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Oil Refining Market | Covid-19 Impact Analysis
The Oil Refining Market is Segmented 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), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Oil refining market is likely to witness a healthy CAGR of 4.3% during the forecast period. 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 on construction and upgradation of refineries to fulfill petroleum product demand.
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Oil Refining Market - Snapshot |
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Growth |
4.3% for the next five years |
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Dominant Application Type |
Transportation |
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Region with the highest demand |
Asia-Pacific |
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Key Players |
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, and Others. |
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Based on the complexity type, the oil refining market is segmented as topping, conversion, and deep conversion. The topping oil refining market is expected to register robust growth due to its ability to transforming 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.
Based on the product type, the market is segmented as light distillates, middle distillates, fuel oil, and others. Middle distillate delivers flammable liquids of shorter carbon chain (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.
Based on the fuel type, 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.
Based on the application type, 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.
In terms of regions, 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 South East Asian countries have also commissioned a number of refinery projects to reduce dependency on imports.
Some of the major oil refining manufacturers are-
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.
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.
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Oil Refining Market Research Report - Features |
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Market Segmentation |
5 |
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Regions Covered |
4 |
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Countries/Sub-Regions Covered |
17 |
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No. of Figures & Tables |
>150 |
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Company Profiles |
10 |
The oil refining market is segmented into the following categories.
This report offers high-quality insights and is the outcome of 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 book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
This report provides market 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 market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
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 [email protected].
Driven by the factors like rapid industrialization & growing population, the oil refining market is expected to witness an impressive growth of 4.3% CAGR in the foreseeable future.
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, and others are among the kay players in the oil refining 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.
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