PUBLISHER: The Business Research Company | PRODUCT CODE: 1455320
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455320
Refinery and petrochemical filtration involve the process of eliminating impurities from crude oil and petroleum-derived chemicals. This is essential for ensuring product quality, protecting equipment, and meeting industry standards for purity. The primary goal of refinery and petrochemical filtration is to remove contaminants and impurities from crude oil, feedstocks, and final products, thereby ensuring the quality and purity of the output.
The main types of filters in the refinery and petrochemical filtration market include coalescer filters, cartridge filters, electrostatic precipitators, filter presses, bag filters, and other filter types. A coalescer filter is a device designed to remove small liquid droplets from a gas or vapor stream by combining them into larger droplets, making separation easier. Various applications of these filters include liquid-liquid separation, liquid-gas separation, and others, with widespread use in refineries and the petrochemical industry.
The refinery and petrochemical filtration market research report is one of a series of new reports from The Business Research Company that provides refinery and petrochemical filtration market statistics, including refinery and petrochemical filtration industry global market size, regional shares, competitors with refinery and petrochemical filtration market share, detailed refinery and petrochemical filtration market segments, market trends, and opportunities, and any further data you may need to thrive in the refinery and petrochemical filtration industry. This refinery and petrochemical filtration market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The refinery and petrochemical filtration market size has grown strongly in recent years. It will grow from $4.34 billion in 2023 to $4.67 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth observed in the historic period can be attributed to factors such as regulatory compliance, a rising demand for refined products, emphasis on operational efficiency, global economic trends, and challenges associated with aging infrastructure.
The refinery and petrochemical filtration market size is expected to see strong growth in the next few years. It will grow to $5.94 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be attributed to factors such as stringent environmental standards, an increasing global demand for energy, a focus on sustainable practices, investments in infrastructure upgrades, global economic trends, and the ongoing energy transition. Key trends expected in the forecast period include the adoption of digitalization and Industry 4.0 practices, advancements in filtration technologies, technological innovations, a focus on cost-effective solutions, and a rising demand for high-efficiency filtration systems.
The increasing demand for refined petroleum products is poised to drive the growth of the refinery and petrochemical filtration markets in the foreseeable future. Refined petroleum products, derived from the processing of crude oil, such as gasoline, diesel fuel, and jet fuel, undergo purification and distillation to meet specific consumer and industrial requirements. Refinery and petrochemical filtration processes play a crucial role in enhancing the quality of refined petroleum products. Initial filtration focuses on removing impurities from crude oil, while petrochemical filtration refines the products, making them suitable for a broad range of applications, from fuels to chemicals. For example, in March 2023, as reported by Statistique Canada, the production of refined petroleum products in 2022 increased by 0.8% compared to the previous year, totaling 112.3 million cubic meters. This growth was primarily driven by increases in kerosene-type jet fuel (+44.7%) and distillate fuel oil (+2.1%). Consequently, the rising demand for refined petroleum products is expected to fuel the growth of the refinery and petrochemical filtration markets.
The rapid pace of industrialization is anticipated to be a key driver for the growth of the refinery and petrochemical filtration markets in the coming years. Industrialization involves the transformation of an economy or society from primarily rural and craft-based activities to a more industrial and manufacturing-based structure. Refinery and petrochemical filtration processes play a crucial role in industrialization by purifying and separating various substances, ensuring product quality, and maintaining environmental safety. As an illustration, in August 2023, Eurostat, the Luxembourg-based statistical office of the European Union (EU), reported a 0.5% increase in industrial production in the euro area and a 0.4% increase in the EU in June 2023 compared to May 2023. This indicates the ongoing trend of rapid industrialization that is expected to drive the growth of the refinery and petrochemical filtration markets.
The environmental regulations targeting emissions from refineries and petrochemicals are anticipated to impede the growth of the refinery and petrochemical filtration markets. These regulations, imposed by refineries and petrochemical plants, have the potential to restrict the expansion of the refineries and petrochemical filtration sector, presenting challenges in compliance and leading to increased operational costs. As an example, in October 2023, the United States Environmental Protection Agency, a government agency based in the US, projected a 9% increase in emissions from petroleum consumption in 2021. Consequently, the environmental regulations focusing on emissions from refineries and petrochemicals are acting as a restraint on the growth of the refinery and petrochemical filtration markets.
Leading companies in the refinery and petrochemical filtration markets are actively engaged in developing innovative process filtration solutions, such as liquid-gas coalescers, to enhance efficiency and drainage performance, gaining a competitive edge. A liquid-gas coalescer, designed as a specialized filtration device or system, facilitates the merging of tiny liquid droplets suspended in a gas stream into larger droplets, enabling easier removal through filtration. For instance, in February 2021, Amazon Filters Ltd., a UK-based manufacturer of high-quality liquid and gas filters, introduced the SupaSep LGP. Engineered to deliver superior efficiency and drainage performance for various high-flow filtration and separation operations, the SupaSep LGP eliminates impurities such as liquid-aerosol contamination, protects machinery and equipment, saves costly unscheduled downtime, and ensures the final purity of the output. The SupaSep LGP serves as a coalescing solution for gas turbines, natural gas compressors, lubricating oil recovery, catalyst beds, and aids in the recovery of fluids used in natural gas sweetening and dehydration.
In October 2021, Pentair PLC, a US-based water treatment company, completed the acquisition of Pleatco for approximately $255 million. This strategic acquisition of Pleatco enhances Pentair's portfolio by providing an expanded range of replacement refinery and petrochemical filter products. Pleatco, based in the US, is a manufacturer of water and petroleum filtration products.
Major companies operating in the refinery and petrochemical filtration market report are 3M Company, Eaton Corporation PLC, Parker Hannifin Corporation, Atlas Copco, AMETEK Inc., MANN+HUMMEL Holding GmbH, Pentair PLC, ExxonMobil Chemicals Company, Donaldson Company Inc., Pall Corporation, Filtration Group Corp., Burckhardt Compression Holding AG, Camfil AB, Ariel Corporation, Axens SA, Hilliard Corporation, Porvair Filtration Group, Amazon Filters Ltd., Graver Technologies, Blasch Precision Ceramics Inc., Filtration Technology Corporation, Norman Filter Company, Sungov Engineering Private Limited, Filson filter, Compositech Products Manufacturing Inc., RCI Technologies Inc., Brother Filtration, Lenntech B.V., Filtcare Technology Pvt. Ltd., Yixing Huading Machinery Co. Ltd.
Europe was the largest region in the refinery and petrochemical filtration market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the refinery and petrochemical filtration market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the refinery and petrochemical filtration market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The refinery and petrochemical filtration market includes revenues earned by entities that provide services such as crude oil filtration, waste management, and hydrocarbon filtration. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The refinery and petrochemical filtration market consists of sales of pleated cartridge filters, depth cartridge filters, and high flow cartridge filters. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Refinery And Petrochemical Filtration Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on refinery and petrochemical filtration market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for refinery and petrochemical filtration ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The refinery and petrochemical filtration market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.