The global oil refining market is set to chart a notable growth trajectory. It will be attributable to a steady CAGR (Compound Annual Growth Rate) between 2018 and 2026. It is product of high industrial growth and tripling of energy demand and over the coming twenty years.
It is hardly surprising considering the population of the world is going to increase significantly over the next 30 years. That is, by 2050, world population will increase by 2 billion people. The current 7.7 billion will change to a 9.7 billion. As population increases, it is only natural that so will demand for energy – be in kerosene LP, electricity, railway fuel, marine fuel and so on.
To get a glimpse of the measure of how just one of the parameters will contribute to the overall growth o f global oil refining market, one might want a peep into construction volumes. By 2030, it is expected that the construction industry will see increase in construction volumes y 85%. That means a value of USD 15.5 trillion will be generated. Here, it is pertinent to note that a large chunk – of about 57% - will be accounted for by activity in just three countries – India, China and the United States (US).
Also, this points to the obvious fact that these three regions will also perform well in the market owing to these factors.
Similarly, population spurt will lead to more demand for food and transportation. It will be accompanied by increase in disposable incomes, particularly in the developing economies, improving standard of living, thereby creating untapped growth opportunities for players to dabble with.
The market id consolidated and major players include Abu Dhabi National Oil Company, Reliance, Phillips 66, Hindustan Petroleum, Kuwait Petroleum, and Saudi Aramco.
Global Oil Refining Market: Overview
The global oil refining market is prognosticated to rise notably in the coming years because of the economic transformation and rapidly increasing industrialization. Oil refineries transform crude oil and refine it into utilitarian products like gasoline, fuel, diesel, kerosene, jet fuel, and petroleum naphtha.
The global oil refining market is classified into different variations based on complexity, product, fuel, and application. On the basis of complexity, the global oil refining market is divided into deep conversion, conversion, and topping. Based on product, the oil refining market is divided into fuel oil, middle distillates, and light distillates. In terms of fuel, the oil refining market is classified into LPG, kerosene, gasoil, and gasoline. By application, the oil refining market is categorized into aviation, road transport, marine bunker, petrochemical, electricity generation, rail and domestic, and residential agricultural, and commercial segments.
The report presented above is a complete evaluation of the global oil refining market with major focus on market dynamics. It also includes the market drivers, restraints, and trends, and opportunities. The above presented report also offers geographical and other segmentation of the market.
Global Oil Refining Market: Trends and Opportunities
A number of factors boost the global oil refining market such as rising in population, better living standards, and changing demographics. Adding to that is the rise in disposable incomes of the people because of the fast growing industrialization all around the world is also fueling the oil refining market growth by the end of the forecast period.
Another factor expected to propel the overall oil refining market is the increase in investment into expansion, construction and upgradation of refineries all over the world. The government policy regarding carbon emission, road transportation and aviation are also boosting the overall oil refining market. Besides, the rise in demand for industrial fuels and petrochemical feedstock are also expected to propel the oil refining market during the forecast period.
Global Oil Refining Market: Regional Analysis
The global oil refining market can be categorized geographically into the regions of Latin America, North America, Europe, Asia Pacific, and Middle East and Africa. Asia Pacific is foreseen to dominate the oil refining market with prominent growth prospects from the developing regions of China, Japan and India. There is a rise in concern for reducing the dependency of oil import across all business landscape. Thus, the oil refining market in the Asia Pacific region is further estimated to show remarkable growth in the years to come. Apart from that, the oil refineries in Iran is also showing growth due to development of downstream processing infrastructure. This in turn, is projected to further increase the productivity of Asia Pacific region during the forecast period.
Global Oil Refining Market: Competitive Analysis
Important vendors of the global oil refining market are Abu Dhabi National Oil Company, Reliance, Phillips 66, Hindustan Petroleum, Kuwait Petroleum, and Saudi Aramco. The report studies in detail various strategies that are adopted by these companies and gauges the impact of the same on the overall market. It also conducts analyses to study the strengths and weaknesses of the companies mentioned.
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.