Oil Refining Market Qualitative Analysis Reveals Explosive Growth by 2026: Exxon Mobil Corporation, Qatar Oil Refining Company, Bharat Petroleum Corp
The demand for energy is growing in the emerging countries. These countries are also heavily dependent on oil. Therefore, the growing energy demand in emerging countries is expected to drive the market, while the global trend towards increased natural gas and renewable energy consumption is expected to restrain the market during the forecast period.
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Growing Oil Demand and Technologically Advancements to Drive the Market
Energy demand in emerging countries, like India and China is growing at a substantial rate owing to industrialization, growing population, and urbanization. But these countries do not have enough infrastructures for distribution of gas and generating renewable energy to meet the growing demands. Therefore emerging countries are expected to remain heavily dependent on oil to meet the demands. Therefore growing demand, particularly in emerging countries, is expected to drive the oil demand, in turn driving the refining market. The modern refineries built are highly efficient and are more equipped in producing the fuel that meets the strict government regulations. Therefore, the technological advancements are expected to help increase the profit margins for the refinery operators. Many refinery operators, particularly in Europe and the US, are closing down the refinery plants due to low-profit margins. Therefore, the increased profit margins due to technological advancements are expected to support the growth of the market.
Market competition by Top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the Top players including-
Exxon Mobil Corporation, Qatar Oil Refining Company, Bharat Petroleum Corp Ltd, BP p.l.c, Chevron Corporation, Royal Dutch Shell Plc, Vitol, Allied Aviation Services, Inc., Valero Marketing and Supply, Gazprom Neft PJSC
Market segment by Regions/Countries, this report covers
North America (U.S., Canada, Mexico)
Global (Germany, UK, France, Rest of Global)
Asia Pacific (China, India, Japan, Rest of Asia Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East & Africa
Low Margin and Demand is Expected to Restrain the European Market
Europe is moving towards gas and renewable energy to meet the energy needs, which is constraining the oil demand in the region. The regulation put in place by European Union, and national governments are expected to reduce the refined oil demand in the region further. For example, the new cap will be put in action after 2020 on the sulfur content of marine fuel, which is expected to reduce the demand for oil in the marine industry. With low oil demands, many refineries in the region are unable to find buyers. The other major problem faced by the European oil refineries is that they have witnessed a consistent drop in profit margin since 1990, and as a result, the margin of European refineries is significantly lower than the global average. Lower margins and inability to find the buyers are forcing the refineries operators to shut down the plants. It is estimated that more refinery plants are expected to shut down during the forecast period, in turn restraining the market during the forecast period.
Nigeria to Register Significant Growth During the Forecast Period
Nigeria has a nameplate capacity of 445,000 bpd, largest in West Africa and fourth largest in Africa. But the refining facilities are very old; suffer from lack of maintenance and inconsistent feedstock. As a result, countrys 80% of the downstream product requirement is fulfilled by the imports. The government of Nigeria plans to process all the domestic refined product consumption locally by 2019. In order to improve the downstream industry production, and reduce the dependence on imports, Nigeria's Department of Petroleum Resources (DPR) and state-owned Nigerian National Petroleum Corporation (NNPC) have opened their door to private international and local investors. The result is, Dangote group is building the largest oil refinery with the nameplate capacity of 650,000 bpd of oil, which is not only expected to meet Nigerias consumption but also, allows the country to become an exporter of the refined products. The Dangote oil refinery is expected to start the production by 2019. Apart from that, in May 2017, Emmanuel Ibe Kachikwu, Ministry of State, Petroleum Resources, Nigeria announced that Nigerian Government has reached an agreement with Agip to build a new refinery of 150,000 bpd capacity. Owing to increased investments to build new infrastructures, Nigeria is expected to be the fastest growing market for the downstream industry in the region.
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Key Developments in the Market
-March 2018: An Indian downstream oil & gas company Bharat Petroleum Corporation Limited (BPCL) awarded Petrofac an Engineering, Procurement, and Construction (EPC) for its Kochi Refinery in India. According to the contract, Petrofac will provide EPC and pre-commissioning services as well as will assist with commissioning for 27 months. The contract is worth USD 135 million
Furthermore, Global Oil Refining Market following points are involved along with a detailed study of each point: -
- Global Oil Refining Market Overview, Drivers, Restraints and Opportunities, Segmentation overview
- Global Oil Refining Market competition by Manufacturers (2020-2026)
- Production and Consumption by Regions
- Complete profiling and analysis of Manufacturers (2020-2026)
- Manufacturing cost analysis, Materials analysis, Region-wise manufacturing expenses
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis, Distributors/Traders
- Global Oil Refining Market Effect Factors Analysis (2020-2026)
- Global Oil Refining Market Forecast (2020-2026)
- Global Oil Refining Market Research Findings and Conclusion
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Finally, this Oil Refining report covers the market scenario and its development prospects over the coming years. Report likewise manages the type analysis, contrasting it with the significant application, recent Oil Refining product development and gives an outline of the potential Global market.
Irfan Tamboli (Sales)
Phone: + 1704 266 3234
MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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