Oil Refining Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global oil refining market is experiencing rapid growth and expansion, driven by the ascending demand for oil refining products such as petroleum and the increasing investment in the construction, expansion, and modernization of oil refineries. The burgeoning aviation industry, which heavily relies on jet fuels made from crude oil, is also providing impetus to the oil refining market. Governments' focus on reducing dependence on imported refined petroleum products and introducing favorable regulations regarding carbon emissions further intensify the market competition.

Deep Conversion Refineries to Lead the Market

The global oil refining market is categorized based on complexity into topping, hydro-skimming, conversion, and deep conversion. Among these, the deep conversion refinery is expected to dominate the market during the forecast period. Key industry players are increasingly adopting deep conversion refineries due to the introduction of regulations pertaining to product quality specifications. The additional cooking unit in the deep conversion refinery helps in treating and converting heavy crude oil fractions into lighter products. As the deep conversion refinery gains prominence, the global oil refining market is predicted to reach sound maturity.

Light Distillates to Drive Market Growth

The rising applications of light distillates are facilitating the expansion of the oil refining market. Light distillates have the lowest boiling point of all distillates and find extensive use in various industries. Gasoline, a major light distillate product, is commonly used as transport fuel in internal combustion engines. Additionally, light distillates are used as derivatives contracts in financial markets, further augmenting their demand. The comprehensive applications of light distillates are expected to stimulate market growth.

Asia Pacific to Emerge as a Key Region

Asia Pacific is projected to maintain its dominance in the global oil refining market, driven by the rise in new refinery projects and capacity expansion in countries like China and India. China's refining capacity is expected to increase significantly, and the Indian government is actively seeking ways to double its refining capacity. The collective force of these developments bodes well for Asia Pacific's oil refining market.

Prominent Market Players

Some of the major players operating in the global oil refining market include Bharat Petroleum Corporation Limited, Reliance Industries Limited, Royal Dutch Shell Plc, China National Petroleum Corporation, Saudi Arabia, Marathon Petroleum Corporation, BP Plc, ExxonMobil Corporation, PJSC Lukoil Oil Company, Total S.A., Corporation, Petróleos de Venezuela S.A., Indian Oil Corporation Limited, and Hindustan Petroleum Corporation Limited.