Oil Refining Market Insights: Size, Share, Growth Analysis & Forecast (2024-2029)

The market report provided a comprehensive analysis segmented by Complexity Type (Topping, Hydro-Skimming, Conversion, Deep Conversion); by Product Type (Light Distillates, Middle Distillates, Fuel Oil, Others); by Fuel Type (Gasoline, Gasoil, Kerosene, LPG, Others); by Application (Transportation, Aviation, Marine Bunker, Petrochemical, Residential & Commercial, Others); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).

Outlook 

Global Oil Refining Market Size
Global Oil Refining Market Size 
  • The oil refining market is estimated to be at USD 1,854.06 Bn in 2024 and is anticipated to reach USD 2,573.46 Bn in 2029. 
  • The oil refining market is registering a CAGR of 6.78% during the forecast period of 2024-2029. 
  • The global oil refining market is a crucial component of the energy sector, playing a vital role in processing crude oil into various usable products such as gasoline, diesel, jet fuel, and petrochemicals. 
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Ecosystem 

Global Oil Refining Market Share
Global Oil Refining Market Share 
  • The global oil refining industry participants are continually developing strategies to preserve a competitive advantage. 
  • These companies focus on growth through innovation, strategic investments, and the integration of cleaner technologies. 
  • Several important entities in the oil refining market include ExxonMobil Corp.; China National Petroleum Corp.; Petróleos de Venezuela, S.A.; Indian Oil Corp., Ltd.; Marathon Petroleum Corp.; and others. 
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Findings 

Attributes Values 
Historical Period 2018-2022  
Base Year 2023 
Forecast Period 2024-2029   
Market Size (2024) USD 1,854.06 Bn 
Market Size (2029) USD 2,573.46 Bn 
Growth Rate 6.78% CAGR from 2024 to 2029 
Key Segments Complexity Type (Topping, Hydro-Skimming, Conversion, Deep Conversion); Product Type (Light Distillates, Middle Distillates, Fuel Oil, Others); Fuel Type (Gasoline, Gasoil, Kerosene, LPG, Others); Application (Transportation, Aviation, Marine Bunker, Petrochemical, Residential & Commercial, Others); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa) 
Key Vendors ExxonMobil Corp.; China National Petroleum Corp.; Petróleos de Venezuela, S.A.; Indian Oil Corp., Ltd.; Marathon Petroleum Corp. 
Key Countries The US; Canada; Mexico; Brazil; Argentina; Colombia; Chile; China; India; Japan; South Korea; The UK; Germany; Italy; France; Spain; Turkey; UAE; Saudi Arabia; Egypt; South Africa 
Largest Market Asia Pacific 
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Trends  

  • Shift Towards Cleaner Fuels: The oil refining industry is witnessing a trend towards the production of cleaner fuels, driven by stringent environmental regulations and the global focus on reducing carbon emissions. Refineries are increasingly adopting processes that produce low-sulfur fuels, such as ultra-low sulfur diesel (ULSD) and low-sulfur marine fuels, in response to regulations like the International Maritime Organization’s (IMO) 2020 sulfur cap. 
  • Integration of Digital Technologies: Refineries embrace digital transformation to improve efficiency, safety, and profitability. The integration of technologies like artificial intelligence (AI), machine learning, and predictive analytics is becoming more prevalent. These technologies help optimize refinery operations, predict equipment failures, and reduce downtime, leading to more efficient production processes. 
  • Focus on Carbon Capture and Storage (CCS): As the industry grapples with environmental concerns and regulatory pressures, there is a growing focus on carbon capture and storage (CCS) technologies within refineries. CCS initiatives aim to reduce greenhouse gas emissions by capturing carbon dioxide produced during refining and storing it underground. 
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Catalysts 

  • Rising Global Energy Demand: The global demand for energy continues to rise, driven by population growth, urbanization, and industrialization, particularly in developing countries. This growing energy demand is a key driver of the oil refining market, as refined products such as gasoline, diesel, and jet fuel are essential for transportation, power generation, and various industrial processes. 
  • Rising Demand for Petrochemicals: The demand for petrochemicals, which are derived from crude oil, is growing rapidly, particularly in emerging economies. Petrochemicals are essential in the production of plastics, fertilizers, and other industrial products. The increasing use of petrochemicals in various industries is driving the expansion of refining capacities, especially in regions like Asia-Pacific. 
  • Expansion of Refining Capacity in Emerging Markets: There is a notable trend of expanding refining capacity in emerging markets, particularly in Asia and the Middle East. These regions are investing in new refineries and upgrading existing ones to meet the growing demand for refined products. For instance, China and India have significantly increased their refining capacities in recent years, positioning themselves as major players in the global oil refining market. 
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Restraints 

