The global BTX and hydrocarbon separating adsorbent market caters to the demand for various industries such as upstream, midstream, and downstream industry (refining and petrochemical industry). The refining (liquid-gas separation) application in downstream industry is anticipated to dominate throughout the forecast period owing to rising demand for sustainable fuels.
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The BTX and hydrocarbon separating adsorbent market holds a prominent share in various countries such as North America, China, Asia-Pacific (APAC), and Europe. North America is currently the largest region in terms of value across the globe. Government regulations to promote the adoption of sustainable products are propelling the demand for high quality BTX and hydrocarbon separating adsorbents over the period. The U.S. is the leading country in the BTX and hydrocarbon separating adsorbent market in North America. Factors such as stringent fuel standards coupled with freezing temperature prevailing in the country obstruction the operations in oil and gas plants are expected to drive the market growth of BTX and hydrocarbon separating adsorbents in the country.
The competitive landscape of the BTX and hydrocarbon separating adsorbent market consists of different strategies undertaken by major players across the adsorbent manufacturers to gain market presence. BASF SE, Honeywell International Inc, W.R. Grace, and Hengye Inc. are some of the leading players in the global BTX and hydrocarbon separating adsorbent. Major strategies adopted by BTX and hydrocarbon separating adsorbent manufacturers include new product launches, business expansions, partnerships, and collaborations and forming contracts with end-user industries to gain access to shifting needs of the market. A majority of key companies preferred the new product launches strategy to enhance their sales, improve product quality, and increase their product application base and operating conditions of the raw materials/products produced.
The oil and gas and petrochemical industry are witnessing a significant shift from solvent-based adsorbents to non-solvent based adsorbents, due to various factors such as the need to curb pollution, stringent government regulations on fuel standards, and growing inclination toward a circular economy. The increased installation of adsorbents, primarily in the downstream industry, is predicted to propel the market. Moreover, the growing demand for cleaner fuels and increasing awareness to reduce the energy requirements to operate a plant is expected to drive the market during 2020-2025.
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The report consists of an extensive study of the BTX and hydrocarbon separating adsorbents. The report includes a thorough analysis of various products, regeneration power, sales mode, and application along with end-use industries. In this study, the impact of COVID-19 outbreak on various end-use industries for various region/country has been considered.
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