Oil Refining Market 2017-2022 / Trends, Growth, Opportunities and Top Key Players are Baton Rouge Refinery (ExxonMobil), Garyville Refinery (Marathon Petroleum) And Ras Tanura Refinery (Saudi Aramaco)

The global oil refining market is estimated to grow from US$XX in 2017 to US$XX in 2022, at a CAGR of XX% during the forecast period .Currently, crude oil is one of the most present and essential' resources. It is processed at an oil refinery and converted into more useful forms such as gasoline, diesel fuel, naptha, kerosene etc.

Typically oil refineries are large, sprawling industrial complexes with extensive piping running throughout, carrying streams of fluids between large chemical processing units.
The end users are mainly terminals,bulk plants, gasoline service stations, home heating oil businesses, domestic users etc.

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MARKET DYNAMICS:
In the current global scenario there are many factors which are significant in deciding the fate the industry.

Market Drivers:
Global demand for crude oil products will continue to grow. Growth of population and consumer class in Asia increase oil demand. High consumption of oil will mainly be due to the transportation sectors in the developing countries like India, China etc.
Bio-fuel fails to be a viable alternative for petroleum owing to its low net energy gain, lower production , inability to run most vehicles etc. Thus, crude oil market will continue to dominate.
Except for a few rich nations most countries still fail to invest in expensive projects to harness solar, wind etc energy and resort to the cheaper oil imports to sustain their energy needs in an economic way.

The expansion of the Panama canal has reduced transportation costs significantly.
Most of the oil refining companies manage to secure long term contracts comfortably in the current global scenario to revamp and upgrade their current refining technologies.

MARKET RESTRAINTS:
With the current rate of crude oil consumption the oil reserves would be depleted within five decades. So with the progress of time the industry will keep on losing momentum owing to shortage of supplies.
Development of technologies to tap in renewable sources of energy will directly affect the demand of crude oil products in the coming years.

According to certain studies the oil and gas industry was ranked as the least trusted industry(tied with the tobacco industry). Due to various regulations and climate change policies the oil refining industry has to face several restrictions and are often forced to invest more on its technology to make its processes more eco-friendly.

MARKET OPPORTUNITIES:
Overcoming the technological and political challenges oil extraction processes could start in many of the untapped regions of the world in the upcoming years. India, US , Ghana have been known to have large oil reserves which have not been utilised. Many companies are also showing interests in exploiting the untouched oil reserves beneath the oceans all around the world.

MARKET SEGMENTATION:
Based on end-products:
Gasoline
Asphalt
Propane
Jet Fuel
Diesel fuel and heating oil
Based on end-users sectors(demand-side):
Transportation
Industrial
Commercial
Residential
Based on region(supply and demand):
Americas
Asia-Pacific
Africa
Europe, Russia, Central Asia
Middle East

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GEOGRAPHIC ANALYSIS:
Asia-Pacific, on the basis of refining capacity, has a lion's share in the oil refinery market. India holds the largest refinery in the globe in Jamnagar. Operating under the Reliance industries Ltd. It flaunts a colossal capacity of 1.24 mn barrels per day. China is one of the largest crude oil importers. Kazakhstan tops the list of the largest exporters in the world. Canada is known to have the largest oil reserves followed by Iran and Iraq.

KEY PLAYERS:
Baton Rouge Refinery (ExxonMobil)
Garyville Refinery (Marathon Petroleum)
Ras Tanura Refinery (Saudi Aramaco)
Baytown Refinery (EXXONMobil)
Port Arthur Refinery (Motiva Enterprises)

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