional and Country Level Analysis.
- Trends and Forecasts for Market Segments.
- Market Analysis and Various Recommendations.
- Key market forces.
Report Customization: This report will be customized to your needs for additional data up to 5 companies or 5 countries or nearly 40 analyst hours.
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Key Market Participants in the Refining Additive Market :
GE Power & Water, Albemarle Corporation, The Lubrizol Corporation, BASF SE, Dorf-Ketal Chemicals India Private Limited, Johnson Matthey PLC
Recent Development
In January 2021, BASF Enzymes LLC and Innospec Fuel Specialties LLC signed a distribution agreement to increase the overall value for customers and show their commitment to the ethanol yield business. As part of this agreement, BASF will give ethanol producers in the U.S. DCI-11 Plus ClearTrak, which is a concentrated corrosion inhibitor.
In December 2021, BASF released KEROPUR-D, a new diesel additive that can be used for many different things. It is a high-performance diesel additive that can be used for many different things. It removes deposits from the engine and stops new ones from forming.
In November 2021, Evonik announced that it would set up a new lab in Asia Pacific to test the performance of oil additives. The goal of this new, state-of-the-art lab and testing service for additives is to serve customers in the Asian region.
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