The Oil Refining Market research report provides a detailed analysis of diverse segments across 6 regions and 25 countries including- By Product (Light Distillates, Middle Distillates, Fuel Oil, Others), By Fuel Type (Gasoline, Kerosene, LPG), By Complexity (Hydro-Skimming, Topping, Conversion, Deep Conversion), By End-User (Marine Bunker, Transportation, Aviation, Petrochemical, Agriculture, Electricity, Residential & Commercial, Rail & Domestic Waterways, Others)
Productivity, technology enablement, and sustainability remain the key market-driving forces in the global Oil Refining industry landscape. Companies that invest in that supply chain and operational resiliency are poised to gain a competitive edge over other market players. The global energy investments are set to increase from around $1,652 Billion in 2024 to $2845 Billion in 2040. As the world is making steady progress towards net zero, energy security, affordability, and industrial competitiveness remain key focus areas of most Oil Refining companies. The Oil Refining demand trajectory varies based on multiple scenarios, from macroeconomic conditions, regulatory support, investment scenarios, and the global landscape. Decision makers across the Oil Refining industry value chain formulating long-term transition strategies with a diverse range of future scenarios are likely to stay ahead of the competition curve.
In the oil refining market, there's a trend towards cleaner and more efficient refining processes to meet stringent environmental regulations. Innovations in hydroprocessing technologies, fluid catalytic cracking (FCC) units, and residue upgrading processes are prevalent trends. Oil refining technologies are evolving to produce cleaner fuels, reduce sulfur content, and improve energy efficiency while complying with environmental standards. Moreover, advancements in refining catalysts, carbon capture, and utilization technologies are shaping the market.
Key drivers stimulating the oil refining market include the global demand for refined petroleum products, regulatory mandates for cleaner fuels, and the need to upgrade existing refining infrastructure. Refining technologies offer advantages such as higher product yields, reduced emissions, and improved product quality, driving their adoption in the petroleum refining sector. Moreover, technological advancements in refining processes, catalyst development, and energy-efficient operations contribute significantly to market growth.
Opportunities in the oil refining market lie in adopting cleaner and more efficient refining processes and promoting their role in reducing environmental impact and enhancing refining margins. Collaboration among refining technology providers, oil refineries, and regulatory bodies offers significant growth prospects. Moreover, investing in research and development for advanced refining technologies, optimizing refinery operations for lower emissions, and promoting the benefits of cleaner fuels can unlock new avenues for market expansion. Exploring partnerships for refinery modernization projects, advocating for refining efficiency incentives, and showcasing successful deployments of clean refining technologies can further drive market growth and facilitate wider adoption.
Oil Refining is the industrial process of transforming crude oil into various petroleum products such as gasoline, diesel, jet fuel, and lubricants through processes like distillation, cracking, and refining. This process separates, purifies, and converts crude oil into valuable products for commercial use.
By Product
By Fuel Type
By Complexity
By End-User
Geographical Analysis
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TABLE OF CONTENTS
1 INTRODUCTION TO 2024 Oil Refining MARKETS
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 RESEARCH METHODOLOGY
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 EXECUTIVE SUMMARY
3.1 Global Oil Refining Market Size Outlook, $ Million, 2021 to 2030
3.2 Oil Refining Market Outlook by Type, $ Million, 2021 to 2030
3.3 Oil Refining Market Outlook by Product, $ Million, 2021 to 2030
3.4 Oil Refining Market Outlook by Application, $ Million, 2021 to 2030
3.5 Oil Refining Market Outlook by Key Countries, $ Million, 2021 to 2030
4 MARKET DYNAMICS
4.1 Key Driving Forces of Oil Refining Industry
4.2 Key Market Trends in Oil Refining Industry
4.3 Potential Opportunities in Oil Refining Industry
4.4 Key Challenges in Oil Refining Industry
5 MARKET FACTOR ANALYSIS
5.1 Competitive Landscape
5.1.1 Global Oil Refining Market Share by Company
5.1.2 Product Offerings by Company
5.2 Porter’s Five Forces Analysis
6 GROWTH OUTLOOK ACROSS SCENARIOS
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 GLOBAL Oil Refining MARKET OUTLOOK BY SEGMENTS
7.1 Oil Refining Market Outlook by Segments
Type
- Topping Oil Refinery
- Hydro-skimming Oil Refinery
- Conversion Oil Refinery
- Deep Conversion Refinery
8 NORTH AMERICA Oil Refining MARKET ANALYSIS AND OUTLOOK TO 2030
8.1 Introduction to North America Oil Refining Markets in 2024
8.2 North America Oil Refining Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Oil Refining Market size Outlook by Segments, 2021-2030
Type
- Topping Oil Refinery
- Hydro-skimming Oil Refinery
- Conversion Oil Refinery
- Deep Conversion Refinery
9 EUROPE Oil Refining MARKET ANALYSIS AND OUTLOOK TO 2030
9.1 Introduction to Europe Oil Refining Markets in 2024
9.2 Europe Oil Refining Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Oil Refining Market size Outlook by Segments, 2021-2030
Type
- Topping Oil Refinery
- Hydro-skimming Oil Refinery
- Conversion Oil Refinery
- Deep Conversion Refinery
10 ASIA PACIFIC Oil Refining MARKET ANALYSIS AND OUTLOOK TO 2030
10.1 Introduction to Asia Pacific Oil Refining Markets in 2024
10.2 Asia Pacific Oil Refining Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Oil Refining Market size Outlook by Segments, 2021-2030
Type
- Topping Oil Refinery
- Hydro-skimming Oil Refinery
- Conversion Oil Refinery
- Deep Conversion Refinery
11 SOUTH AMERICA Oil Refining MARKET ANALYSIS AND OUTLOOK TO 2030
11.1 Introduction to South America Oil Refining Markets in 2024
11.2 South America Oil Refining Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Oil Refining Market size Outlook by Segments, 2021-2030
Type
- Topping Oil Refinery
- Hydro-skimming Oil Refinery
- Conversion Oil Refinery
- Deep Conversion Refinery
12 MIDDLE EAST AND AFRICA Oil Refining MARKET ANALYSIS AND OUTLOOK TO 2030
12.1 Introduction to Middle East and Africa Oil Refining Markets in 2024
12.2 Middle East and Africa Oil Refining Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Oil Refining Market size Outlook by Segments, 2021-2030
Type
- Topping Oil Refinery
- Hydro-skimming Oil Refinery
- Conversion Oil Refinery
- Deep Conversion Refinery
13 COMPANY PROFILES
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
- Exxon Mobil Corporation
- GS Caltex Corporation
- Marathon Petroleum Corporation
- Motiva Enterprises LLC
- Petróleos de Venezuela, S.A. (PDVSA)
- Reliance Industries Limited
- Saudi Arabian Oil Company (Saudi Aramco)
- SK Innovation Co., Ltd.
- S-Oil Corporation
14 APPENDIX
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Product
By Fuel Type
By Complexity
By End-User
Geographical Analysis
The global Oil Refining Market is one of the lucrative growth markets, poised to register a 5.1% growth (CAGR) between 2024 and 2032.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Alexandria Petroleum Co., BP Plc, Chevron Corp, China Petrochemical Corp, CTCI Corp., Essar Global Fund Ltd, Exxon Mobil Corp, Gazprom Nedra LLC, Hindustan Petroleum Corp. Ltd, Marathon Petroleum Corp, Oil and Natural Gas Corp. Ltd, Reliance Industries Ltd, Saudi Arabian Oil Co, Shell plc, and Others.
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2032; Currency: USD; Volume