Oil refining market is likely to witness a healthy CAGR of 4.3% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Oil Refining Market
Oil refining market is likely to witness a healthy CAGR of 4.3% during the forecast period. The prime factors contributing to the demand for oil refining are rapid industrialization, growing population, changing demographics, and improving living standards. There is an increased investment on construction and upgradation of refineries to fulfill petroleum product demand.
Asia-Pacific has the highest refining capacity. China and India are the key countries in the region and have accounted for significant share in global market in 2019. These two countries also witnessed refining capacity expansion in last few years. Other than these two countries South East Asian countries have also commissioned a number of refinery projects to reduce dependency on imports.
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Report Scope & Market Segmentation
Oil Refining Market Share: By Complexity Type
Based on the complexity type, the oil refining market is segmented as topping, conversion, and deep conversion. The topping oil refining market is expected to register robust growth due to its ability to transforming 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.
Oil Refining Market Share: By Product Type
Based on the product type, the market is segmented as light distillates, middle distillates, fuel oil, and others. Middle distillate delivers flammable liquids of shorter carbon chain (with 10-20 carbon atoms) compared to light distillates and hence, dominated the market in 2019. 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 expanding middle class population.
Oil Refining Market Share: By Fuel Type
Based on the 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 transportation industry. Increasing passenger vehicle fleet in developing countries to drive the gasoline demand in the coming years.
Oil Refining Market Share: By Application Type
Based on the 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.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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