Petroleum Refining in the US - Industry Market Research Report

Petroleum Refining in the US

Operators in the Petroleum Refining industry experienced volatile conditions over the five years to 2019. Rising crude oil prices powered revenue growth until the middle of 2014 due to refiners' ability to pass costs down the distribution line. Furthermore, low domestic crude oil prices, when compared with international crude oil, bolstered the competitiveness of US petroleum exports. However, since mid-2014, crude oil prices have declined due to slowing international demand and rapid production growth. As a result of these volatile conditions, industry revenue is expected to decline during the current period. Over the five years to 2024, the industry is forecast to rebound, with revenue anticipated to increase during the outlook period. This projected growth can be attributed to increases in fuel prices and consumption, as well as growth in global economic conditions.

Industry operators refine crude oil into petroleum products. Petroleum refining involves one or more of activities including fractionation, straight distillation of crude oil and cracking. This industry does not include companies that extract crude oil or retail gasoline.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.