Oil Refining Market Forecasts to 2028 – Global Analysis By Product (Middle Distillates, Fuel Oil), Complexity (Conversion, Topping), Application (Aviation, Rail & Domestic Waterways, Transportation) and By Geography
According to Stratistics MRC, the Global Oil Refining Market is accounted for $1,345.00 billion in 2020 and is expected to reach $2,363.31 billion by 2028 growing at a CAGR of 7.3% during the forecast period. Upgrading of refineries to fulfill the growing petroleum product demand, rapid industrialization and urbanization and the demand for gasoline and gas oil are driving the market growth. However, increasing acceptance of clean fuel is hampering the growth of the market.
Oil refining refers to post extraction treatment that is utilized to obtain high-quality oil for various uses. Many of impurities such as free fatty acids, gummy substances, ketones, and aldehydes etc are removed in the refining process. Oil refining involves many thermodynamic processes, such as mass and heat transportation phenomena, to improve oil quality and processing efficiency.
Based on the complexity, the topping segment is going to have lucrative growth during the forecast period due to its ability to transform to high value products through the cracking of larger molecules into smaller ones. By geography, North America is going to have high growth during the forecast period due to the modern refineries built in the region that are highly efficient and are more equipped in producing the fuel that meets the strict government regulations. Therefore, the technological advancements are expected to help increase the profit margins for the refinery operators in the region.
Some of the key players profiled in the Oil Refining Market include Sinopec Corporation, China National Petroleum Corporation, ExxonMobil Corporation, Chevron Corporation, Marathon Petroleum Corporation, Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Valero Energy Corporation, Kuwait National Petroleum Company, Abu Dhabi National Oil Company, The Phillips 66 Company and PBF Energy Inc.
Estimated Market Size in 2020:
USD 1,345.00 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 2,363.31 billion
Tables, Graphs& Figures
Product, Complexity, Fuel, Application and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Middle Distillates
• Fuel Oil
• Light Distillates
• Deep Conversion
• Liquefied Petroleum Gas (LPG)
• Rail & Domestic Waterways
• Marine Bunker
• Residential & Commercial
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Oil Refining Market is majorly driven by upgrading of refineries to fulfill the growing petroleum product demand, rapid industrialization and urbanization and the rising demand for gasoline and gas oil.
The topping segment is growing at a highest CAGR due to its ability to transform to high value products through the cracking of larger molecules into smaller ones.
Asia Pacific dominated with a significant market share due to the factors such as emerging economies are witnessing the commissioning of new refinery projects, including the expansion of existing ones and developing new ones to reduce the dependency on imports.
North America market is growing at a highest CAGR due to the modern refineries built in the region that are highly efficient and are more equipped in producing the fuel that meets the strict government regulations.
Key players in Oil Refining Market includeSinopec Corporation, China National Petroleum Corporation, ExxonMobil Corporation, Chevron Corporation, Marathon Petroleum Corporation, Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Valero Energy Corporation, Kuwait National Petroleum Company, Abu Dhabi National Oil Company, The Phillips 66 Company and PBF Energy Inc.
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