Petrochemical Heaters Market: Introduction & Dynamics
Petrochemical heaters are used for heating process fluids and thermal cracking in various petrochemical and chemical industry applications. Petrochemical heaters are designed and manufactured with advanced metallurgy, since they require high operating temperatures and need to adhere to the American Petroleum Institute (API) codes. Heat transfer processes are an essential part of any chemical, petroleum refining, and petrochemical industry, and they are used for various purposes such as thermal cracking, acid cracking, gas cracking, and various other heating purposes. Across the petrochemical industry, the processing of propylene, polyethylene, ethylene, aromatics, ammonia, urea, pentane, and butane, among others, requires thermal processing, which is achieved by the use of various petrochemical heaters. Hence, petrochemical heaters form an integral part of petrochemical operations.
The growth of the petrochemical heaters sector is directly dependent upon the growth of the oil & gas and petrochemical industries. Growing urban population and energy demand across nations is expected to be one of the main drivers for the growth of the petrochemical industry, which, in turn, is expected to contribute towards the growth of the petrochemical heaters market. Due to the recovery in oil & gas prices coupled with the rise in global oil demand-supply gap, the petrochemical heaters market is set to register a modest growth rate over the forecast period.
Petrochemical heaters come in three different shapes: vertical cylindrical petrochemical heaters, and cabin type and box type furnaces. Vertical cylindrical heaters are generally used for low power, and are cheaper as compared to their counterparts. Box type furnaces are rectangular in shape with one or more chamber. Cabin type heaters have a convection section in the upper part and a radiant section in the lower part. Due to the low cost of vertical cylindrical heaters, this segment is expected to attract healthy demand over the forecast period. Box type and cabin type heaters can accommodate more number of heaters inside the heater, increasing the heating surface, thereby increasing efficiency. Hence, these two segments are expected to register healthy growth rates over the forecast period.
On the basis of application, petrochemical heaters are divided into vapor phase heaters and liquid phase heaters. Even though these two have contrasting applications, they are widely used in almost all petrochemical processes, which is expected to result in a robust growth rate for both the segments over the forecast period.
Since the setting up of a petrochemical complex requires high capital investment and takes a long time to complete construction, not many new petrochemical complexes are set up every year. But, the revamp and turnover of old petrochemical complexes is expected to create significant demand for petrochemical heaters. Hence, the petrochemical heaters market is expected to grow steadily over the forecast period.
Petrochemical Heaters: Market Segmentation
The global petrochemical heaters market has been segmented on the basis of application as:
The global petrochemical heaters market has been segmented on the basis of design as:
The global petrochemical heaters market has been segmented on the basis of type as:
Petrochemical Heaters Market: Regional Overview
North America is expected to lead the market share in the global petrochemical heaters market, given the growing oil & gas and petrochemical industry in the region. Due to the presence of a large number of petrochemical complexes in the region, the petrochemical heaters market is expected to register low to moderate growth rate over the forecast period. The Middle East and Africa region is expected to register moderate growth rate in the petrochemical heaters market, due to the growing petrochemical industry in the region. India, along with China, is expected to grow at a robust pace in the petrochemical heaters market, due to the growing energy demand and the rise of new petrochemical complexes in these countries. Japan is also expected to maintain a decent market share in the global petrochemical heaters market, as the region holds a significant number of petrochemical complexes, but is expected to grow at a slow pace over the forecast period.
Global Petrochemical Heaters Market: Key Players
Examples of some of the market participants in the global petrochemical heaters market identified across the value chain include:
Brief Approach to Research
The research report presents a comprehensive assessment of the petrochemical heaters market, and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to petrochemical heaters market segments such as geography, application, design, and type.
The report covers exhaustive analysis on:
Regional analysis includes:
The petrochemical heaters market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.