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Global Oil Refining Market Share, Growth, Report, Forecast: By Complexity: Topping, Hydro-Skimming, Conversion, Deep Conversion; By Product: Light Distillates, Middle Distillates, Fuel Oil, Others; By Fuel Type: Gasoline, Gasoil, Kerosene, LPG, Others; By Application: Transportation, Others; Regional Analysis; Competitive Landscape; 2023-2028
Global Oil Refining Market Outlook
The global oil refining market size reached a value of approximately USD 1455.4 billion in 2022. The market is further expected to grow at a CAGR of 5.20% between 2023 and 2028, reaching a value of USD 1972.8 billion by 2028.
Key Trends in the Market
Oil refining is the essential process for transforming crude oil into products such as lubricants, fuels, and kerosene. The oil refining process involves various steps including coking, distillation, reforming, cracking, posttreatment, and refining. In this process, crude oil is separated into different components on the basis of their chemical properties, molecular structure, and boiling points.
- The growing aviation industry has increased the demand for fuels, this in turn is anticipated to boost the growth of the oil refining market around the globe. Reducing costs of flights coupled with rising disposable income is surging the frequency of flights, increasing the demand for oil refining to provide adequate fuel.
- Increasing population is a key trend aiding the expansion of the market for oil refining as it has propelled the demand for fuels and kerosene, among other products, in applications such as residential and commercial as well as agriculture.
- Rising awareness regarding the non-renewable nature of oil and the limited supplies left for usage are increasing the importance of adequate oil refining so that maximum oil usage is possible, which is providing impetus to the market for oil refining.
Market Analysis
On the basis of complexity, the market is divided into topping, hydro-skimming, conversion, and deep conversion. Based on product, the market is segregated into light distillates, middle distillates, and fuel oil, among others. By fuel type, the market is classified into gasoline, gasoil, kerosene, and LPG, among others. On the basis of application, the market is segmented into transportation, aviation, marine bunker, petrochemical, agriculture, electricity, residential and commercial, and rail and domestic waterways, among others. Based on region, the market is categorised into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global oil refining market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- China Petroleum & Chemical Corporation (Sinopec Corp.)
- Abu Dhabi National Oil Company
- Valero Energy Corporation
- National Iranian Oil Refining & Distribution Company
- Saudi Aramco Mobil Refinery Company
- Exxon Mobil Corporation
- Chevron Corporation
- Reliance Industries Limited
- Marathon Petroleum Corporation
- S-Oil Corporation
- Others
Market Share by Product
Middle distillates are anticipated to witness significant growth in the oil refining market over the forecast period. This growth can be attributed to the growing demand for middle distillate products around the globe from various industries including aviation, transportation, and power generation, among others. Middle distillates support the delivery of flammable liquids with shorter carbon chains, and are used to produce components such as kerosene, jet fuel, and gas oil/diesel. With advancements in technology, there has been an increase in average yield of middle distillates.
Market Share by Region
Regionally, the Asia Pacific accounts for a significant share of the oil refining market due to the presence of significant oil refining capacities in the region, particularly in countries such as China and India. Apart from these nations, other countries in Southeast Asia are investing in oil refinery projects so as to be able to reduce import dependency. Capacity expansions for oil refining are anticipated to increase the Asia Pacific market share of oil refining further in the coming years.
Competitive Landscape
China Petroleum & Chemical Corporation (Sinopec Corp.) is an international energy company that was founded in 2000 and is headquartered in Beijing, China. They are devoted towards producing efficient and clean energy.
Abu Dhabi National Oil Company is one of the world's leading energy producers operating across the entirety of the hydrocarbon chain. The company was established in 1971 and is based in Abu Dhabi in the United Arab Emirates.
Valero Energy Corporation is an international marketer and manufacturer of petrochemical products and transportation fuels. Founded in 1980 and headquartered in Texas, United States, the company provides high quality products and fuels essential to modern life.
