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Refinery and Petrochemical Filtration Market worth $6.1 Billion by 2028

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Refinery and Petrochemical Filtration Market worth $6.1 Billion by 2028

June 05
22:30 2023
Refinery and Petrochemical Filtration Market worth $6.1 Billion by 2028
The global refinery and petrochemical filtration market is expected to grow from USD 4.6 billion in 2023 to USD 6.1 billion by 2028, at a CAGR of 6.0% during the forecast period.

The global 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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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.

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.

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.

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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