03-19-2019 05:26 AM CET - Energy & Environment

What's driving theOil Refining Market Growth? Shell, Exxon Mobil, Sinopec, PBF Energy, Phillips 66, Reliance Petroleum,

Press release from: marketstudyreport.com

Market Study Report adds New Global Oil Refining market report evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2018-2024.

Oil refining market from the aviation application is predicted to witness significant growth owing to the introduction of regional connectivity schemes along with lowering travel costs and upsurge in middle income flyers. For instance, the air carrier industry observed an increment of USD 49 Billion in overall income from passenger flights in 2018 as compared to the revenue generated in 2017.

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Notable industry players in oil refining market include Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, S-Oil, Hindustan Petroleum Corporation Limited, Saudi Aramco, Kuwait Petroleum Corporation, Abu Dhabi National Oil Company, Fluor, BP, Chevron, Shell, Exxon Mobil, Sinopec, PBF Energy, Phillips 66, Reliance Petroleum

Oil Refining Market is anticipated to reach over USD 7 trillion by 2024. Rising demand for lighter crude distillates coupled with air borne emission directives will enhance the industry growth. For instance, MARPOL, in Europe, launched international regulatory regime to restrict air borne emissions from shipping vessels. As per the regulation, maximum sulfur content in marine fuel should not exceed 0.10% by weight within the emission-controlled areas. Rapid modernization along with rising investment toward industrial sector are few factors impacting the demand for lighter petroleum products.

Saudi Arabia oil refining market is predicted to surpass USD 150 billion by 2024. Rising focus to attain diversified economic growth and employment enhancement will augment the business outlook. Growing population, economic escalation and improving living standards are some of the factors influencing the demand for petroleum product across the country. Increasing demand to process heavy crude fractions and fuel oil into the lighter distillates will further sway the industry landscape.

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In 2017, the oil consumption accounted for over 0.5 MBPD in Kuwait. Increasing development of petroleum fired power generation facilities and soaring investment toward integration and upgradation of existing refineries will stimulate the oil refining market growth. In 2017, the government of Kuwait proclaimed an investment of USD 17 billion to revamp and integrate Mina Abdullah and Mina Al-Ahmadi refineries.

Table of Content:

Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Oil Refining Industry Insights
Chapter 4. Oil Refining Market, By Complexity
Chapter 5. Oil Refining Market, By Product
Chapter 6. Oil Refining Market, By Fuel
Chapter 7. Oil Refining Market, By Application
Chapter 8. Oil Refining Market, By Region
Chapter 9. Company Profiles

For More Report At: www.marketstudyreport.com/reports/oil-refining-market

Related Report:

Enhanced Oil Recovery Market Report & Forecast, 2017 - 2024

The U.S. enhanced oil recovery market will witness strong growth on account of the increasing demand for petroleum products coupled with growing investments toward E&P projects. As per the EIA, the capital expenditure for 44 onshore oil production companies in the U.S. increased by USD 4.9 billion between 2015 and 2016.


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