Oil Refining Market Size

Oil Refining Market was valued at USD 1564.8 Billion in 2023 and is poised to grow from USD 1643.04 Billion in 2024 to USD 2427.51 Billion by 2032, growing at a CAGR of 5% during the forecast period (2025-2032).

oil refining market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Royal Dutch Shell', 'ExxonMobil Corporation', 'China Petroleum & Chemical Corporation (Sinopec)', 'BP plc', 'Chevron Corporation', 'Total SE', 'Valero Energy Corporation', 'Phillips 66', 'Marathon Petroleum Corporation', 'Eni SpA', 'Petrobras', 'ConocoPhillips', 'Indian Oil Corporation', 'Rosneft', 'PTT Public Company Limited', 'Gazprom Neft', 'SK Innovation Co., Ltd.', 'OMV AG', 'Reliance Industries Limited', 'Abu Dhabi National Oil Company (ADNOC)'

The rapid demand for oil in various industrial sectors such as aviation, petrochemicals, transportation, agriculture, electricity, marine bunkers, and others, as well as increasing urbanisation and a rapidly expanding population, are driving revenue growth in the global oil refining market. Furthermore, rising industrial investment, rising disposable income in certain developing countries, rising demand for lighter and refined petroleum products, and increased investments in research and development activities are expected to support market growth throughout the forecast period.

Emerging trends in the oil refining market include increased investment in refinery building, expansion, and upgrading to satisfy expanding petroleum product demand and reduce dependency on imported refined petroleum products. Moreover, throughout the projected period, the oil refining market is predicted to see development prospects due to digitization and technological advancements in the physical components of oil refineries.

The Asia Pacific oil refining market is expected to expand due to increased demand for petroleum products favoured by rapid industrialization. Furthermore, growing concern about reducing the import dependence on oil-producing countries like Iraq, Saudi Arabia, and Iran, as well as industrialised economies like the United States, is likely to propel market growth across the region.