Global Oil Refinery Market: Brief Account
The global oil refinery market is taking mighty strides toward a perpetual recovery and assertive development mainly on the back of developing economies and the wholehearted support by their governments. The world’s largest oil refinery installed in India rode on its record performances in 2016 to help the owner Reliance Industries Ltd. gain a 10.0% rise in profits. This profitability jump was witnessed in the face of defiance coming from the challenging market conditions. Thus, the market is anticipated to offer opportunities even during the not-so-profitable times.
The report presented here segments the world oil refinery market in terms of type of crude. Apart from Asia Pacific, the other principal geographies of the market could be North America, Europe, and Rest of the World.
The analysts have exercised their experience and skills to expose some of the vitally important factors that are deemed responsible for the growth of the oil refinery market. The other significant aspects such as market restraints, company rivalries, and future outlook are also comprehensively studied in the publication.
Global Oil Refinery Market: Trends and Opportunities
Since the crude type helps to conclude the refining process used, one of the critical classifications of the world oil refinery market is based on the two forms of crude, i.e. sour crude and sweet crude.
Minor penetrations into the global oil refinery market could be witnessed on the part of companies belonging to other sectors, whereas niche companies will look to extend their presence more in top geographies. For instance, manufacturing and technology solutions provider Honeywell International Inc. based in the U.S. has introduced a novel refining technology to help Indian refiners reduce crude oil imports and obtain cleaner fuel for transportation. New ideas have been promoted in the oil and gas industry by the Oil and Natural Gas Corporation (ONGC) in India with a US$14.91 mn startup fund.
Oil is a major component employed in the process of power generation. With the rising consumption rate of electricity across the world, except Europe, the demand in the global oil refinery market has correspondingly increased. Europe could exhibit a lazy growth owing to the spiraling progress of the renewable energy sector. However, the substantial demand put up by the energy sector is pushing up the global advancement of oil refinery at an aggressive pace.
Global Oil Refinery Market: Geographical Analysis
On the basis of refining capacity, Asia Pacific has taken a leading share in the world oil refinery market. The region held its ground despite the danger of the downswing in petroleum product demand and sluggish economy. It was successful in maintaining the firmness of the demand with lower oil prices even in the high pressure background of flimsy refining margins. India holds the largest refinery on the globe in Jamnagar. Operating under the banner Reliance Industries Ltd., the refinery flaunts a mammoth capacity of 1.24 mn barrels per day. With the allowance of 100.0% foreign direct investment (FDI) in several segments of the oil and gas industry, including oil refinery, the Indian government has managed to draw in both international and domestic investments. Additionally, numerous policies have been adopted to satisfy the increasing demand in the country.
China is one of the largest crude oil importers and had expanded its refining capacity to 12.7 mn barrels per day in the recent years. In the event of a colossal amount of crude oil available for processing, the need for elevating the refining capacity of China has augmented even more.
Other factors responsible for the global oil refinery market growth include the revamping and upgrading efforts taken by various countries to process new crude oil and changing economies of emerging nations. Developed regions such as North America are expected to contribute at a minimal rate.
Global Oil Refinery Market: Top Companies
Amongst others, Reliance Industries Ltd., Saudi Aramco Lubricating Oil Refining Company, Essar Oil Limited, National Iranian Oil Company, Petroleos de Venezuela SA, National Iranian Oil Company, Kuwait Petroleum International, Total Oil, Hindustan Petroleum Corporation Limited, Exxon Mobil, ENI, Conoco Phillips, China National Petroleum Company, Chevron Corporation, and Abu Dhabi Oil Refining Company are the renowned players in the international oil refinery market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.