Press release
Global Oil Refining Market Comprehensive Report launched Forecast timeframe 2018 - 2024 | PBF Energy, Phillips 66, S-OIL Corporation, ADNOC Group, Chevron, ExxonMobil, Sinopec
Oil Refining Market
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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.
Oil refining market will witness an appreciable growth on account of rapid industrialization and economic transformation. Changing demographics, growing population and improvement in living standards across developing nations are some of factors positively influencing the industry landscape. Moreover, increasing disposable income owing to rapid urbanization will further fortify the affordability and accessibility of refined products. According to World Health Organization, the global urban population is predicted to grow over 1.5% annually by 2020.
The significant increase in exploration of oil and gas resources elevated the Oil Refining Market to a valuation of more than USD 6 trillion in 2017, with vast investments being done to match the refinery and oil extraction capacities. A stability in the prices of crude oil is being observed globally, renewing a sense of positivity in the marketplace post the 2013-14 slump, which had nearly devastated the oil refining companies. Continuous growth of the oil and gas sector owing to reinvigorated oil prices has attracted several industry giants to commission new oil processing plants, substantially boosting the oil refining industry.
According to OPEC, global diesel demand is anticipated to grow 10 million barrels per day by 2030. In 2018, International Maritime Organization (IMO) has set target to reduce the carbon emissions by 50% by 2050 under new international agreement.
As the upgraded fuel gets accepted in more and more cities, countries and the overall transportation industry, the oil refining market will evolve in accordance with the advancing quality of petroleum products being demanded. Reliance, Exxon Mobil, Chevron, Shell, India Oil, BP and PBF Energy are some major companies in the oil refining industry that provide extensive refinery services and produce a wide range of petroleum products. With remarkable discoveries being made in terms of natural oil deposits and joint efforts by companies to explore these resources, the oil refining market is anticipated to reach 100 million barrels per day consumption by 2024.
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Speaking of efforts taken for improving the quality of fuel, a public consultation initiated by the U.K. government is underway for introducing a new fuel to cut down on CO2 emissions. The current generation of petrol in U.K., termed as E5, has five percent bioethanol and the government plans to launch new E10 petrol consisting of double the concentration of biofuel, the Department of Transport had revealed. While the E10 will not be able to fuel around one million petrol vehicles in U.K., the government has also proposed establishing a E5 protection grade that would ensure the availability of standard petrol at reasonable price.
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.
Eminent Players of Oil Refining Market include
• Saudi Aramco
• Kuwait Petroleum Corporation
• ADNOC Group
• BP
• Chevron
• Shell
• ExxonMobil
• Sinopec
• PBF Energy
• Phillips 66
• S-OIL Corporation
To know more about Oil Refining Market @ https://globenewswire.com/news-release/2018/07/12/1536385/0/en/Oil-Refining-Market-worth-over-7-trillion-by-2024-Global-Market-Insights-Inc.html
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