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    Oil Refining Market Growth & Forecast | 2022-28

    Oil Refining Market Growth & Forecast | 2022-28
    Report code - SROG129 Delivery - 2 Weeks
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    Oil Refining Market Size, Share, Trend, Forecast, & Industry Analysis
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    Market Insights

    Oil refining market is likely to witness a healthy CAGR of 4.3% during the forecast period.

    Drivers

    The market is mainly driven by:

    • The prime factors contributing to the demand for oil refining are rapid industrialization, growing population, changing demographics, and improving living standards.
    • There is an increased investment in the construction and upgradation of refineries to fulfill petroleum product demand.

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    What is Oil refining?

    Oil refineries convert crude oil into petroleum products to be used as fuel for transportation, heating, paving roads, and generating electricity. Refining involves three stages namely, separation, conversion, and treatment. Key products extracted from refining crude oil are LPG (liquid petroleum gas), gasoline, kerosene, naphtha, heating oil, base oil for lubricants, and asphalt.

    Oil Refining Market Features

    Market Growth

    CAGR of 4.3%

    Segments Covered

    By Complexity Type (Topping, Conversion, and Deep Conversion), by Product Type (Light Distillates, Middle Distillates, Fuel Oil, and Others)

    By Fuel Type (Gasoline, Gasoil, Kerosene, LPG, and Others)

    By Application Type (Transportation, Aviation, Marine Bunker, Petrochemical, Residential & Commercial, Agriculture, Electricity Generation, and Others)

    By Region (North America, Europe, Asia-Pacific, and Rest of the World)

    Dominant Region

    Asia-Pacific has the highest refining capacity during the forecast period.

    Key Players

    Some of the major manufacturers are-

    • BP PLC
    • Chevron Corporation
    • China National Petroleum Corporation (CNPC)
    • Exxon Mobil Corporation
    • Petróleos de Venezuela SA
    • Rosneft PAO
    • Royal Dutch Shell Plc
    • Saudi Arabian Oil Co.
    • Sinopec Corp.
    • Total SA
    • others.

    Segment Analysis

    Complexity Trend

    The oil refining market is segmented into topping, conversion, and deep conversion. The topping oil refining market is expected to register robust growth due to its ability to transform to high-value products through the cracking of larger molecules into smaller ones. Conversion refining has the ability to eliminate the residuals from fuel. Deep conversion refining is expected to be driven by stringent regulations pertaining to product quality specifications.

    Product Trend

    The market is segmented as light distillates, middle distillates, fuel oil, and others. Middle distillate delivers flammable liquids of the shorter carbon chains (with 10-20 carbon atoms) compared to light distillates and hence, dominated the market in 2019. Oil refined through middle distillates has wide application in industries such as aviation, power generation, and marine bunkers. The light distillates oil refining market to grow with the increasing spending capacity of expanding middle-class population.

     Fuel Trend

    The oil refining market is segmented as gasoline, gasoil, kerosene, LPG, and others. Gasoline oil refining is expected to grow with the increased uses of it in transportation industry. Increasing passenger vehicle fleet in developing countries to drive the gasoline demand in the coming years.

    Application Trend

    The oil refining market is segmented as transportation, aviation, marine bunker, petrochemical, residential & commercial, agriculture, electricity generation, and others. Transportation and petrochemical industries to consume the largest chunk of the refined oil and will drive the market over the forecast period.

     Regional Analysis

    Asia-Pacific has the highest refining capacity. China and India are the key countries in the region and have accounted for significant share in global market in 2019. These two countries also witnessed refining capacity expansion in last few years. Other than these two countries Southeast Asian countries have also commissioned a number of refinery projects to reduce dependency on imports.

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    Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories. 

    By Complexity Type:

    • Topping 
    • Conversion 
    • Deep Conversion 

    By Product Type:

    • Light Distillates 
    • Middle Distillates 
    • Fuel Oil 
    • Others 

    By Fuel Type:

    • Gasoline 
    • Gasoil, Kerosene 
    • LPG 
    • Others 

    By Application Type:

    • Transportation 
    • Aviation 
    • Marine Bunker 
    • Petrochemical 
    • Residential & Commercial 
    • Agriculture 
    • Electricity Generation 
    • Others 

    By Region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    To know more about the market trends, click here.

    Report Features

    This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

    Report – Features

    Market Segmentation

    5

    Regions Covered

    4

    Countries/Sub-Regions Covered

    17

    No. of Figures & Tables

    >150

    Company Profiles

    10

    The following are the key features of the report:

    • Overview, industry life cycle analysis, supply chain analysis
    • Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Trend and forecast analysis.
    • Segment trend and forecast.
    • Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
    • Attractive segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with companies across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Target Audience

    The target audience of the Oil Refining Market includes-

    • Vendors
    • Manufacturers
    • Distributors
    • Organizations
    • Government Bodies.

    Critical Questions Answered in the Report

    This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global market. The following are the critical questions answered in the report.

    • What are the key trends in the global market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global market?
    • What are the key strategies adopted by the major vendors to lead in the global market?
    • What is the market share of the top vendors?

    Covid-19 Impact Analysis

    The outbreak of COVID-19 negatively affected the Oil refining industry. With the shutdown of manufacturing activities along with a ban on travel & transportation ban across the globe, the demand for Oil refining was affected as there was less pollution due to limited emissions. Most automakers and other manufacturing sectors had to halt operations or are working at a limited capacity, thus adversely affecting product demand.

    Customization Options

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the form Complexity type by Application type.

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    Oil refineries convert crude oil into petroleum products to be used as fuel for transportation, heating, paving roads, and generating electricity. Refining involves three stages namely, separation, conversion, and treatment. Key products extracted from refining crude oil are LPG (liquid petroleum gas), gasoline, kerosene, naphtha, heating oil, base oil for lubricants, and asphalt.

    BP PLC, Chevron Corporation, China National Petroleum Corporation (CNPC), Exxon Mobil Corporation, Petrleos de Venezuela SA, Rosneft PAO, Royal Dutch Shell Plc, Saudi Arabian Oil Co., Sinopec Corp., Total SA, and others are among the kay players in the market.

    Transportation and petrochemical industries is expected to consume the largest chunk of the refined oil in the coming years.

    Asia-Pacific has the highest refining capacity. China and India are the key countries in the region and have accounted for significant share in global market in 2019.

    The prime factors contributing to the demand for oil refining are rapid industrialization, growing population, changing demographics, and improving living standards. There is an increased investment in the construction and upgradation of refineries to fulfill petroleum product demand.

    Oil refining market is likely to witness a healthy CAGR of 4.3% during the forecast period.