Chicago, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The global Refinery and Petrochemical Filtration Market is projected to grow from USD 4.6 billion in 2023 to USD 6.1 billion by 2028, at a CAGR of 6.0% according to a new report by MarketsandMarkets™. Refinery and petrochemical filtration are essential processes in downstream oil and gas production. Refinery filtration purifies crude oil and feedstocks, creating high-quality fuels and lubricants. Petrochemical filtration eliminates contaminants from chemicals and gases used in plastics and industrial goods. Filters are crucial to guarantee the quality and purity of final products while minimizing environmental impact and reducing operational costs.
Factors such as increased investments in downstream sector and increasing environmental mandates for efficient industrial waste disposal is driving the need for filtration systems in refineries and petrochemical industry.
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Refinery and Petrochemical Filtration Market Scope:
| Report Coverage | Details |
| Market Size | USD 6.1 billion by 2028 |
| Growth Rate | 6.0 % of CAGR |
| Largest Market | North America |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2023-2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Refinery and Petrochemical Filtration Market by Filter Type, Application, and Region. |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and South America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising shale development activities to enhance shale refining potential |
| Key Market Drivers | Implementation of government mandates and policies for environmental protection |
Petrochemical Industry is expected to emerge as fastest segment based on end user.
By end user, the refinery and petrochemical filtration market has been segmented into refineries and petrochemical industry. Increasing infrastructure investments in the petrochemical industry are anticipated to drive the demand for petrochemical filtration. The rising investment in petrochemical plants is driven by increasing demand for products such as plastics, synthetic fibers, fertilizers, and chemicals as economies develop and populations grow. Petrochemical plant operators use bag filters, cartridge filters, membrane filters, and coalescers to remove impurities, contaminants, and particles from feedstocks and final products.
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Refinery and Petrochemical Filtration Market Dynamics:
Drivers:
- Implementation of government mandates and policies for environmental protection
- Increasing expenditure on refinery and petrochemical infrastructure development
Restraints:
- Availability of low-cost and inferior-quality filtration products
- Increasing focus on use of renewable energy
Opportunities:
- Rising shale development activities to enhance shale refining potential
- Expanding transportation sector
Challenges:
- Supply chain constraints
- Frequent replacement and disposal of filters
North America is expected to be the largest region in the Refinery and Petrochemical Filtration Industry
North America is expected to be the largest Refinery and Petrochemical Filtration Market during the forecast period. Industries in North America is constantly evolving, with new developments and emerging trends emerging. Some key trends such as the growth in the energy consumption of the region, coupled with development of oil and gas production and refining capacities drive the market for refinery and petrochemical filtrations with the rising need for effective power distribution.
Key Market Players:
Major players operating in the Refinery and Petrochemical Filtration Companies include Yara International ASA (Norway), Saudi Arabian Oil Company Saudi Aramco (Saudi Arabia), MA'ADEN Ma'aden (Saudi Arabia), CF Industries Holdings, Inc. CF Industries (US), Qatar Fertiliser Company (QAFCO) Qatar Fertiliser Company (Qatar), Shell plc (United Kingdom), Air Products and Chemicals, Inc. Air Products and Chemicals (US), and OCI (Netherlands).
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