Press release
Oil Refining Market is set to witness a consumption of over 100 million barrels per day (MBPD) by 2024 | Some key players are Hindustan Petroleum, Saudi Aramco, Kuwait Petroleum, Abu Dhabi National Oil Company, Chevron, Shell and Exxon Mobil
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Increasing investment toward the refurbishment, upgradation and expansion of existing refinery facilities will propel the oil refining market growth. In April 2018, Saudi Aramco announced an investment of USD 44 billion to construct integrated refinery and petrochemical complex in India. Rising concern to reduce the dependency on import of petroleum product will further escalate the industry share.
Kuwait oil refining market in 2017 was estimated to consume over 0.5 MBPD. Growing adoption of petroleum fired electricity generation facilities along with increasing investment toward upgradation and integration of existing refineries will nourish the industry growth. For instance, Kuwait announced an investment worth USD 17 billion to upgrade and integrate the Mina Al-Ahmadi and Mina Abdullah refineries.
Ability to reduce the fabrication of residual fuels will augment the conversion oil refining market size. Higher yield of transportation fuels and the potential to process sour crude oil are few imperative features positively influencing the overall business outlook.
Aviation application is predicted to witness robust growth on account of introduction of new regional connectivity schemes coupled with lowering cost of travel and upsurge in middle income passengers. For instance, in 2018 the aviation industry witnessed an increase in overall passenger revenues by USD 49 Billion when compared to the revenues in 2017.
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In 2017, road transport accounted for over 40% of the overall oil refining market size. Upsurge in demand for freight activity along with positive outlook toward tourism sector will augment the industry growth. In 2017, according to European Automobile Manufacturer Association road transport accounted for over 75% of all goods transported over land.
Saudi Arabia oil refining market is anticipated to value over USD 150 Billion by 2024. Increasing focus to achieve diversified economic growth and employment opportunity will complement the business outlook. Rising population, improving living standards and economic growth are some of the factors responsible for encouraging petroleum product demand across the nation. Growing demand to process heavy crude and fuel oil into light distillates will further boost the industry size.
Rising concern to curb import dependency along with growing demand for high value-added refined products will propel the Indonesia oil refining market share. For instance, in 2017, fuel demand in Indonesia reached 1.6 barrels per day however the refining capacity was around 1.1 MBPD which in turns indicates that country imported 43% of products from abroad.
Browse key industry insights spread across 280 pages with 784 market data tables & 11 figures & charts from the report @ https://www.gminsights.com/industry-analysis/oil-refining-market
Report Content
Chapter 1. Methodology and Scope
1.1. Methodology
1.2. Market definitions
1.3. Market estimation and forecast parameters
1.4. Data Sources
1.4.1. Primary
1.4.2. Secondary
1.4.2.1. Paid Sources
1.4.2.2. Public Sources
Chapter 2. Executive Summary
2.1. Oil refining industry 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Complexity trends
2.1.3. Product trends
2.1.4. Fuel trends
2.1.5. Application trends
2.1.6. Regional trends
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