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.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold 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.