Refinery and Petrochemical Filtration Market worth $6.1 billion by 2028

CHICAGO, May 22, 2023 /PRNewswire/ -- Refinery and Petrochemical Filtration Market is projected to reach USD 6.1 billion in 2028 from USD 4.6 billion in 2023 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.

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Browse in-depth TOC on "Refinery and Petrochemical Filtration Market" 194 - Tables 54 - Figures 217 - Pages

Refinery and Petrochemical Filtration Market Scope:

Report Coverage

Details

Market Size

USD 6.1 billion in 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 end user

Geographies Covered

Asia Pacific, North America, Europe, South America, and Middle East & Africa.

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

The coalescer filter, by filter type, is expected to grow be the largest segment during the forecast period.

Based on filter type, the Refinery and Petrochemical Filtration Market has been split into coalescer filter, cartridge filter, electrostatic precipitator, filter press, bag filter, and others. The coalescer filter segment is anticipated to be the largest during the forecast period. The adoption of coalescer filters is growing in the refinery and petrochemical industry because they are highly effective at removing contaminants and impurities from various fluids (oil and fuel) and gases. Using coalescer filters can result in significant cost savings for refineries and petrochemical plants as they remove contaminants from fluids, extending the equipment's life and reducing maintenance and replacement frequency.

The liquid-liquid separation segment, by application, is expected to grow at the second-highest CAGR during the forecast period.

This report segments the Refinery and Petrochemical Filtration Market based on application into three segments: liquid-liquid separation, liquid-gas separation, and others. The liquid-liquid separation segment is expected to be the second-fastest growing segment during the forecast period. Liquid-liquid separation is essential in refineries and petrochemical industries. The separation of water is vital in crude oil processing. The presence of water-in-crude oil emulsions increases the cost of production and transportation of petroleum oil and causes pump failure, pipeline corrosion, and other problems, such as catalysts poisoning in downstream. This factor drives the market for the segment.

North America is expected to be the largest region in the Refinery and Petrochemical Filtration Market

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.

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Key Market Players:

Some of the major players in the Refinery and Petrochemical Filtration Market are 3M (US), Pall Corporation (US), Parker Hannifin Corporation (US), Eaton (Europe), and Pentair Filtration Solutions, LLC (US). The major strategies adopted by these players include acquisitions, product launches, agreements, alliances, partnerships, and expansions.

Recent Developments

In September 2022, Parker Hannifin Corporation acquired Meggit which helped in the production of high-quality aerospace solutions and add extensive new capabilities to significantly expand their aerospace technology offering to customers.

In January 2021, Pall Corporation launched a new product with the help of its research and development, named Supralon hydraulic and lube oil filter element that helps to protect and prolong the life of equipment in hydraulic and lube oil applications.

In August 2021, Eaton launched four products to expand its offerings and strengthen its revenue. They have been focusing on research and development. The latest product, IFPM 73 fluid purifier system helps to efficiently removes free and dissolved water and gases, and particulate contamination down to 3 µm from light transformer oils to heavy lubricating oils for applications including hydroelectric power, pulp and paper, offshore and marine.

In October 2021, Pentair Filtration Solution, LLC launched a new web application that guides the selection of ideal Pentair X-Flow membrane filtration solution and configuration for water and wastewater treatment applications.

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Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

Related Reports:

Industrial Filtration Market - Global Forecast to 2027

Bag Filter Market - Global Forecast to 2023

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