Oil Refining Market Insights and Growth by 2031
The Oil Refining Market is expected to register a CAGR of 2.1% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is divided into four sections: Deployment (Wired, Wireless), Technology (TDM, ATM, Ethernet), Services (Network Services, System Integration Services, Professional Services). The global analysis is broken down at the regional level and major countries. The market evaluation is presented in US$ for the above segmental analysis.
Purpose of the ReportThe report Oil Refining Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Oil Refining Market Segmentation
Complexity- Topping
- Conversion
- Deep Conversion
- Gasoline
- Kerosene
- LPG
- Transportation
- Aviation
- Petrochemical
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Oil Refining Market Growth Drivers- Increasing Global Demand for Transportation Fuels: The rising global population and economic growth are driving a surge in demand for transportation fuels like gasoline and diesel.
- Petrochemical Demand: The petrochemical industry, which relies heavily on refined petroleum products as feedstock, is experiencing significant growth, boosting demand for refined products.
- Government Regulations and Policies: Governments worldwide are implementing stricter regulations to improve fuel quality and reduce emissions. This necessitates upgrades and investments in refineries to meet these standards.
- Focus on High-Value Products: Refineries are increasingly focusing on producing high-value products like petrochemicals and specialty fuels to maximize profitability.
- Integration with Renewable Energy: The integration of renewable energy sources, such as biofuels, into the refining process can help reduce reliance on fossil fuels and meet sustainability goals.
- Digital Transformation: The adoption of digital technologies, such as IoT and AI, can improve operational efficiency, optimize production processes, and enhance safety in refineries.
- Emerging Markets: Developing countries with rapidly growing economies, such as India and China, offer significant growth opportunities for the oil refining industry.
- Strategic Partnerships: Collaborations with other industry players, such as petrochemical companies and renewable energy providers, can create synergies and open up new business avenues.
- Research and Development: Continuous investment in research and development can lead to innovative technologies, such as advanced refining processes and low-carbon fuels, driving market growth.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Oil Refining Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Oil Refining Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Oil Refining Market is expected to grow at a CAGR of 2.1% between 2023-2031
The driving factors impacting the Oil Refining Market are: Increasing Global Demand for Transportation Fuels, Petrochemical Demand and Government Regulations and Policies
The future trends of the Oil Refining Market are: Focus on High-Value Products, Integration with Renewable Energy and Digital Transformation
The leading players of the market are: Indian Oil, Chevron, Shell, Exxon Mobil, Kuwait Petroleum International, Essar Oil, China National Petroleum Corporation, Total SA, Abu Dhabi National Oil Company, Kuwait Petroleum
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Oil Refining Market - By Complexity
1.3.2Oil Refining Market - By Fuel Type
1.3.3Oil Refining Market - By Application
1.3.4Oil Refining Market - By Region
1.3.4.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.OIL REFINING MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.EXPERT OPINIONS
