Oil Refining Market Insights by Growth, Emerging Trends and Forecast By 2030

The demand for oil refining has witnessed tremendous growth driven by increasing penetration across various industries such as transportation, aviation, marine bunker, petrochemical, agriculture, and electricity. Positive outlook regarding expansion of refinery facilities, regulations about sulfur emissions, increase in expenditure toward O&G infrastructure, and demand for refined products drive the growth of the global oil refining market. However, surge in adoption of clean fuel restrains the market growth. Contrarily, digitalization and technological advancements in physical elements of oil refineries present new opportunities in the coming years.

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Global oil refining market was valued at $1,345.0 billion in 2020, and is projected to reach $3,751.5 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030. Growing investment toward upgrading, refurbishment, and expansion of existing refinery facilities is expected to drive the growth of the oil refining market. In April 2018, Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) announced an investment of $44,000.0 million to construct mega refinery and petrochemical complex in India. In addition, growing concern across developing economies, such as China and India, to minimize the dependency on import of petroleum products from foreign countries is anticipated to drive the growth of the market.

However, growing adoption of clean fuel is expected to hamper the growth of the oil refining market during the forecast period. Furthermore, digitalization and technological development of physical elements of oil refineries is expected to provide growth opportunities for the oil refining market during the forecast period.

The report offers detailed segmentation of the global oil refining market based on complexity type, product type, fuel type, application, and region.

Based on product type, the light distillates segment held the highest share in 2020, contributing to more than two-fifths of the total market share, and is estimated to continue its leadership status throughout the forecast period. However, the middle distillates segment is projected to manifest the highest CAGR of 5.7% from 2021 to 2030.

Based on application, the transportation segment contributed to the highest market share in 2020, accounting for nearly half of the global oil refining market, and is expected to maintain its dominant share in terms of revenue during the forecast period. However, the aviation segment is estimated to register the largest CAGR of 7.1% from 2021 to 2030.

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Based on region, Asia-Pacific accounted for the largest share in terms of revenue in 2020, holding more than one-third of the total share, and is projected to maintain its lead position by 2030. Moreover, this region is expected to portray the fastest CAGR of 6.0% during the forecast period.

Leading players of the global oil refining market analyzed in the research include Reliance Industries Limited, China National Petroleum Corporation, Sinopec Corporation, Royal Dutch Shell Plc, ExxonMobil Corporation, BP Plc, Chevron Corporation, Total S.A., PJSC Lukoil Oil Company, Bharat Petroleum Corporation Limited, Marathon Petroleum Corporation, Indian Oil Corporation Limited, Petroleos de Venezuela S.A., and Hindustan Petroleum Corporation Limited.

Key findings of the study
• In 2020, Asia-Pacific dominated the global market with around 35.49% share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 6.03% in terms of value.
• The deep conversion segment dominated the global oil refining market with around 29.99% of the share in terms of revenue.
• The conversion segment is projected to grow at the highest CAGR of 5.92% in terms of revenue.
• The light distillates segment dominated the global market of oil refining with around 44.56% of the share in terms of revenue.
• The middle distillates segment is projected to grow at the highest CAGR of 5.68% in terms of revenue.
• The gasoline segment dominated the global oil refining market with 43.50% of the share in terms of revenue.
• The kerosene segment is projected to grow at the highest CAGR of 6.27% in terms of revenue.
• The transportation segment dominated the global oil refining market with 47.90% of the share in terms of revenue.
• The aviation segment is projected to grow at the highest CAGR of 7.11% in terms of revenue.

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