USD 1490.28 billion
Report ID: SQMIG10B2044 | Region: Global | Published Date: March, 2023 | Pages: 157 | Tables: 64 | Figures: 75
Global Oil Refining Market size was valued at USD 1490.28 billion in 2021 and is poised to grow from USD 1651.27 billion in 2022 to USD 3751.5 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).
Oil refining is the industrial process of transforming and refining crude oil into commercially useful products such as diesel, jet fuel, liquefied petroleum gas, gasoline, asphalt base, and fuel oils, among others. These products are widely used as transportation fuel, electricity generation, heating, and road paving. Oil refining is used to remove impurities in crude oil like phosphatides, colour bodies, tocopherols, hydrocarbons, free fatty acids, odour, as well as to improve the colour of the oil. Distillation is the first and most fundamental step in the refining process, in which crude oil is heated to extremely high temperatures in order to separate various types of hydrocarbons, followed by several other processes such as cracking, reforming, post-treatment, and refining products.
The demand for oil refining is being driven primarily by increased investment in the construction, expansion, and upgrading of refineries in order to meet rising petroleum product demand and TO reduce dependence on imported refined petroleum products. Furthermore, government regulations governing carbon emissions, as well as a positive outlook for the aviation and road transportation sectors, are boosting demand for refined products. the rapid industrialization and urbanisation, combined with population growth in developing economies like China and India, resulted in an increase in demand for passenger and commercial vehicles. Because of the growing number of vehicles in these countries, the demand for gasoline and gas oil has increased significantly. As a result, new oil refineries are being built in these countries to meet the growing demand for petroleum and diesel.
US Oil Refining Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1490.28 billion
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Global oil refining market is segmented based on the complexity, Product Type and region. Based on complexity, the oil refining market is segmented into topping, conversion, and deep conversion. Based on Product Type, the oil refining market is segmented into light distillates, middle distillates, fuel oil, and others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Oil Refining Market Analysis by Complexity
Based on complexity, The topping oil refining market is expected to grow rapidly due to its ability to convert larger molecules into smaller ones, resulting in high-value products. Conversion refining is capable of removing residuals from fuel. Stringent regulations governing product quality specifications are expected to drive deep conversion refining.
Oil Refining Market Analysis by Product type
Based on product type, Middle distillates have a shorter carbon chain (with 10-20 carbon atoms) than light distillates and thus dominated the market. Middle distillate oil is widely used in industries such as aviation, power generation, and marine bunkers. The market for light distillates oil refining will expand with the increasing middle-class population's spending power.
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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.
The North American oil refining market is expected to grow significantly During the forecast period. Valero Energy, Marathon Petroleum, ExxonMobil, and Phillips 66 are the major North American players expected to drive regional market growth. Marathon Petroleum is the largest refining company in the United States With 16 refineries and a crude oil capacity of around 2.9 million barrels per day.
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Oil Refining Market Drivers
Rising Demand of Oil in Numerous Industries to Bolster Market Growth
Oil Refining Market Restraints
Availability of Alternatives in the Market to Hinder Demand
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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.
Oil Refining Market Top Player's Company Profiles
Oil Refining Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our oil refining market analysis, in terms of complexity, the topping segment held larger market share because of its transforming potentiality and in terms of product type, Middle distillate dominates the market due to its high utilization. Positive outlook for refinery facility expansion, sulphur emission regulations, rising demand for refined products, the impact of shale gas, and ongoing investment in O&G infrastructure are the key factors driving the phthalic oil refining market growth. Moreover, Business expansion, agreement, and acquisition are the key factors of growth strategies of oil refining market players.
|Market size value in 2021||USD 1490.28 billion|
|Market size value in 2030||USD 1651.27 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Oil Refining Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Oil Refining Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Oil Refining Market:
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