Market Study Report, LLC, has compiled a research study on ‘Oil Refining market’ which offers a concise summary regarding market valuation, market share, regional spectrum, revenue estimation and SWOT analysis of this business vertical. The report further brings up key insights pertaining to growth opportunities and challenges to be experienced by key industry players, while emphasizing on their present competitive setting and growth plans for the ‘Oil Refining Market’.Oil Refining Market is anticipated to reach over USD 7 trillion by 2024. Rising demand for lighter crude distillates coupled with air borne emission directives will enhance the industry growth. For instance, MARPOL, in Europe, launched international regulatory regime to restrict air borne emissions from shipping vessels. As per the regulation, maximum sulfur content in marine fuel should not exceed 0.10% by weight within the emission-controlled areas. Rapid modernization along with rising investment toward industrial sector are few factors impacting the demand for lighter petroleum products.
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Growing investment toward the expansion, upgradation and refurbishment of prevailing refinery facilities will fuel the global oil refining market share. In April 2018, Saudi Aramco declared an investment worth USD 44 billion in India to establish integrated refining units and petrochemical complex in the nation.
In 2017, the oil consumption accounted for over 0.5 MBPD in Kuwait. Increasing development of petroleum fired power generation facilities and soaring investment toward integration and upgradation of existing refineries will stimulate the oil refining market growth. In 2017, the government of Kuwait proclaimed an investment of USD 17 billion to revamp and integrate Mina Abdullah and Mina Al-Ahmadi refineries.
Oil refining market from the aviation application is predicted to witness significant growth owing to the introduction of regional connectivity schemes along with lowering travel costs and upsurge in middle income flyers. For instance, the air carrier industry observed an increment of USD 49 Billion in overall income from passenger flights in 2018 as compared to the revenue generated in 2017.
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Road transport contributed for over 40% of the overall oil refining market share in 2017. Elevated demand in freight transportation industry and favorable tourism industry outlook will propel the refining business growth. As per the European Automobile Manufacturer Association, the road transport network accounted for over 75% of goods transported in 2017.
Saudi Arabia oil refining market is predicted to surpass USD 150 billion by 2024. Rising focus to attain diversified economic growth and employment enhancement will augment the business outlook. Growing population, economic escalation and improving living standards are some of the factors influencing the demand for petroleum product across the country. Increasing demand to process heavy crude fractions and fuel oil into the lighter distillates will further sway the industry landscape.
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Emerging demand for value added refined products and growing concern to curtail import dependency will stimulate the oil refining market share in Indonesia. For instance, fuel demand increased to 1.6 BPD in 2017, however, the refining capacity stood around 1.1 MBPD, implying that the nation imported 43% of the products from overseas.
Notable industry players in oil refining market include: Saudi Aramco, ADNOC, S-Oil, Reliance, PBF Energy, Exxon Mobil, Indian Oil, Hindustan Petroleum, Bharat Petroleum, Philips 66, SINOPEC, Fluor, Shell, Chevron and Kuwait Petroleum.
Some of the Major Highlights of TOC covers:
Chapter 1: Methodology & Scope
Definition and forecast parameters
Methodology and forecast parameters
Chapter 2: Executive Summary
Chapter 3: Oil Refining Industry Insights
Technological and innovation landscape
Chapter 4: Oil Refining Market, By Region
Chapter 5: Company Profile
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