Meager Growth Projected for Crude Oil Desalter Market Owing to Reduced Demand for Refined Petroleum Products in Europe
Transparency Market Research has published a new report "Crude Oil Desalter Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 - 2023" to its report store.
Albany, NY -- (SBWire) -- 09/16/2015 --Before crude oil can be refined, it needs to be put through a pretreatment process which removes impurities such as suspended solids, inorganic salts, water, and even water-soluble trace metals. The desalted water, which is a byproduct of the desalting process, is often very hot and needs to be cooled adequately before it is piped into other water treatment systems. These critical processes are carried out using a crude oil desalter. While desalters are indeed an important component of the crude oil refining process, the market for crude oil desalters will not fare exceptionally well in the near future. This is because of a reduction in the demand for refined petroleum products, especially in the Europe region.
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This will also impact the global crude oil desalter market, causing it to expand at a meager CAGR of 2.54% from 2015 and 2023. Transparency Market Research says that the market for crude oil desalters approximated US$78.42 million in 2014. Based on the CAGR forecast for this market, it will be worth US$98.78 million by 2023, says the market intelligence firm.
Demand for Two-Stage Crude Oil Desalters Was Highest in 2014
Two-stage crude oil desalters are the most widely used types of desalters. In 2014, they accounted for about 60% of the global crude oil desalter market. The demand for three-stage crude oil desalters was also appreciable, but not as much as two-stage crude oil desalters. From the geographical standpoint, Middle East and Africa represented the largest regional market for crude oil desalters in the year 2014.
Although the crude oil desalters market will be impacted by the current uncertainty in the crude oil industry, other emerging applications of desalters in fluid catalytic cracking (FCC) will help the market stay on track.
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Rise in Construction of New Refineries is Key Driver of Crude Oil Desalter Market
As the energy sector in emerging economies continues to progressively expand, so will the number of crude oil refineries. The higher the number of crude oil refineries, the greater will be the demand seen for crude oil desalters. According to the International Energy Agency's Oil Market Report, the global demand for oil in the second quarter of 2015 stood at 93.5 million barrels per day. The report projects that the same will rise to 94.79 million barrels per day in the second quarter of 2016. A growth in the demand for oil worldwide will directly create the need for more refining capacity, indirectly stimulating the global crude oil desalters market.
Cutback in Refined Petroleum Product Imports is Key Threat to Crude Oil Desalter Market
urope is regarded as an early adopter in the renewable energy sector, driven essentially by the very rigid environmental regulations that prevail here. This has translated to reduced dependence on conventional energy sources such as crude oil. According to an Energy Trends article published on the Eurostat website, the crude oil does continue to remain the leading source of energy for the European region – but decreasingly so. According to the website, crude oil was the highest imported fuel source in Europe in 2013 at 530,000 ktoe. However, as compared to 2008, this indicates a decline of 13.8%.
Analysts expect that the decreased imports of gasoline and diesel will lead to a decline in the Europe crude oil desalters market, thus impacting the worldwide market as well.
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