High Performance Refinery Additives Market Growth to Achieve USD 3.3 Billion by 2033, at a 4.2% CAGR
In 2023, the high performance refinery additives market is expected to be worth USD 2.2 billion. The market is expected to reach USD 3.3 billion by 2033, expanding at an 4.2% CAGR throughout the forecast period. The High Performance Refinery Additives industry is driven by several factors, including the increasing refinery production in key countries as well as growing demand for high performance petroleum fuel.
The high performance refinery additives are becoming necessary in the crude oil refinery additives not only to enhance the properties of the processed oil but also to meet the stringent regulations on the quality of the oil for their application. Refinery additives also reduces the processing efforts that increases the profitability of the manufacturers.
One of the key factor that drives the demand for high performance refinery additives is their key role in improving the vehicle performance. These additives when added into the liquid fuel improves their quality which in turn enhances the pickup and average of the automotive vehicles. The growing preference of end-users for these premium grade fuels is increasing their adoption from the refinery industries.
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