Demand for chemicals used in US refineries will reach $7.1bn in 2014 at an increase of 5% a year, a new study has found.
Although refined-product output will decrease through the period, demand for refinery chemicals will be supported by use of new, higher value products, according to Cleveland's Freedonia Group study.
Additionally, refiners will continue to subject their products to higher levels of chemical treatment to remove more impurities, according to the Oil and Gas Journal.
Increases in the large merchant-hydrogen segment due to rising use by refiners trying to supplement their captive hydrogen production will result in market gains, the study said.
Catalysts, commonly used in refining to improve energy efficiency and process productivity, also have a large share of the market and metal catalysts will maintain their position as the largest refinery catalyst type, the report said.
A shift from commodity water-treatment chemicals to more expensive environmentally acceptable alternatives will expand the market value in water-treatment process, Freedonia said.
