PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1280003
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1280003
The global refinery and petrochemical filtration market is estimated to grow from USD 4.6 Billion in 2023 to USD 6.1 Billion by 2028; it is expected to record a CAGR of 6.0% during the forecast period. Increasing energy demand leads to an increase in downstream investment which drives the refinery and petrochemical filtration market.
"Filter press: The second-fastest segment of the refinery and petrochemical filtration market, by filter type"
Based on filter type, the refinery and petrochemical filtration market has been split into six types: coalescer filter, cartridge filter, electrostatic precipitator, filter press, bag filter, and others. The adoption of filter press is growing in the refinery and petrochemical industry due to their high efficiency in removing solids and impurities from liquids. Filter presses use a combination of pressure and filter media to separate solids from liquids, making them highly effective in applications such as dewatering, clarification, and sludge handling. They can also handle large volumes of liquids, making them suitable for use in the high-volume processing required in the refinery and petrochemical industry.
"Liquid-Liquid segment is expected to emerge as the second-largest segment based on application"
Based on application, the refinery and petrochemical filtration market has been segmented into liquid-liquid separation, liquid-gas separation, and others. The liquid-liquid separation segment is expected to be the second-largest segment owing to its requirement in the downstream oil and gas sector. This is used for removal of water from gasoline, diesel, kerosene, and jet fuel, protection of catalysts and adsorbents from water contamination, removal of carried-over caustic from caustic treating processes, removal of carried-over amine from liquified petroleum gas (LPG), removal of hydrocarbons from amine, and protection of salt driers and clay towers..
"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.
Asia Pacific is expected to be the second-largest region in the refinery and petrochemical filtration market
Asia Pacific is expected to be the second-largest region in the refinery and petrochemical filtration market between 2023-2028, preceded by North America. The downstream sector is growing in the region due to the increasing demand for petrochemical products, which has prompted the expansion of the downstream sector to meet the growing demand. Moreover, countries in this region have strategic locations for refineries, which enable them to access crude oil supplies from the Middle East and other regions. Additionally, the governments of these countries have implemented policies and incentives to attract foreign investments in the downstream sector. These are the key factors fostering the growth of the refinery and petrochemical filtration market in the Asia Pacific.
By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
By Region: North America- 27%, Asia Pacific- 33%, Europe- 20%, the Middle East & Africa- 12%, and South America- 8%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The refinery and petrochemical filtration market is dominated by a few major players that have a wide regional presence. The leading players in the refinery and petrochemical filtration market are 3M (US), Pall Corporation (US), Parker Hannifin Corporation (US), Eaton (Ireland), and Pentair Filtration Solutions, LLC (US).
The report defines, describes, and forecasts the global refinery and petrochemical filtration market, by component, power source, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the refinery and petrochemical filtration market.
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