Oil Refining Market to Surpass 3751.5 Billion by 2030 Drives Due to the Global Energy Demand
SkyQuest projects that the oil refining market will attain a USD 3751.5 billion value by 2030, with a CAGR of 5% over the forecast period (2023-2030). The relentless rise in global energy demand continues to drive the oil refining market, as refined products like gasoline, diesel, and jet fuel are essential for transportation and industries worldwide.
Westford, USA, Aug. 29, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, increasing environmental concerns have led to stricter emission regulations, compelling refineries to invest in advanced technologies and upgrades, driving innovation and shaping the future of the oil refining market.
Browse in-depth TOC on the “Oil Refining Market”
- Pages – 157
- Tables – 64
- Figures – 75
Refineries are focusing on producing higher-value products such as petrochemical feedstocks and specialty chemicals, capitalizing on their profitability and resilience, thus influencing the strategic direction of the oil refining industry.
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Prominent Players in the Oil Refining Market
- Royal Dutch Shell
- ExxonMobil Corporation
- China Petroleum & Chemical Corporation (Sinopec)
- BP plc
- Chevron Corporation
- Total SE
- Valero Energy Corporation
- Phillips 66
- Marathon Petroleum Corporation
- Eni SpA
- Indian Oil Corporation
- PTT Public Company Limited
- Gazprom Neft
- SK Innovation Co., Ltd.
- OMV AG
- Reliance Industries Limited
- Abu Dhabi National Oil Company (ADNOC)
Gasoil Segment is Expected to Grow the Market Due to Expanding Industrial and Commercial Sectors
Gasoil emerges as a rapidly growing segment, driven by the expanding industrial and commercial sectors’ reliance on diesel-based equipment and power generation. The rising global trade and construction activities further boost the demand for gasoil, positioning it as a swiftly advancing segment within the oil refining market.
Asia Pacific asserts dominance in the oil refining market due to robust economic growth and urbanization. Increasing energy demand, rising vehicle ownership, and industrial expansion propel the region’s significance. Favorable government policies and investments contribute to Asia Pacific’s pivotal role in global refining capacity.
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Gasoline Segment is Expected to Dominate the Market Due to its Extensive Usage as a Primary Transportation Fuel
Gasoline stands as the dominant segment in the oil refining market due to its extensive usage as a primary transportation fuel. The increasing demand for automobiles and the need for efficient mobility drive the steady growth of gasoline production, making it a pivotal revenue generator for refineries.
Regional markets in the North America emerge as a fast-evolving oil refining region, driven by technological advancements and shale oil production. The adoption of advanced refining processes and the availability of abundant crude feedstock enhance operational efficiency and competitiveness. This positions North America as a swiftly progressing player in the industry.
A comprehensive analysis of the major players in the oil refining market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Oil Refining Market
- In January 2023, Chevron announced plans to invest in a bioenergy company, LanzaTech, to explore the production of sustainable fuels and chemicals from carbon capture and waste gases in its refining operations.
- In March 2023, ExxonMobil launched a large-scale carbon capture and storage project at its Singapore refinery, demonstrating its commitment to reducing emissions and contributing to the global carbon reduction goals.
Key Questions Answered in Oil Refining Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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