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Market Snapshot

CAGR:6.07

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	6.07

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Report Overview

Resid Conversion Solutions Market Analysis By Application (Refineries, Petrochemicals, Others), By Type (Hydrocracking, Coking, Visbreaking, Others), and By Region Forecast to 2032:

The Resid Conversion Solutions Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 5.72% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 12,345.67 million in market size. The expansion of this market is influenced by several key factors, including increasing demand for cleaner fuels, the need to reduce heavy residue disposal, and advancements in resid conversion technologies. Resid conversion solutions refer to a set of processes used in the petroleum industry to convert heavy residues into valuable products.

Resid Conversion Solutions Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Resid Conversion Solutions Market is the rising demand for cleaner fuels and reduced emissions. As environmental regulations become more stringent worldwide, the petroleum industry is investing in resid conversion technologies to produce lower-sulfur and cleaner fuels, meeting regulatory requirements.

Furthermore, the need to reduce heavy residue disposal costs and environmental impact drives the adoption of resid conversion solutions. These technologies enable the conversion of heavy residues into valuable products, reducing waste and enhancing resource utilization.

Trends:

An emerging trend in the Resid Conversion Solutions Market is the development of more efficient and sustainable conversion processes. Advanced resid conversion technologies, such as hydrocracking and fluidized catalytic cracking (FCC), are gaining prominence due to their ability to produce higher yields of valuable products with lower environmental impact.

Additionally, the integration of resid conversion solutions into petrochemical processes is positively impacting market growth. This trend allows the production of valuable petrochemical feedstocks from heavy residues, enhancing the overall economic viability of resid conversion projects.

Restraints:

One of the key challenges hindering the growth of the Resid Conversion Solutions Market is the high capital and operational costs associated with resid conversion units. The design, construction, and operation of resid conversion facilities require significant investments, which can pose financial challenges for industry players, especially in times of market volatility.

Market volatility in crude oil prices can also impact the profitability of resid conversion projects. Changes in feedstock prices can affect the overall economics of these projects, influencing investment decisions.

Resid Conversion Solutions Market Segmentation By Application:

Refineries: Refineries are the primary users of resid conversion solutions, where heavy residues from crude oil processing are converted into valuable products, including transportation fuels.
Petrochemicals: The petrochemical industry is increasingly utilizing resid conversion technologies to produce valuable petrochemical feedstocks from heavy residues.
Others: Other industries and applications may use resid conversion solutions for specialized processes.

Resid Conversion Solutions Market Segmentation By Type:

Hydrocracking: Hydrocracking is a widely used resid conversion process that employs hydrogen to break down heavy hydrocarbons into lighter, more valuable products.
Coking: Coking processes involve the thermal cracking of heavy residues to produce petroleum coke and lighter products.
Visbreaking: Visbreaking processes heat heavy residues to reduce viscosity and produce valuable feedstocks for other refining processes.
Others: This category includes various resid conversion technologies that are less common but may offer unique advantages.

Regional Overview:

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North America is expected to be a key contributor to the global Resid Conversion Solutions Market, driven by the region's significant petroleum refining capacity and the need to comply with stringent emissions regulations. Major refineries in the United States and Canada invest in resid conversion solutions to produce cleaner fuels.

Asia-Pacific, with its growing demand for transportation fuels and petrochemicals, is another significant region for the resid conversion market. Countries like China and India are expanding their resid conversion capabilities to meet domestic demand and reduce environmental impact.

Resid Conversion Solutions Market Customer Landscape:

The Resid Conversion Solutions Market serves a diverse customer base, including petroleum refineries, petrochemical plants, engineering and construction firms, and technology providers specializing in resid conversion.

Major Resid Conversion Solutions Companies:

Companies in the resid conversion solutions market are actively involved in the design, construction, and operation of resid conversion units.

Example companies include:

Exxon Mobil Corporation: Exxon Mobil is a major player in the resid conversion market, offering hydrocracking and coking technologies.
Royal Dutch Shell plc: Shell provides resid conversion solutions, including hydrocracking and visbreaking processes.
Chevron Corporation: Chevron offers resid conversion technologies and services for refineries and petrochemical plants.

