Refinery and Petrochemical Filtration Market

[225 Pages Report] 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. Refineries is one of the major application areas of refinery and petrochemical filtrations. Refineries would continue to grow by exponentially as a result of high requirement of fuels and other the rising energy demand. Additionally, the transportation sector is growing massively, increasing the need for fuels. This is anticipated to enhance the refinery and petrochemical filtration market size.

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Refinery and Petrochemical Filtration Market Dynamics

Driver: Implementation of government mandates and policies for environmental protection

There is a growing global significance placed on environmental protection laws and regulations aimed at mitigating the effects of carbon emissions. These standards prioritize the promotion of non-hazardous substances, alterations to production methods, and the adoption of conservation practices. Additionally, they encourage the reutilization of materials instead of disposing them as waste, thus contributing to pollution reduction. Early adopters of these environmental protection laws can be found in North America and Europe, while developing countries in Asia Pacific, the Middle East, and Africa are also implementing various emissions standards to combat pollution. As a result, the demand for refinery and petrochemical filtration systems is expected to be driven by these regulations.

Restraint: Availability of low-cost and inferior-quality filtration products

Refinery and petrochemical filter prices vary based on product type and filter media. There are various manufacturing standards for filter products to maintain filtrate quality. Industrial filters are used across refineries and petrochemical plants to avoid unplanned operational interruptions by removing contamination, reducing maintenance costs, and preserving natural resources. These factors contribute to the high price of industrial filters in the market. However, gray market products pose severe challenges to brand owners by providing inferior-quality alternatives and maintenance services at a low cost. In developing countries, cost plays a significant role during procurement, which provides opportunities for local players to offer substitutes and similar products at a comparatively lower price. This factor restricts the entry of global players into the local market and presents a challenge for the petrochemical and refinery filtration market.

Opportunities: Rising shale development activities to enhance shale refining potential

Shale and oil sands play a significant role as energy sources across North America, South America, and the Asia Pacific region. Over the last decade, North America has experienced a remarkable surge in the production of unconventional resources like shale and tight oil. This growth can be attributed to advancements in horizontal drilling and hydraulic fracturing technologies. The shale industry is rapidly expanding, thanks to a series of discoveries and technological breakthroughs. Although a substantial amount of oil and natural gas is being extracted from shale rock formations, the world currently faces limitations in refining shale oil and gas. Consequently, there is a promising prospect for infrastructure development and the utilization of refinery and petrochemical filters to address the refining challenges and capitalize on the opportunities offered by shale oil and gas refining.

Challenges: Supply chain constraints

The refinery and petrochemical infrastructure industry faces numerous supply chain constraints that can impact production and profitability. One of the main challenges filtration product manufacturers face is the availability of raw materials, such as different filter media. The production of high-quality filters requires specialized materials that are often in short supply. This can lead to delays in production and increased costs as manufacturers must pay a premium to secure the necessary materials. Transportation constraints are also a significant challenge for the filtration product industry. However, with careful planning, innovation, and investment, manufacturers can overcome these challenges and continue providing high-quality products essential to the global economy.

Refinery and Petrochemical Filtration Market Ecosystem

Leading companies in this market include well-established, financially secure producers of refinery and petrochemical filtrations. These corporations have been long operating in the market and have a differentiated product portfolio, modern manufacturing technologies, and robust sales and marketing networks. Major companies in this market include 3M (US), Pall Corporation (US), Parker Hannifin Corporation (US), Eaton (Ireland), and Pentair Filtration Solutions, LLC (US).

The bag filter segment, is expected to be the second largest market by filter type during the forecast period.

By filter type, the refinery and petrochemical filtration market is divided into coalescer filter, cartridge filter, electrostatic precipitator, filter press, bag filter, and others. Bag filter is the second largest segment in the market. Bag filters are used to filter fluids with a relatively small loading of particles to be removed. The particle suspension passes through, and the particles settle in the bag. The adoption of bag filters is growing in the refinery and petrochemical industry due to their high filtration efficiency, versatility, and cost-effectiveness.

By end user, the refineries segment is expected to be the largest segment during the forecast period

This report segments the refinery and petrochemical filtration market based on end user into two segments: refineries, and petrochemical industry. The refineries segment is expected to be the largest segment during the forecast period. High investments in global refineries have positively impacted the filtration market for refineries. The need for increased refining capacity is driven by growing energy demand and oil and gas supply. Advancements in refining technology have improved efficiency, reduced waste, and improved the yield of refined products. Stricter emissions regulations have driven cleaner technologies and processes, fueling investments in filtration products.

“Asia Pacific”: The fastest in the refinery and petrochemical filtration market”

Asia Pacific is expected to be the fastest market during the forecast period. As nations in this region are undergoing rapid industrialization, there is a greater demand for crude oil and petroleum products, which is enhancing the investment in development of refineries and petrochemical plants, further driving the filtration market in Asia Pacific.

Key Market Players

The market is dominated by a few major players that have a wide regional presence. The major 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). Between 2019 and 2023, strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to capture a larger share of the market.

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Scope of the Report

This research report categorizes the market by component, power source, application, and region.

On the basis of by filter type, the refinery and petrochemical filtration market has been segmented as follows:

• Coalescer Filter
  • Liquid-liquid
  • Liquid-gas
• Cartridge Filter
  • Pleated Cartridge
  • Depth Cartridge
  • High Flow Cartridge
• Electrostatic Precipitator
• Filter Press
• Bag Filter
• Others

On the basis of application, the market has been segmented as follows:

• Liquid-liquid Separation
• Liquid-gas Separation
• Others

On the basis of end user, the market has been segmented as follows:

• Refineries
• Petrochemical Industry

On the basis of region, the market has been segmented as follows:

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• South America

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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