Other market players include National Iranian Oil Refining & Distribution Company, Saudi Aramco Mobil Refinery Company, Exxon Mobil Corporation, Chevron Corporation, Reliance Industries Limited, Marathon Petroleum Corporation, and S-Oil Corporation, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Complexity |
|
| Breakup by Product |
|
| Breakup by Fuel Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Oil Refining Market Analysis
8.1 Key Industry Highlights
8.2 Global Oil Refining Historical Market (2018-2022)
8.3 Global Oil Refining Market Forecast (2023-2028)
8.4 Global Oil Refining Market by Complexity
8.4.1 Topping
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Hydro-Skimming
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Conversion
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Deep Conversion
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.5 Global Oil Refining Market by Product
8.5.1 Light Distillates
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Middle Distillates
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Fuel Oil
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Others
8.6 Global Oil Refining Market by Fuel Type
8.6.1 Gasoline
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Gasoil
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Kerosene
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 LPG
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.6.5 Others
8.7 Global Oil Refining Market by Application
8.7.1 Transportation
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Aviation
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Marine Bunker
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Petrochemical
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Agriculture
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
8.7.6 Electricity
8.7.6.1 Historical Trend (2018-2022)
8.7.6.2 Forecast Trend (2023-2028)
8.7.7 Residential and Commercial
8.7.7.1 Historical Trend (2018-2022)
8.7.7.2 Forecast Trend (2023-2028)
8.7.8 Rail and Domestic Waterways
8.7.8.1 Historical Trend (2018-2022)
8.7.8.2 Forecast Trend (2023-2028)
8.7.9 Others
8.8 Global Oil Refining Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
9 North America Oil Refining Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Oil Refining Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Oil Refining Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Oil Refining Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Oil Refining Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 China Petroleum & Chemical Corporation (Sinopec Corp.)
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Abu Dhabi National Oil Company
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Valero Energy Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 National Iranian Oil Refining & Distribution Company
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Saudi Aramco Mobil Refinery Company
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Exxon Mobil Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Chevron Corporation
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Reliance Industries Limited
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Marathon Petroleum Corporation
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 S-Oil Corporation
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Oil Refining Market: Key Industry Highlights, 2018 and 2028
2. Global Oil Refining Historical Market: Breakup by Complexity (USD Million), 2018-2022
3. Global Oil Refining Market Forecast: Breakup by Complexity (USD Million), 2023-2028
4. Global Oil Refining Historical Market: Breakup by Product (USD Million), 2018-2022
5. Global Oil Refining Market Forecast: Breakup by Product (USD Million), 2023-2028
6. Global Oil Refining Historical Market: Breakup by Fuel Type (USD Million), 2018-2022
7. Global Oil Refining Market Forecast: Breakup by Fuel Type (USD Million), 2023-2028
8. Global Oil Refining Historical Market: Breakup by Application (USD Million), 2018-2022
9. Global Oil Refining Market Forecast: Breakup by Application (USD Million), 2023-2028
10. Global Oil Refining Historical Market: Breakup by Region (USD Million), 2018-2022
11. Global Oil Refining Market Forecast: Breakup by Region (USD Million), 2023-2028
12. North America Oil Refining Historical Market: Breakup by Country (USD Million), 2018-2022
13. North America Oil Refining Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Europe Oil Refining Historical Market: Breakup by Country (USD Million), 2018-2022
15. Europe Oil Refining Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Asia Pacific Oil Refining Historical Market: Breakup by Country (USD Million), 2018-2022
17. Asia Pacific Oil Refining Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Latin America Oil Refining Historical Market: Breakup by Country (USD Million), 2018-2022
19. Latin America Oil Refining Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Middle East and Africa Oil Refining Historical Market: Breakup by Country (USD Million), 2018-2022
21. Middle East and Africa Oil Refining Market Forecast: Breakup by Country (USD Million), 2023-2028
22. Global Oil Refining Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 1455.4 billion in 2022.
The market is expected to grow at a CAGR of 5.20% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 1972.8 billion by 2028.
The major market drivers include growing demand for petroleum-based products and rapid industrialisation and urbanisation.
The key trends fuelling the growth of the market include growing aviation industry, increasing population, and booming travel and tourism sector.
The significant fuel types include gasoline, gasoil, kerosene, and LPG, among others.
The various applications of oil refining include transportation, aviation, marine bunker, petrochemical, agriculture, electricity, residential and commercial, and rail and domestic waterways, among others.
The key players in the global oil refining market are China Petroleum & Chemical Corporation (Sinopec Corp.), Abu Dhabi National Oil Company, Valero Energy Corporation, National Iranian Oil Refining & Distribution Company, Saudi Aramco Mobil Refinery Company, Exxon Mobil Corporation, Chevron Corporation, Reliance Industries Limited, Marathon Petroleum Corporation, and S-Oil Corporation, among others.
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