Petroleum Refining Market: Global Opportunity Analysis and Industry Forecast, 2021-2030
PORTLAND, OREGON, USA, September 20, 2021 /EINPresswire.com/ – The global petroleum refining market was valued at $ 1,345.0 billion in 2020 and is expected to reach $ 3,751.5 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030. Petroleum refining is the process by which crude oil is broken down and refined into commercially useful products. Distillation is the main way to separate the constituents, which can be sold directly or used as a raw material for further processes. These secondary processes may involve extraction separation or may use catalysts to modify the chemical species so that a greater range of products is produced.
The demand for petroleum refining has grown tremendously, driven by increasing penetration in various industries such as transportation, aviation, marine bunkers, petrochemicals, agriculture and electricity. All players in the petroleum refining industry are investing heavily to find new business avenues for their product segments through strategic production and business expansion. Some of the major factors driving the demand for petroleum refining include the growing demand for lighter petroleum products and the introduction of several air emissions regulations. In addition, rapid urbanization and heavy investments in the industrial sector as well as increasing disposable income in developing regions are some of the factors influencing the demand for light distillates, which is expected to drive the market growth in coming years.
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The increasing investments in modernization, refurbishment and expansion of existing refining facilities are expected to drive the growth of the petroleum refining market. In April 2018, Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) announced an investment of $ 44,000.0 million for the construction of a mega refinery and petrochemical complex in India. In addition, the growing concern in developing economies, such as China and India, to minimize dependence on imports of petroleum products from foreign countries is expected to drive market growth. However, the increasing adoption of clean fuels is expected to hamper the growth of the petroleum refining market during the forecast period. In addition, the digitization and technological development of physical elements of petroleum refineries are expected to provide growth opportunities for the petroleum refining market during the forecast period.
By fuel type, the global petroleum refining market is studied for gasoline, diesel, kerosene, LPG and others. The gasoline segment has emerged as the leader in 2020, due to its lower price and the growing number of global passenger vehicle fleets. The gasoline segment dominated the global market with more than two-fifths of the total market share in 2020.
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By application, the global petroleum refining market is studied in the fields of transportation, aviation, marine bunkers, petrochemicals, residential and commercial, agriculture, power and others. The transportation segment has emerged as the leader in 2020, due to the growing demand for passenger and utility vehicles across the world. The transportation segment dominated the global market with more than two-fifths of the total market share in 2020.
By region, the global petroleum refining market is studied in North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a significant share of the petroleum refining market in 2020, due to growing demand for petroleum products fueled by rapid industrialization. The Asia-Pacific region dominated the global market with more than a third of the total market share in 2020.
The major players studied and profiled in the global petroleum refining market are
• Reliance Industries Limited
• Sinopec Company
• Chinese National Petroleum Company
• Saudi Arabia
• Royal Dutch Shell Plc
• BP Plc
• ExxonMobil Company
• Total SA
• Chevron Company
• Marathon Oil Company
• Oil company PJSC Lukoil
• Petroleos de Venezuela SA
• Indian Oil Company Limited
• Bharat Petroleum Corporation Limited
• Hindustan Petroleum Corporation Limited
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Lockdown charges in major cities and economies have led most industries around the world to shut down production. This has further resulted in reduced demand for oil and gas around the world. For example, according to the bp statistical review of global energy 2021, the global average consumption of oil and liquid fuels was reported to be 88.5 million barrels per day in 2020, which is a decrease of about 9 , 1 million barrels per day compared to 2019. In addition, the demand for electricity from industrial and commercial end users has also experienced a significant decline in recent times, due to the global pandemic. Because of this, the demand for liquid fuels declined during the period of the pandemic epidemic. This trend is expected to continue for a few more years until all interrupted industrial activities around the world resume their normal course amid government-imposed lockdowns.
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