Global Oil Refining Market

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 2025-2032

Report ID: SQMIG10B2044 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 75

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.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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 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 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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

Click here right-arrow
logo-images

Related Reports

Refinery Catalyst Market
Buy Now GET FREE SAMPLE
Crude Oil Market
Buy Now GET FREE SAMPLE
Oil And Gas Fabrication Market
Buy Now GET FREE SAMPLE
Oil to Chemicals Market
Buy Now GET FREE SAMPLE
Specialty Oilfield Chemicals Market
Buy Now GET FREE SAMPLE
Enhanced Oil Recovery Market
Buy Now GET FREE SAMPLE
Refrigeration Oil Market
Buy Now GET FREE SAMPLE
Oilfields Chemicals Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Oil Refining Market

Report ID: SQMIG10B2044

$5,300
BUY NOW GET FREE SAMPLE