Global Oil Refining Industry Analysis By Geography
Oil refining refers to post extraction treatment that is utilized to obtain high-quality oil for various uses. Many of impurities such as free fatty acids, gummy substances and aldehydes etc are removed in the refining process. Oil refining involves many thermodynamic processes, such as mass and heat transportation phenomena, to improve oil quality and processing efficiency.
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Based on the complexity, the topping segment is going to have lucrative growth during the forecast period due to its ability to transform to high value products through the cracking of larger molecules into smaller ones. By geography, North America is going to have high growth during the forecast period due to the modern refineries built in the region that 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 in the region.
Some of the key players profiled in the Oil Refining Market include Sinopec Corporation, China National Petroleum Corporation, ExxonMobil Corporation, Chevron Corporation, Marathon Petroleum Corporation, Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Valero Energy Corporation, Kuwait National Petroleum Company, Abu Dhabi National Oil Company, The Phillips 66 Company and PBF Energy Inc.
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