According to a new market research report published by Credence Research, Inc. “VOC Recovery and Abatement Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global VOC recovery and abatement market was valued at US$ 483.8 Mn in 2016, and is expected to reach US$ 714.2 Mn by 2025, expanding at a CAGR of 4.5% from 2017 to 2025.
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Volatile organic compounds (VOC) recovery units are used to recover vapors of compounds such as natural gas, gasoline and other volatile organic compounds, and store them in a space between the liquid and fixed roof of the storage tanks. Worldwide, government authorities have enforced stringent regulatory norms to limit VOC emission, which is the major factor driving the market growth. Due to high return on investment and low cost of installation, VOCs are widely used in upstream and midstream process. For the downstream process, VOCs are mainly used for petroleum based products. Nevertheless, the demand for VOCs from the downstream process is highly unstable owing to the high cost of installation and fairly matured nature of the market.
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The global VOC recovery market is mainly driven by the rising demand of VOCs in oil and gas industry. The VOC recovery units not only provide substantial ecological benefits but also economic advantages, especially for oil and gas producers. Another economical advantage of VOCs recovery units is that, they can be piped to a stripper unit to separate methane and natural gas liquids (NGLs). This becomes significantly beneficial when price and volume for NGLs are attractive. Due to steadily increasing oilfield activities along with enforcement of stringent regulatory norms to limit VOC emissions by the government authorities has boosted the demand for VOC recovery in Asia in the last few years. In addition, increasing popularity of VOCs recovery units owing to its immense environmental and economic benefits is also contributing towards the market growth.
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Due to global oil crisis in recent years, key players are impelled to focus on strengthening their distribution and storage capabilities to minimize losses. Some of the major companies operating in the market include The Linde Group, Anguil Environmental Systems, Inc., Climate Technologies Corporation, DCL International, Inc., Multi Fan Systems Limited, Praxair Technology, Inc., VOCZero Ltd., Wartsila Corporation, Bay Environmental Technology (Beijing) Co., Ltd., Air Products and Chemicals, Inc., Babcock & Wilcox MEGTEC LLC, TANN Corporation, Baker Furnace, Inc., CECO Environmental Corporation, PETROGAS System, Inc., Polaris s.r.l., Air Clear, LLC., Catalytic Products International, Inc., Epcon Industrial Systems LP, and Amcec, Inc.
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