Global Refining Additives Market: Overview
Quality of end-product fuels and improvement in refinery processes depend upon refinery additives. These chemicals or compounds play a crucial role in these processes. This is the reason that over the forecast period of 2020 to 2030, global refining additives market would witness steady growth curve, increase in market valuation, and generation of a string of novel growth opportunities. Transparency Market Research notes here that numerous growth factors would fuel growth in the market over the forecast period. Some of these include expansion in construction industry and increase in population – factor driving demand for refined petroleum products such as diesel fuel, LPG, and gasoline.
Global Refining Additives Market: Competitive Landscape
Players in the global vulcanization accelerators market are highly reliant on growing production of automobiles for growth. Besides, proactive ones are eyeing white spaces in the medical sector. It is pertinent to note here that a range of activities are being noted in the vendor landscape – growth strategies deployed by top players.
Renowned market players in the global refining additives market are:
- Berkshire Hathaway
- Dorf-Ketal Chemicals
- Exxon Mobil
- Evonik Industries
- Johnson Matthey
- Infineum International
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Global Refining Additives Market: Key Trends and Drivers
Demand for refining additives is on an upward growth curve owing to multiple trends and drivers impacting the landscape positively. Transparency Market Research has not just identified top growth factors in its upcoming market research but has also delineated these in great detail. Granular knowledge on growth dynamics is set to drive better decision making for market players. Glimpse into top trends and drivers is provided below:
- One of the most notable growth factors in the global refining additives market would be
increase in building and construction activities. As infrastructural development gathers steam in developing regions of the world, in particular, demand for refining additives will increase. It is anticipated that by the year of 2030, volumes in construction would grow by 85%. This will lead to massive demand for these products, driving market on an upward growth trajectory.
- Extraction and exploration for oil and gas is growing in lieu of increasing demand for energy and products requiring crude oil processing. This again is set to drive the refining additives market forward in a major way. It is pertinent to note here that products such as naphtha, diesel, liquefied petroleum gas, jet fuel, and gasoline are all witnessing an increase in demand.
- Population increase is leading to demand for energy, LPG and diesel world over. By 2050, global population will reach a high mark of 9.7 billion people from current level of 7.7 billion people. These people would also need houses and recreational centers, offices and commercial centers.
Global Refining Additives Market: Regional Analysis
An extensive refinery network helps the North American region hold a massive market share and this trend is set to continue into the forecast period stated above. It is also worth noting here that the region is known for high consumption of refinery additives. This growth would be followed by Western Europe and Middle East and Africa. Additionally, it is pertinent to note here that the Asia Pacific region ill grow at a considerable pace owing to expansion plans laid by several countries. Besides, a complex refinery set-up would add to this growth over the forecast period. A moderate CAGR would be recorded by Latin America over the same period.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.