Refinery Process Chemicals Industry - Regional Synopsis
North American Market Forecast
North America industry is anticipated to account for largest revenue share of 35% by 2037. The growth can be attributed to the growing demand for oil and the number of refineries in the region. North America's capacity for processing oil was roughly 21.6 million barrels per day in 2022—a marginal increase from 21.6 million barrels per day the year before. The refining catalyst players of the region are making aggressive investments in their research and development, which is predicted to augment the regional market. The growing usage of petroleum feedstock in sectors such as propylene, ethylene, and butadiene in North America is offering various avenues of opportunities to the market.
APAC Market Statistics
Refinery process chemicals market in Asia Pacific is anticipated to hold the second-largest share of 27% during the forecast period. The market is expanding in the region due to factors such as growing industrialization, increasing population, environmental regulations, and stringent government norms. Also, the growing development of oil production in oil refineries of developing countries like China and India is likely to offer opportunities for market expansion. The manufacturers are generating more challenging feedstock compositions despite fluctuating fuel costs. Further, the stringent environmental regulations imposed by the government to curb air pollution are anticipated to boost the market in the forecast period.
