Oil Refining Market is Forecasted to Reach US$ 2.36 Billion in 2030, Says Stratview Research

The global oil refining market is projected to witness a growth rate of 4.34% annually from 2024 to 2030 with an anticipated size of US$ 2.36 billion by 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global oil refining market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Report Highlights:
Market Size in 2030: US$ 2.36 billion
Growth (CAGR): 4.34% during 2024-2030
Forecast Period: 2024-2030
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Oil Refining Market:

The global oil refining market is segmented based on complexity type, product type, fuel type, application type, and region.

Based on complexity type - The oil refining market is segmented into topping, conversion, and deep conversion. The topping oil refining market is expected to register robust growth due to its ability to transform to high-value products through the cracking of larger molecules into smaller ones. Conversion refining has the ability to eliminate the residuals from fuel. Deep conversion refining is expected to be driven by stringent regulations pertaining to product quality specifications.

Based on product type - The market is segmented as light distillates, middle distillates, fuel oil, and others. Middle distillate delivers flammable liquids of the shorter carbon chains (with 10-20 carbon atoms) compared to light distillates and hence, dominated the market in 2023. Oil refined through middle distillates has wide application in industries such as aviation, power generation, and marine bunkers. The light distillates oil refining market to grow with the increasing spending capacity of an expanding middle-class population.

Based on fuel type - The oil refining market is segmented as gasoline, gasoil, kerosene, LPG, and others. Gasoline oil refining is expected to grow with the increased uses of it in the transportation industry. Increasing passenger vehicle fleets in developing countries to drive the gasoline demand in the coming years.

Based on application type - The oil refining market is segmented as transportation, aviation, marine bunker, petrochemical, residential & commercial, agriculture, electricity generation, and others. Transportation and petrochemical industries to consume the largest chunk of the refined oil and will drive the market over the forecast period.

To know the most attractive segments, click here:
https://stratviewresearch.com/1007/oil-refining-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that the Asia-Pacific has the highest refining capacity & accounted for significant share in global market in 2023. This growth outlook is majorly attributed to the following-

• Asia-Pacific has the highest refining capacity.
• China and India are the key countries in the region and will account for a significant share in global market in 2023.
• These two countries also witnessed refining capacity expansion in the last few years.
• Other than these two countries, Southeast Asian countries have also commissioned a number of refinery projects to reduce dependency on imports.

Oil Refining Market Drivers:

Some of the key drivers listed in the report are given below.

• Increasing global demand for transportation fuels: With rising population globally, demand for transportation fuels like gasoline, diesel, and jet fuel will increase, driving the growth of this market. According to IRENA, transport accounts for about 30% of global energy use. Growing urbanization will lead to increased fuel use, particularly in urban areas where citizens use personal transport, buses, and trains.
• Economic growth and urbanization: The rapid industrialization and urbanization of emerging economies are propelling the demand for refined products, such as fuels and petrochemicals. The demand for energy and industrial raw materials, which tend to come from refined oil, expands as these economies continue to grow. According to the World Bank, global economic growth is projected to expand by 2.7% in 2025-2026.
• Demand for more refined oil: Growing awareness towards health and surroundings, refineries are spending on technology to manufacture cleaner fuels like low-sulfur diesel and gasoline to meet air quality requirements. There is a growing demand for refined oil due to consumer preference for environmentally friendly products.

Top Companies in the Oil Refining Market:

Stratview Research has identified the following companies as the top market players.
• BP PLC
• Chevron Corporation
• China National Petroleum Corporation (CNPC)
• Exxon Mobil Corporation
• Petróleos de Venezuela SA
• Rosneft PAO
• Royal Dutch Shell Plc
• Saudi Arabian Oil Co.
• Sinopec Corp.
• Total SA
• Others.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Oil Refining Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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About Us:
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.