Oil Refining Market Set to Surge Significantly During 2028 | Kuwait Petroleum, Fluor, Chevron, BP, Shell, Exxon Mobil
The global oil refining market is expected to grow at a phenomenal pace in the in coming years as the demand for energy continues to be on the rise. As developing economies find themselves on the cusp of industrial and economic progress, the countries are expected to need a huge amounts of energy to keep up with rapid progress. The market for oil refining will also be driven by the dependency of the developing countries on other nations to meet their oil demands. The research report discusses the various aspects of the global oil refining market that are expected to define its trajectory.
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Global Oil Refining Market: Trends and Opportunities
Rapid pace of industrialization and urbanization are expected to be the key factors responsible for the massive growth of the global oil refining market. Dependence of countries such as China and India on other countries for oil is projected to bode well for the market too. Technological advancements in refining processes and higher quality of equipment are also expected to help the vendors operating in the oil refining market to tap into lucrative opportunities.
Global Oil Refining Market: Market Potential
Vendors operating in the global oil refining market are expected to focus on production of cleaner fuels as the world reels under the pressure of global warming. To keep up with this trend, ExxonMobil announced its plans to make a multi-billion dollar investment in its Singapore facility. The move comes ahead of the new regulation for global shipping of fuel that is expected to take effect by 2020. The new rule by The International Maritime Organization (IMO) will restrict the sulphur content to just about 0.5%, which is pegged at 3.5% at the moment. This is aimed at reducing the pollution caused by the shipping industry.
ExxonMobil stated that the investment will respect the new rule as it intends to bring in proprietary technologies for converting by-products of a lower value into cleaner and higher value products, which will include 0.5% sulphur fuels.
Global Oil Refining Market: Regional Outlook
On the basis of region, the global oil refining market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Out of these, Asia Pacific is expected to lead the global market for oil refining in the coming years due to strengthening economies of India and China. Progress of Asia Pacific oil refining market will be backed by China as the country is undergoing monumental changes in terms of economic development, which is expected to trigger a high demand for petroleum products. Efforts to reduce dependency on imports is expected to augment the oil refining industry in China. China’s oil refining industry saw a 6.6% rise in December 2017 from the same time last year as it exported 1.6 million barrels per day, state resources.
India too is expected to be a key contributor to the soaring oil refining market in Asia Pacific. The massive oil refining unit in Jamnagar is expected to see a booming activity in the coming years. Presently, Reliance Industries Ltd. operates it the refinery that boasts a capacity of 1.24 million barrels a day. Permission to have a 100% foreign direct investment (FDI) in the various parts of oil and gas industry across India is also projected to boost India’s contribution to the Asia Pacific oil refining market.
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Global Oil Refining Market: Competitive Landscape
The players making their mark on the competitive landscape present in the global oil refining market are Abu Dhabi National Oil Company, Indian Oil, S-Oil, Hindustan Petroleum, Saudi Aramco, Bharat Petroleum, Kuwait Petroleum, Fluor, Chevron, BP, Shell, Exxon Mobil, SINOPEC, Phillips 66, Reliance, and PBF Energy.
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