  • Fluctuating Crude Oil Prices: The oil refining industry is highly sensitive to fluctuations in crude oil prices, which can significantly impact profit margins. Volatile oil prices, driven by geopolitical tensions, supply-demand imbalances, and market speculation, pose a major challenge for refiners regarding pricing strategies and operational planning. 
  • High Capital and Operational Costs: The oil refining industry is capital-intensive, requiring substantial investments in infrastructure, technology, and maintenance. Additionally, operational costs are high due to the need for continuous upgrades, regulatory compliance, and workforce training. These factors limit the profitability of refining operations, particularly for smaller players. 
  • Declining Demand for Fossil Fuels: The global shift towards renewable energy sources and the growing adoption of electric vehicles (EVs) are leading to a gradual decline in the demand for fossil fuels. This trend poses a long-term challenge for the oil refining industry, as it may lead to reduced demand for traditional refined products such as gasoline and diesel. 
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Hotspot 

Global Landscape of Oil Refining Market
Global Landscape of Oil Refining Market 
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Table of Contents 

1.       Introduction 
       1.1.    Research Methodology 
       1.2.    Scope of the Study 
2.       Market Overview / Executive Summary 
       2.1.    Global Oil Refining Market (2018 – 2022) 
       2.2.    Global Oil Refining Market (2023 – 2029) 
3.       Market Segmentation 
       3.1.    Global Oil Refining Market by Complexity Type 
              3.1.1.    Topping 
              3.1.2.    Hydro-Skimming 
              3.1.3.    Conversion 
              3.1.4.    Deep Conversion 
       3.2.    Global Oil Refining Market by Product Type 
              3.2.1.    Light Distillates 
              3.2.2.    Middle Distillates 
              3.2.3.    Fuel Oil 
              3.2.4.    Others 
       3.3.    Global Oil Refining Market by Fuel Type 
              3.3.1.    Gasoline 
              3.3.2.    Gasoil 
              3.3.3.    Kerosene 
              3.3.4.    LPG 
              3.3.5.    Others 
       3.4.    Global Oil Refining Market by Application 
              3.4.1.    Transportation 
              3.4.2.    Aviation 
              3.4.3.    Marine Bunker 
              3.4.4.    Petrochemical 
              3.4.5.    Residential & Commercial 
              3.4.6.    Others 
4.       Regional Segmentation 
       4.1.    North America 
              4.1.1.    The US 
              4.1.2.    Canada 
              4.1.3.    Mexico 
       4.2.    South America 
              4.2.1.    Brazil 
              4.2.2.    Argentina 
              4.2.3.    Colombia 
              4.2.4.    Chile 
              4.2.5.    Rest of South America 
       4.3.    Asia Pacific 
              4.3.1.    China 
              4.3.2.    India 
              4.3.3.    Japan 
              4.3.4.    South Korea 
              4.3.5.    Rest of Asia Pacific 
       4.4.    Europe 
              4.4.1.    The UK  
              4.4.2.    Germany 
              4.4.3.    Italy 
              4.4.4.    France 
              4.4.5.    Spain 
              4.4.6.    Rest of Europe 
       4.5.    The Middle East 
              4.5.1.    Turkey 
              4.5.2.    UAE 
              4.5.3.    Saudi Arabia 
              4.5.4.    Rest of the Middle East 
       4.6.    Africa 
              4.6.1.    Egypt 
              4.6.2.    South Africa 
              4.6.3.    Rest of Africa 
5.       Value Chain Analysis of the Global Oil Refining Market 
6.       Porter Five Forces Analysis 
       6.1.    Threats of New Entrants 
       6.2.    Threats of Substitutes 
       6.3.    Bargaining Power of Buyers 
       6.4.    Bargaining Power of Suppliers 
       6.5.    Competition in the Industry 
7.       Trends, Drivers and Challenges Analysis 
       7.1.    Market Trends 
       7.1.1.    Market Trend 1 
       7.1.2.    Market Trend 2 
       7.1.3.    Market Trend 3 
       7.2.    Market Drivers 
       7.2.1.    Market Driver 1 
       7.2.2.    Market Driver 2 
       7.2.3.    Market Driver 3 
       7.3.    Market Challenges 
       7.3.1.    Market Challenge 1 
       7.3.2.    Market Challenge 2 
       7.3.3.    Market Challenge 3 
8.       Opportunities Analysis 
       8.1.    Market Opportunity 1 
       8.2.    Market Opportunity 2 
       8.3.    Market Opportunity 3 
9.       Competitive Landscape 
       9.1.    ExxonMobil Corp. 
       9.2.    China National Petroleum Corp. 
       9.3.    Petróleos de Venezuela, S.A. 
       9.4.    Indian Oil Corp., Ltd. 
       9.5.    Marathon Petroleum Corp. 
       9.6.    Company 6 
       9.7.    Company 7 
       9.8.    Company 8 
       9.9.    Company 9 
       9.10.  Company 10 
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Oil Refining Market – FAQs 

1.  What is the current size of the oil refining market? 

Ans. In 2024, the oil refining market size is USD 1,854.06 Bn. 

2.  Who are the major vendors in the oil refining market?  

Ans. The major vendors in the oil refining market are ExxonMobil Corp.; China National Petroleum Corp.; Petróleos de Venezuela, S.A.; Indian Oil Corp., Ltd.; Marathon Petroleum Corp. 

3.  Which segments are covered under the oil refining market segments analysis?  

Ans. The oil refining market report offers in-depth insights into Complexity Type, Product Type, Fuel Type, Application, and Geography.