The competitive landscape analysis in the report provides insights into key market players, including:

TotalEnergies
BP plc
China Petroleum & Chemical Corporation (Sinopec)
Indian Oil Corporation Limited (IOCL)
Saudi Arabian Oil Company (Saudi Aramco)
Kuwait Petroleum Corporation (KPC)
Petrobras
Petronas
Rosneft Oil Company
Reliance Industries Limited

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on focus, dominance, and strength.

Segment Overview:

The Resid Conversion Solutions Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

Application Outlook (USD Million, 2019 - 2032):

Refineries
Petrochemicals
Others

Type Outlook (USD Million, 2019 - 2032):

Hydrocracking
Coking
Visbreaking
Others

Geography Outlook (USD Million, 2019 - 2032):

North America

United States
Canada

Europe

United Kingdom
Germany
France
Rest of Europe

Asia-Pacific

China
Japan
India
Rest of Asia-Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

United Arab Emirates
South Africa
Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL RESID CONVERSION SOLUTIONS MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. RESID CONVERSION SOLUTIONS MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Resid Conversion Solutions Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.5.1. Power Of Suppliers

4.5.2. Power Of Buyers

4.5.3. Threat Of Substitutes

4.5.4. Threat Of New Entrants

4.5.5. Competitive Rivalry

Chapter 5. RESID CONVERSION SOLUTIONS MARKET BY Conversion Product Type INSIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2. Coke

5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3. Resin

5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.4. Asphaltenes

5.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.5. Saturates

5.5.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.5.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.6. Small ring aromatics

5.6.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.6.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. RESID CONVERSION SOLUTIONS MARKET BY Conversion Process INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2. Thermal cracking

6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3. Catalytic cracking

6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.4. Hydrocracking

6.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. RESID CONVERSION SOLUTIONS MARKET REGIONAL OUTLOOK

7.1. Resid Conversion Solutions Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

7.2.1. North America Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.2. North America Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.3. North America Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.4. North America Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

7.2.5.1. U.S. Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.5.2. U.S. Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.5.3. U.S. Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.5.4. U.S. Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

7.2.6.1. Canada Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.6.2. Canada Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.6.3. Canada Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.6.4. Canada Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

7.3.1. Europe Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.2. Europe Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.3. Europe Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.4. Europe Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

7.3.5.1. Germany Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.5.2. Germany Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.5.3. Germany Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.5.4. Germany Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

7.3.6.1. France Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.6.2. France Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.6.3. France Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.6.4. France Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

7.3.7.1. U.K. Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.7.2. U.K. Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.7.3. U.K. Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.7.4. U.K. Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

7.4.1. Asia Pacific Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.2. Asia Pacific Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.3. Asia Pacific Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.4. Asia Pacific Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.5. CHINA

7.4.5.1. China Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.5.2. China Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.5.3. China Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.5.4. China Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

7.4.6.1. India Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.6.2. India Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.6.3. India Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.6.4. India Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

7.4.7.1. Japan Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.7.2. Japan Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.7.3. Japan Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.7.4. Japan Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

7.4.8.1. Australia Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.8.2. Australia Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.8.3. Australia Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.8.4. Australia Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

7.5.1. Mea Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.5.2. Mea Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.5.3. Mea Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.5.4. Mea Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

7.6.1. Latin America Resid Conversion Solutions Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.6.2. Latin America Resid Conversion Solutions Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.6.3. Latin America Resid Conversion Solutions Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.6.4. Latin America Resid Conversion Solutions Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

7.6.5. Latin America Resid Conversion Solutions Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

8.2.1. New Product Launches

8.2.2. Investment & Expansion

8.2.3. Acquisitions

8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

8.3.1. North American Suppliers

8.3.2. European Suppliers

8.3.3. Asia-Pacific Suppliers

8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1. ExxonMobil Corporation

9.1.1. Company Overview

9.1.2. Financial Performance

9.1.3. Product Insights

9.1.4. Strategic Initiatives

9.2. Axens North America, Inc

9.2.1. Company Overview

9.2.2. Financial Performance

9.2.3. Product Insights

9.2.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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Resid Conversion Solutions Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032