Modular Refinery Market to Undertake Strapping Growth during 2027

Modular Refinery:

• Modular refinery is a skid-mounted modular structure-based crude oil processing refinery plant. Each modular structure is an essential component of a crude oil refinery. It is connected to each other by means of pipelines.
• Structures or individual components of modular refineries are usually fabricated in a factory or site far from the required location in a controlled environment. This reduces costs to a larger extent and also improves the efficiency of the process. Modules manufactured are transported to the required site for installation, resulting in a much quicker installation time than conventional refineries.
• Major components of modular refineries generally include modular atmospheric distillation units, modular vacuum distillation units, hydrotreater units, hydrodesulfurization units, catalytic reformer units, and hydrocracker units

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Key Drivers of Global Modular Refinery Market

• Rise in government initiatives to increase local refining capacities, especially in developing and underdeveloped countries across the globe, is expected to drive the demand for modular refineries in the near future. Governments across the globe are striving to curb the import of refined products in order to reduce their fiscal deficit. Demand for refined products is rising at a rapid pace in these countries. As a result, their import and burden on the economy are also increasing. These facilities enable governments either to import or produce crude oil, which can be broken down into refined products.
• Governments are investing significantly in modular refineries to increase their refining capacities in order to lower the cost and maintain a continuous supply of refined products. These facilities not only ensure the security of continuous supply of transportation fuels but also enhance the power generation capacity and secure LPG supply.
• Quick installation period and lower investment costs are other key drivers of the market. Modules of these refineries are pre-built and tested before shipping to the site; therefore, their installation requires comparatively much less time than the conventional on-site building approach. These refineries are much smaller in size and processing capacity; therefore, they require comparatively low capital investment than conventional refineries. These refineries can be relocated depending upon the situation and requirements.

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Key Developments in Global Modular Refinery Market

• In December 2019, Equatorial Guinea's Ministry of Mines and Hydrocarbons ordered the Atlantic Methanol Production Company LLC (AMPCO) to dismantle its methanol plant at the Punta Europa Gas Complex on Bioko Island. The Government instead notified the company to set up a modular refinery in the location, primarily due to the lack of investment in the Alba field and the corresponding methanol plant. A modular refinery would prove to be a value addition project in that space.
• In December 2019, Brahms Oil Refineries Limited and Africa Finance Corporation (AFC) announced that the companies have signed a Joint Development Agreement (JDA) in order to develop and finance a petroleum storage and link it to the Kamsar refinery project in Guinea. The agreement would include the establishment of a 76,000 cubic meter and 114,200 cubic meter crude oil storage terminal and refined products storage terminal respectively; along with supporting transportation infrastructure and a modular refining facility of around 12,000 barrels per day (BPD).
• In August 2019, AIPCC Energy Limited announced that its 6,000 BPD capacity modular refinery under Edo Refinery and Petrochemicals Limited at Ologbo, Ikpoba Okha, would become operational by October 2019. The company announced that the fabrication of its modular refinery has been completed in China. However, the company is awaiting the inspection and approval of its modular refinery by the Department of Petroleum Resources (DPR) in order to ship the facility to the Nigeria site.

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Middle East & Africa Likely to Lead Global Modular Refinery Market

• Middle East & Africa is likely to hold a leading share of the global modular refinery market during the forecast period. An increase in investment in onsite crude oil refining and a rise in refining capacities in the region are driving the market in Middle East & Africa. Modular refineries require lower investment than conventional refineries. Therefore, they are highly popular in the region.
• North America and the Asia Pacific are estimated to follow Middle East & Africa in terms of share of the global modular refinery market. However, the market in Asia Pacific is anticipated to expand at a significant pace during the forecast period, primarily due to the increasing demand for oil & gas in the region, especially in China and India.
• Latin America and Europe accounted for relatively minor shares of the global modular refinery market in 2018. However, a rise in investments in the oil & gas industry in Latin America is likely to boost the market in the region in the near future.

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Key Players Operating in Global Market

Key players operating in the global modular refinery market include:
• Honeywell International Inc
• Chemex Modular
• Brahms Oil Refineries Ltd.
• M77 Ltd
• SEERS OIL AND GAS LTD
• ?TO R.E.N.E.W.
• Peiyang Chemical Equipment Co., Ltd.
• Amerisource Energy
• AIPCC Energy Limited
• Pyramid E & C

Global Modular Refinery Market: Research Scope

Global Modular Refinery Market, by Capacity
• Below 5,000 BPD
• 5,000 - 10,000 BPD
• 10,001 - 30,000 BPD
• Above 30,000 BPD

Global Modular Refinery Market, by Operator
• Private
• National Oil Company (NOC)

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