Oil refinery chemicals are used in crude oil refining processes as intermediates and primary feedstock for the production of finished products, such as petroleum, diesel, kerosene, aviation fuels, fuel oils, lubricating oils, etc. Second only to Saudi Arabia, Iran controls the second largest refining capacity in the Middle East region. Expanding refining capacity in Iran is boosting demand for oil refinery chemicals in the country. Moreover, removal of sanctions imposed by the United States and Western European countries is anticipated to bolster exports of processed petroleum products from the country, which is expected to positively influence the Iranian oil refinery chemicals market during 2016 - 2021. Furthermore, the increase in the production of high octane number gasoline and diesel in order to meet the Euro 4 and Euro 5 regulations is expected to aid the oil refinery chemicals market in Iran over the next five years.
According to TechSci Research’s latest report, ‘Iran Oil Refinery Chemicals Market By Type, By Application, Competition Forecast and Opportunities, 2011 – 2021’, the oil refinery chemicals market in Iran is projected to grow at a CAGR of 5% over the next five years. In 2015, merchant hydrogen held the largest share in the Iranian oil refinery chemicals market, owing to growing demand for hydrogen due to its ability to remove undesirable pollutants from crude oil products. Refining catalysts, pH adjusters and corrosion inhibitors are the other major oil refinery chemicals consumed in Iran. In addition to domestic players, several global players such as Air Liquide, Air Products and Chemicals Inc., and Sud Chemie are also operating in the Iranian oil refinery chemicals market.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/refining/02062016/growth-projected-for-iranian-refinery-chemicals-market-3431/