As per this study the Global Oil Refining Market was valued USD XX MN (by revenue) in 2021 and is anticipated to reach USD XX MN by 2028 with a CAGR of XX%. By volume, the market was estimated at XX Tons in 2021 and is expected to reach XX Tons by 2028 with a CAGR of XX%.
Oil refining is the process of refining crude oil into useful derivative products. In oil processing, unwanted heavy oil is converted into useful derivative product such as gasoline, diesel, fuel oil and others. Oil refining comprises of upstream, midstream and downstream activities.
Rising demand for oil and energy globally is the prime factor driving the market growth. Rapid industrialization and urbanization in emerging economiare is fueling the market demand. Increase expenditure towards refurbishment and construction of oil refining units is expected to foster the market growth the in forecasting period. Technological advancement towards high efficient oil refining machineries to meet the industry standards is presumed to augment the market growth in upcoming timespan.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of oil refining.
The broad oil refining market has been sub-grouped into complexity, product, fuel and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
- Deep Conversion
- Light Distillates
- Middle Distillates
- Fuel Oil
- Road Transport
- Marine Bunker
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for oil refining in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Oil Refining Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the oil refining market includes Abu Dhabi National Oil Company, Bharat Petroleum, BP, Chevron, Exxon Mobil, Fluor, Hindustan Petroleum, Indian Oil, Kuwait Petroleum, PBF Energy, Phillips 66, Reliance, S-Oil, Saudi Aramco, Shell and SINOPEC. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.