5.OIL REFINING MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6.OIL REFINING MARKET - GLOBAL MARKET ANALYSIS
6.1.OIL REFINING - GLOBAL MARKET OVERVIEW
6.2.OIL REFINING - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING
7.OIL REFINING MARKET - REVENUE AND FORECASTS TO 2028 " COMPLEXITY
7.1.OVERVIEW
7.2.COMPLEXITY MARKET FORECASTS AND ANALYSIS
7.3.TOPPING
7.3.1.Overview
7.3.2.Topping Market Forecast and Analysis
7.4.CONVERSION
7.4.1.Overview
7.4.2.Conversion Market Forecast and Analysis
7.5.DEEP CONVERSION
7.5.1.Overview
7.5.2.Deep Conversion Market Forecast and Analysis
8.OIL REFINING MARKET - REVENUE AND FORECASTS TO 2028 " FUEL TYPE
8.1.OVERVIEW
8.2.FUEL TYPE MARKET FORECASTS AND ANALYSIS
8.3.GASOLINE
8.3.1.Overview
8.3.2.Gasoline Market Forecast and Analysis
8.4.KEROSENE
8.4.1.Overview
8.4.2.Kerosene Market Forecast and Analysis
8.5.LPG
8.5.1.Overview
8.5.2.LPG Market Forecast and Analysis
8.6.OTHERS
8.6.1.Overview
8.6.2.Others Market Forecast and Analysis
9.OIL REFINING MARKET - REVENUE AND FORECASTS TO 2028 " APPLICATION
9.1.OVERVIEW
9.2.APPLICATION MARKET FORECASTS AND ANALYSIS
9.3.TRANSPORTATION
9.3.1.Overview
9.3.2.Transportation Market Forecast and Analysis
9.4.AVIATION
9.4.1.Overview
9.4.2.Aviation Market Forecast and Analysis
9.5.PETROCHEMICAL
9.5.1.Overview
9.5.2.Petrochemical Market Forecast and Analysis
9.6.OTHERS
9.6.1.Overview
9.6.2.Others Market Forecast and Analysis
10.OIL REFINING MARKET REVENUE AND FORECASTS TO 2028 " GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Oil Refining Market Overview
10.1.2North America Oil Refining Market Forecasts and Analysis
10.1.3North America Oil Refining Market Forecasts and Analysis - By Complexity
10.1.4North America Oil Refining Market Forecasts and Analysis - By Fuel Type
10.1.5North America Oil Refining Market Forecasts and Analysis - By Application
10.1.6North America Oil Refining Market Forecasts and Analysis - By Countries
10.1.6.1United States Oil Refining Market
10.1.6.1.1United States Oil Refining Market by Complexity
10.1.6.1.2United States Oil Refining Market by Fuel Type
10.1.6.1.3United States Oil Refining Market by Application
10.1.6.2Canada Oil Refining Market
10.1.6.2.1Canada Oil Refining Market by Complexity
10.1.6.2.2Canada Oil Refining Market by Fuel Type
10.1.6.2.3Canada Oil Refining Market by Application
10.1.6.3Mexico Oil Refining Market
10.1.6.3.1Mexico Oil Refining Market by Complexity
10.1.6.3.2Mexico Oil Refining Market by Fuel Type
10.1.6.3.3Mexico Oil Refining Market by Application
10.2.EUROPE
10.2.1Europe Oil Refining Market Overview
10.2.2Europe Oil Refining Market Forecasts and Analysis
10.2.3Europe Oil Refining Market Forecasts and Analysis - By Complexity
10.2.4Europe Oil Refining Market Forecasts and Analysis - By Fuel Type
10.2.5Europe Oil Refining Market Forecasts and Analysis - By Application
10.2.6Europe Oil Refining Market Forecasts and Analysis - By Countries
10.2.6.1Germany Oil Refining Market
10.2.6.1.1Germany Oil Refining Market by Complexity
10.2.6.1.2Germany Oil Refining Market by Fuel Type
10.2.6.1.3Germany Oil Refining Market by Application
10.2.6.2France Oil Refining Market
10.2.6.2.1France Oil Refining Market by Complexity
10.2.6.2.2France Oil Refining Market by Fuel Type
10.2.6.2.3France Oil Refining Market by Application
10.2.6.3Italy Oil Refining Market
10.2.6.3.1Italy Oil Refining Market by Complexity
10.2.6.3.2Italy Oil Refining Market by Fuel Type
10.2.6.3.3Italy Oil Refining Market by Application
10.2.6.4Spain Oil Refining Market
10.2.6.4.1Spain Oil Refining Market by Complexity
