Global Oil Refining Market Growth, Trends, and Forecasts Report 2022-2027 Featuring Exxon Mobil, Royal Dutch Shell, Sinopec, BP, and Saudi Arabian Oil Co - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Oil Refining Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The oil refining market is expected to record a CAGR of slightly more than 1.5%

he COVID-19 outbreak in Q1 2020 had a moderate negative impact on the oil refining market due to a reduction in the consumption of oil refined products. For instance, countries like India consumed 37.19 billion liters of petrol in 2020, from 42.27 billion liters in 2019.

Further, the COVID-19 pandemic has caused delays in several refinery up-gradation projects. Growth in refining capacity in major regions, such as in Asia-Pacific, is expected to drive the demand for petroleum products in the coming years.

However, the oil refining market is restrained by a lack of investments in the oil and gas sector, delayed commissioning projects, acquisition of lands, and increasing adoption of electric vehicles in developed and developing countries worldwide.

Key Highlights

• The expansion of downstream infrastructure worldwide, in order to meet the increasing demand for refined petroleum products, is expected to drive the market during the forecast period.
• Some of the major African countries, such as Nigeria and Algeria, are planning to convert themselves into regional hubs for refineries in the coming years. This factor, in turn, is expected to create huge opportunities for the international and domestic refiners to tap into the African market in the future.
• Asia-Pacific is expected to remain the major player in the oil refining market. As of 2021, the region covered around 26.3% of the global refining capacity. It is expected to remain the major region during the forecast period, owing to the upcoming major refinery projects in China and India.

Expansion in the Downstream Infrastructure

• The demand for oil as fuel in the transportation sector is likely to maintain its momentum in the short term. The recovery in oil consumption trends, driven by lower oil prices, is expected to support this momentum. Many countries across the world are trying to invest in refining capacity to reduce their dependence on imported refined petroleum products.
• Several petrochemical projects are planned to be constructed across the world. For e.g., 512 petrochemical projects are expected to commence operations in China during 2021-2025. According to a petrochemicals report published by the International Energy Agency (IEA), nearly all regions except for Europe will increase the production of primary chemicals by 2050. However, the largest capacity growth is seen in the Middle East and Asia-Pacific
• In addition, in Abu-Dhabi, Reliance Industries (RIL) and Abu Dhabi National Oil Company (ADNOC) signed an agreement in 2021 to set up a new petrochemical complex in Ruwais, Abu Dhabi. The integrated plant will have a capacity to produce 940,000 ton of chlor-alkali, 1.1 million ton of ethylene dichloride, and 360,000 ton of PVC annually.
• The United States has about 95 planned and announced projects, which are expected to have a total capacity of up to 63 MTPA by 2026. The CAPEX for these projects stands at around USD 53 billion. Major capacity additions in the country are likely to be initiated by IGP Methanol LLC and NW Innovation Works.
• Hence, due to these factors, the expansion of the global refining sector in the form of upcoming petrochemical and refinery complexes is expected to drive the oil refining market during the forecast period.

Competitive Landscape

The oil refining market is moderately consolidated. Some of the major players operating in the market include Exxon Mobil Corporation, Royal Dutch Shell PLC, Sinopec Corp., BP PLC, and Saudi Arabian Oil Co.

Key Topics Covered:

1 INTRODUCTION

1.1 Scope of the Study

1.2 Market Definition

1.3 Study Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Refining Capacity and Forecast in million barrels per day (mbpd), till 2026

4.3 Refining Throughput in barrels per day, till 2019

4.4 Recent Trends and Developments

4.5 Government Policies and Regulations

4.6 Market Dynamics

4.7 Supply Chain Analysis

4.8 Porter's Five Forces Analysis

5 MARKET SEGMENTATION - BY GEOGRAPHY

5.1 North America

5.2 Asia-Pacific

5.3 Europe

5.4 South America

5.5 Middle-East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

6.3.1 Exxon Mobil Corporation

6.3.2 Royal Dutch Shell PLC

6.3.3 Sinopec Corp.

6.3.4 BP PLC

6.3.5 Saudi Arabian Oil Co.

6.3.6 Valero Energy Corporation

6.3.7 Petroleos de Venezuela SA

6.3.8 China National Petroleum Corporation

6.3.9 Chevron Corporation

6.3.10 Rosneft PAO

6.3.11 Total SA

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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