Oil Refining Market to Garner $3,751.5 Billion, Globally, by 2030 at 5.3% CAGR, states Allied Market Research

Surge in oil product trade movements, positive outlook toward expansion of refinery facilities, regulations about sulfur emission, and rise in need for refined products have boosted the growth of the global oil refining market.

PORTLAND, Ore., Jan. 31, 2022 /PRNewswire/ -- According to a report published by Allied Market Research, titled, "Oil Refining Market by Complexity Type (Topping, Hydro-Skimming, Conversion, and Deep Conversion), Product Type (Light Distillates, Middle Distillates, Fuel Oil, and Others), Fuel Type (Gasoline, Gasoil, Kerosene, LPG, and Others), and Application (Transportation, Aviation, Marine Bunker, Petrochemical, Residential & Commercial, Agriculture, Electricity, Rail & Domestic Waterways, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". The report states, the global oil refining industry generated $1,345.0 billion in 2020, and would hit $3,751.5 billion by 2030, registering a CAGR of 5.3% from 2021 to 2030.

Drivers, restraints, and opportunities

Surge in oil product trade movements, positive outlook toward expansion of refinery facilities, regulations about sulfur emission, and rise in need for refined products have boosted the growth of the global oil refining market. Furthermore, shale gas and expenditure toward oil & gas infrastructure positively affected the market. On the contrary, increased adoption of clean fuel hampers the market growth. However, technological development of physical elements of oil refineries and digitalization would unlock new opportunities in the coming years.

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Covid-19 scenario:

• The Covid-19 outbreak resulted in a decline in need for oil & petrochemical products owing to halted commercial and industrial activities. According to BP Statistical Review of World Energy 2021, the average global consumption of petroleum and liquid fuels was reduced by 9.1 million barrels per day during 2020 compared to that of 2019.
• In addition, the power demand from industrial and commercial end-users reduced since the Covid-19 pandemic. Furthermore, the ban on international trade and lockdown across the European and Asian countries hindered the market.

The conversion segment to manifest the highest CAGR by 2030

Based on complexity type, the conversion segment is projected to manifest the highest CAGR of 5.9% during the forecast period, due to advent of several regulations about product quality specifications. However, the deep conversion segment dominated the market in terms of revenue in 2020, contributing to more than one-fourth of the global oil refining market.

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The middle distillation segment to showcase through 2030

Based on product type, the middle distillation segment is estimated to portray the highest CAGR of 5.7% from 2021 to 2030, due to increase in demand for aviation fuel and dearth of availability of aviation fuel substitutes. However, the light distillates segment held the largest share in 2020, accounting for more than two-fifths of the global oil refining market, owing to surge in need for gasoline from the transportation market.

Asia-Pacific, followed by North America, to portray the highest CAGR by 2030

Based on geography, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 6.0% from 2021 to 2030. Furthermore, the region contributed the largest share in 2020, holding more than one-third of the global oil refining market, owing to surge in need for petroleum products because of rapid industrialization.

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Key market players

• Reliance Industries Limited
• Saudi Arabia Sinopec Corporation
• BP Plc
• China National Petroleum Corporation
• Chevron Corporation
• PJSC Lukoil Oil Company
• Marathon Petroleum Corporation
• Petroleos de Venezuela S.A.
• Hindustan Petroleum Corporation Limited.
• ExxonMobil Corporation
• Total S.A.
• Royal Dutch Shell Plc
• Indian Oil Corporation Limited
• Bharat Petroleum Corporation Limited.

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