10.2.6.4.2Spain Oil Refining Market by Fuel Type
10.2.6.4.3Spain Oil Refining Market by Application
10.2.6.5United Kingdom Oil Refining Market
10.2.6.5.1United Kingdom Oil Refining Market by Complexity
10.2.6.5.2United Kingdom Oil Refining Market by Fuel Type
10.2.6.5.3United Kingdom Oil Refining Market by Application
10.2.6.6Russia Oil Refining Market
10.2.6.6.1Russia Oil Refining Market by Complexity
10.2.6.6.2Russia Oil Refining Market by Fuel Type
10.2.6.6.3Russia Oil Refining Market by Application
10.2.6.7Rest of Europe Oil Refining Market
10.2.6.7.1Rest of Europe Oil Refining Market by Complexity
10.2.6.7.2Rest of Europe Oil Refining Market by Fuel Type
10.2.6.7.3Rest of Europe Oil Refining Market by Application
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Oil Refining Market Overview
10.3.2Asia-Pacific Oil Refining Market Forecasts and Analysis
10.3.3Asia-Pacific Oil Refining Market Forecasts and Analysis - By Complexity
10.3.4Asia-Pacific Oil Refining Market Forecasts and Analysis - By Fuel Type
10.3.5Asia-Pacific Oil Refining Market Forecasts and Analysis - By Application
10.3.6Asia-Pacific Oil Refining Market Forecasts and Analysis - By Countries
10.3.6.1Australia Oil Refining Market
10.3.6.1.1Australia Oil Refining Market by Complexity
10.3.6.1.2Australia Oil Refining Market by Fuel Type
10.3.6.1.3Australia Oil Refining Market by Application
10.3.6.2China Oil Refining Market
10.3.6.2.1China Oil Refining Market by Complexity
10.3.6.2.2China Oil Refining Market by Fuel Type
10.3.6.2.3China Oil Refining Market by Application
10.3.6.3India Oil Refining Market
10.3.6.3.1India Oil Refining Market by Complexity
10.3.6.3.2India Oil Refining Market by Fuel Type
10.3.6.3.3India Oil Refining Market by Application
10.3.6.4Japan Oil Refining Market
10.3.6.4.1Japan Oil Refining Market by Complexity
10.3.6.4.2Japan Oil Refining Market by Fuel Type
10.3.6.4.3Japan Oil Refining Market by Application
10.3.6.5South Korea Oil Refining Market
10.3.6.5.1South Korea Oil Refining Market by Complexity
10.3.6.5.2South Korea Oil Refining Market by Fuel Type
10.3.6.5.3South Korea Oil Refining Market by Application
10.3.6.6Rest of Asia-Pacific Oil Refining Market
10.3.6.6.1Rest of Asia-Pacific Oil Refining Market by Complexity
10.3.6.6.2Rest of Asia-Pacific Oil Refining Market by Fuel Type
10.3.6.6.3Rest of Asia-Pacific Oil Refining Market by Application
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Oil Refining Market Overview
10.4.2Middle East and Africa Oil Refining Market Forecasts and Analysis
10.4.3Middle East and Africa Oil Refining Market Forecasts and Analysis - By Complexity
10.4.4Middle East and Africa Oil Refining Market Forecasts and Analysis - By Fuel Type
10.4.5Middle East and Africa Oil Refining Market Forecasts and Analysis - By Application
10.4.6Middle East and Africa Oil Refining Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Oil Refining Market
10.4.6.1.1South Africa Oil Refining Market by Complexity
10.4.6.1.2South Africa Oil Refining Market by Fuel Type
10.4.6.1.3South Africa Oil Refining Market by Application
10.4.6.2Saudi Arabia Oil Refining Market
10.4.6.2.1Saudi Arabia Oil Refining Market by Complexity
10.4.6.2.2Saudi Arabia Oil Refining Market by Fuel Type
10.4.6.2.3Saudi Arabia Oil Refining Market by Application
10.4.6.3U.A.E Oil Refining Market
10.4.6.3.1U.A.E Oil Refining Market by Complexity
10.4.6.3.2U.A.E Oil Refining Market by Fuel Type
10.4.6.3.3U.A.E Oil Refining Market by Application
10.4.6.4Rest of Middle East and Africa Oil Refining Market
10.4.6.4.1Rest of Middle East and Africa Oil Refining Market by Complexity
