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

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.