Refining Additives Market Size 2022-2027 by Trends, Share, Growth, Company Profiles

Refinery additives (RA) are the compounds or chemicals that are used to improve and boost the performance in different refinery processes and the end-product fuels. The fuel performance is increased to meet and achieve the fuel specifications regulated by the government bodies and authorities. These refinery additives are generally added during the refinery process and also can be used to enhance and modify the performance of specific end-product specifications, such as motor spirit and diesel. The refinery additive products are used in numerous refinery processes such as reformer system, distillation, filling plant process, process cracker, desulfurization, coker, catalytic reforming, vacuum distillation and many more. These refinery additive products are only used by oil and gas downstream industry. There are numerous types of refining additives, such as antioxidants, stabilizers, antifoulants, defoamers, octane booster, catalyst regenerators, cold flow properties, biocides, cetane number improver, and amine solution, among others. Furthermore, more products comprise lubricity improvers and metal deactivators. Refining additives products are used in several end-use petroleum products, such as diesel, gasoline, asphalt, and aviation fuel, among others. With the help of refinery additives the major downstream players are increasing their refinery throughputs and productivity. These type of refining additives are formulated through different processing techniques and formulated in such way to fulfill the different end-use demand. In the construction industry, people are concerned about the health issues related to bitumen application. Recently, one of the company developed the H₂S scavenger to address these types of industry challenges.

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Refining Additives Market: Drivers and Restraints

Globally, the refining additives market is witnessing a huge demand and growth in the previous few years and the similar trend will be followed in the forthcoming years. The key reason hidden behind the enormous demand of refining additives is the end use need for high specification imposed by the government for the fuel usage. Nowadays, people are particularly focusing on the vehicle performance in terms of pickup and average. In order to increase the mileage and pick up performance, refinery operators are using cetane and octane boosters in diesel and gasoline products, respectively. In order to achieve competitive advantage many refinery operators are increasing their nelson index, i.e., complexity of the refinery and also focusing on the expansion of their refinery operation, which further fuels the demand of refining additives. Also technological advancements help in the formulation of refining additives with increase efficacy and in a cost-effective way generates the demand for refining additive in the near future. However, volatile crude oil prices in last 3-4 years moulds major upstream companies to close down its operations in order to reduce their losses will hamper the oil production rate. Sudden decline in oil production rate hampers the refinery production and also hampers the refining additive consumption.

Refining Additives Market: Regional Outlook

The global refining additives market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). As of 2016, North America is leading in terms of consumption and holds the maximum market share due to extensive refinery network followed by Western Europe and MEA.   Complex refinery set up and expansion plans helps the Asia pacific region to grow with a significant rate in the near future. Latin America is also expected to grow with a moderate CAGR during the forecast period.

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Examples of some of the market participants in the Global Refining Additives Market identified across the value chain include:

• GE Power & Water
• Albemarle Corporation
• The Lubrizol Corporation
• BASF SE
• Dorf-Ketal Chemicals India Private Limited
• Johnson Matthey PLC
• Clariant AG Switzerland
• NALCO Champion (Ecolab)
• Exxon Mobil Corporation
• Chevron Corporation
• Amspec ,LLC
• Infineum International Ltd
• Evonik Industries Ag
• Total SA

Regional analysis includes:

• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• Japan
• Middle East and Africa (GCC Countries, S. Africa, Northern Africa)

Refining Additives Market: Segmentation