10.4.6.4.2Rest of Middle East and Africa Oil Refining Market by Fuel Type
10.4.6.4.3Rest of Middle East and Africa Oil Refining Market by Application
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Oil Refining Market Overview
10.5.2South and Central America Oil Refining Market Forecasts and Analysis
10.5.3South and Central America Oil Refining Market Forecasts and Analysis - By Complexity
10.5.4South and Central America Oil Refining Market Forecasts and Analysis - By Fuel Type
10.5.5South and Central America Oil Refining Market Forecasts and Analysis - By Application
10.5.6South and Central America Oil Refining Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Oil Refining Market
10.5.6.1.1Brazil Oil Refining Market by Complexity
10.5.6.1.2Brazil Oil Refining Market by Fuel Type
10.5.6.1.3Brazil Oil Refining Market by Application
10.5.6.2Argentina Oil Refining Market
10.5.6.2.1Argentina Oil Refining Market by Complexity
10.5.6.2.2Argentina Oil Refining Market by Fuel Type
10.5.6.2.3Argentina Oil Refining Market by Application
10.5.6.3Rest of South and Central America Oil Refining Market
10.5.6.3.1Rest of South and Central America Oil Refining Market by Complexity
10.5.6.3.2Rest of South and Central America Oil Refining Market by Fuel Type
10.5.6.3.3Rest of South and Central America Oil Refining Market by Application
11.INDUSTRY LANDSCAPE
11.1.MERGERS AND ACQUISITIONS
11.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3.NEW PRODUCT LAUNCHES
11.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12.OIL REFINING MARKET, KEY COMPANY PROFILES
12.1.INDIAN OIL
12.1.1.Key Facts
12.1.2.Business Description
12.1.3.Products and Services
12.1.4.Financial Overview
12.1.5.SWOT Analysis
12.1.6.Key Developments
12.2.CHEVRON
12.2.1.Key Facts
12.2.2.Business Description
12.2.3.Products and Services
12.2.4.Financial Overview
12.2.5.SWOT Analysis
12.2.6.Key Developments
12.3.SHELL
12.3.1.Key Facts
12.3.2.Business Description
12.3.3.Products and Services
12.3.4.Financial Overview
12.3.5.SWOT Analysis
12.3.6.Key Developments
12.4.EXXON MOBIL
12.4.1.Key Facts
12.4.2.Business Description
12.4.3.Products and Services
12.4.4.Financial Overview
12.4.5.SWOT Analysis
12.4.6.Key Developments
12.5.KUWAIT PETROLEUM INTERNATIONAL
12.5.1.Key Facts
12.5.2.Business Description
12.5.3.Products and Services
12.5.4.Financial Overview
12.5.5.SWOT Analysis
12.5.6.Key Developments
12.6.ESSAR OIL
12.6.1.Key Facts
12.6.2.Business Description
12.6.3.Products and Services
12.6.4.Financial Overview
12.6.5.SWOT Analysis
12.6.6.Key Developments
12.7.CHINA NATIONAL PETROLEUM CORPORATION
12.7.1.Key Facts
12.7.2.Business Description
12.7.3.Products and Services
12.7.4.Financial Overview
12.7.5.SWOT Analysis
12.7.6.Key Developments
12.8.TOTAL SA
12.8.1.Key Facts
12.8.2.Business Description
12.8.3.Products and Services
12.8.4.Financial Overview
12.8.5.SWOT Analysis
12.8.6.Key Developments
12.9.ABU DHABI NATIONAL OIL COMPANY
12.9.1.Key Facts
12.9.2.Business Description
12.9.3.Products and Services
12.9.4.Financial Overview
12.9.5.SWOT Analysis
12.9.6.Key Developments
12.10.KUWAIT PETROLEUM
12.10.1.Key Facts
12.10.2.Business Description
12.10.3.Products and Services
12.10.4.Financial Overview
12.10.5.SWOT Analysis
12.10.6.Key Developments
13.APPENDIX
13.1.ABOUT THE INSIGHT PARTNERS
13.2.GLOSSARY OF TERMS
1.Indian Oil
2.Chevron
3.Shell
4.Exxon Mobil
5.Kuwait Petroleum International
6.Essar Oil
7.China National Petroleum Corporation
8.Total SA
9.Abu Dhabi National Oil Company
10.Kuwait Petroleum
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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