USD 1490.28 billion
Oil Refining Market Size, Share, Growth Analysis, By complexity(topping, conversion, and deep conversion), By Product type(light distillates, middle distillates, fuel oil, and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2044 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
75
Oil Refining Market Insights
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
topping
Fastest Growth
topping
Growth Rate
5% CAGR
Global Oil Refining Market, 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Oil Refining Market Segmental Analysis
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.
Global Oil Refining Market By complexity Type, 2022 (%)
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Oil Refining Market Regional Insights
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.
Global Oil Refining Market By Geography, 2022-2030
- Largest
- Fastest
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Oil Refining Market Dynamics
Oil Refining Market Drivers
Rising Demand of Oil in Numerous Industries to Bolster Market Growth
- 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.
Oil Refining Market Restraints
Availability of Alternatives in the Market to Hinder Demand
- The market growth is hampered by several unfavourable factors, including rising demand for clean fuel, natural gas, a lack of sufficient funds, rising adoption of electric vehicles globally, and project delays. Moreover, the oil refining market is restricted by a lack of investments in the oil and gas sector, the lower margin in the oil prices, delayed project commissioning, land acquisition, and the increasing adoption of electric vehicles in developed and developing countries worldwide.
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Oil Refining Market Competitive Landscape
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
- 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)
Oil Refining Market Recent Developments
- In May 2021, ExxonMobil Corporation’s oil and gas resources in New Mexico was acquired by Empire Petroleum. The assets contain more than 700 wells and 40,000 net acres in acres.
Oil Refining Key Market Trends
- 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.
Oil Refining Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1490.28 billion |
| Market size value in 2031 | USD 3751.5 billion |
| Growth Rate | 5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Oil Refining Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Oil Refining Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Oil Refining Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Oil Refining Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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