Oil Refining Market is expected to Witness the Highest Growth by 2024 Major Player BP, Chevron, Shell, Exxon Mobil, Sinopec, Phillips, Reliance Petroleum

Oil Refining Market report gives attention to market segmentation, market size, and forecast of 2018-2024 to help stakeholders in making a good decision for the future investments. The industry report segmented into types, application, and regions with providing production, revenue, import/export.

Growing concerns regarding environmental degradation and global warming has put major communities into high gears for implementing control on the release of greenhouse gases (GHGs) arising from the transportation sector. Oil and gas consumers are expressing the need for producing more refined products that have lower carbon emissions, driving the technological and chemical innovations in the oil refining industry. Since emissions are still amplifying despite better efficiency of new vehicles, a European Union legislation aimed at improving the fuel quality requires that the GHG emissions from on road vehicle fuels should be cut by 10% by 2020, demonstrating a prolific future for the oil refining market.

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Oil Refining Industry Key Players:
o Indian Oil Corporation Limited
o Bharat Petroleum Corporation Limited
o S-Oil
o Hindustan Petroleum Corporation Limited
o Saudi Aramco
o Kuwait Petroleum Corporation
o Abu Dhabi National Oil Company
o Fluor
o BP
o Chevron
o Shell
o Exxon Mobil
o Sinopec
o PBF Energy
o Phillips
o Reliance Petroleum

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. The initiative is a step towards developing a low-carbon emission fuel in the U.K. and the oil refining industry is likely to undergo notable advancements in processing techniques in order to deliver high quality fuel to the public.

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Oil Refining Market Growth Drivers:
o North America
o Positive outlook toward expansion of refinery facilities
o Europe
o Regulations pertaining to sulfur emissions
o Increasing oil product trade movements
o Asia Pacific and MEA
o Increasing demand for refined products
o Ongoing expenditure toward O&G infrastructure

In April this year, India started to witness a shift towards lower emissions with Delhi being the first city in the country to change from Euro-IV to Euro-VI grade diesel and petrol, said to be the cleanest fuel class in the world. The Euro-VI contains only 10 ppm of sulphur as compared to 50 ppm in the earlier Euro-IV grade petrol and diesel, which shows the progress that the global oil refining industry has achieved. Reportedly, the Euro-V grade was to be adopted from 2020 and Euro-VI from 2024, but the unprecedented impact of pollution combined with the growth rate of the transport industry forced the early introduction of Euro-VI.

Partial Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1. Methodology
1.2. Market definitions
1.3. Market estimation and forecast parameters
1.4. Data Sources
1.4.1. Primary
1.4.2. Secondary
1.4.2.1. Paid Sources
1.4.2.2. Public Sources
Chapter 2. Executive Summary
2.1. Oil refining industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Complexity trends
2.1.3. Product trends
2.1.4. Fuel trends
2.1.5. Application trends
2.1.6. Regional trends

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