- Report ID: BMRC 493 | Number of pages: 196 | Publish Date: Jan 2020
Status: Published | Category: Energy And Mining | Delivery Timeline:
Oil Refining Market is valued at USD 6072.0 Billion in 2018 and expected to reach USD 6600.8 Billion By 2025 with the CAGR of 1.2% over the forecast period.
Oil refining is the process by which crude oil is process and transformed into useful products. This process involves the removal of heavy oil and other impurities and increases the efficiency of the final product such as gasoline, petroleum and others. The oil refining is the tedious process and it requires lot of machinery setup as this complete process requires lot of filtration and elimination of impurities such as phospholipids, hydrocarbons and others. Based on the complexity and final products different process has been used by the reefing organization.
Oil Refining Market report is segmented on complexity, product, and application and by regional & country level. Based upon complexity, oil refining market is segmented into Topping, Conversion, and Deep Conversion. On the basis of product, the market is segmented into Light Distillates, Middle Distillates, Fuel Oil, Others. Based upon application, oil refining market is classified into Road transport, Aviation, Marine Bunker, Petrochemical, Residential, Electricity Generation, Rail & domestic, and Others.
The regions covered in this Oil Refining market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Oil Refining market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for Oil Refining market are Bharat Petroleum, Saudi Aramco, S-Oil, Hindustan Petroleum, BP, Indian Oil, Abu Dhabi National Oil Company, Exxon Mobil, Phillips 66, Fluor, Shell, Kuwait Petroleum, PBF Energy, Reliance, Chevron, SINOPEC among others.
Increasing worldwide energy demand and rapid industrialization helps Oil Refining Market to grow.
Over the period of time there is increase in the worldwide population which has ld to the increase in several others demands like water, food, energy, natural resources and others. According to population reference bureau report, the world population is expected to reach around 9.9 billion by 2050, up 2.3 billion or 29 percent from an estimated 7.6 billion people from now. The constant increase in the population has also significantly increased the demand for oil and energy coupled with rapid industrialization and increase in urban population. Moreover, increase in construction and expansion of refineries worldwide is also expected to positively drive the growth of oil refining market over the forecast period. Furthermore, increase in aviation and transport industry has also increased the demand for refined oil augmenting the growth of oil refining market over the forecast period. Technological advancement in the oil refining industry may create new opportunities in the oil reefing market however, increased use of natural gas and increase in renewable energy are expected to hamper the growth of oil refining market over the forecast period.
Asia Pacific is expected to dominate the Oil Refining Market.
North America and Europe is expected to show moderate growth over the forecast period owing to the increased awareness among people about renewable energy and the use of natural gas. Moreover, change in government policies about the conservation of natural resources in this developed region may slow down the growth of oil refining market over the forecast period. Asia Pacific is expected to develop rapidly over the forecast period which is closely followed by Middle East. The presence of oil based economies and presence of developing countries in these regions are expected to drive the growth of these markets over the forecast period. From the Asia Pacific region china is one of the major importers of crude oil which has increased the oil refining market, others countries such as Saudi Arabia, Iran and others are also expected to gain traction over the forecast period. Latin America and Africa is expected to develop at a considerable rate over the forecast period.
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Oil Refining Market Share, Trend, Segmentation and Forecast to 2025