by Fairfield Market Research, a leading market intelligence firm, has released a preliminary report highlighting the promising growth prospects of the global oil refining market in the coming years. The report identifies key drivers and trends that are expected to shape the industry landscape, with a focus on the critical factors driving growth.
Rapidly Rising Demand in Transportation Industry
The global oil refining market is poised for substantial growth, driven in large part by the rapidly rising demand in the transportation industry. Crude oil, with its varying compositions and properties, needs to be separated, converted, and refined to produce a range of essential products, including petrol, diesel, jet fuel, lubricants, and feedstocks. The increasing need for this refining process is expected to boost the oil refining market.
Alignment of Production with Demand
The demand for petroleum products worldwide differs significantly from the distillates obtained by crude oil separation. To meet market demands, some heavy products must be converted into lighter ones. This shift is driven by the need to align production with demand and enhance cost-effectiveness.
Thriving Petrochemical Projects
The global oil refining market is thriving in tandem with a surge in petrochemical projects. Various regions, including the Middle East and Asia Pacific, are experiencing rapid growth in refining capacity. Investments in new petrochemical complexes are further propelling the industrys expansion.
Increased Gasoline Consumption
The rising demand for gasoline, especially in developing nations with expanding urbanization and a growing middle class, is a significant driver for the oil refining market. Light distillates, including gasoline, hold a substantial share in the market.
Asia Pacific Leads the Way
Asia Pacific remains the largest oil refining market globally and is expected to witness the fastest growth. China and India are key players in the region, with plans to significantly increase their refining capacities to reduce reliance on oil imports.
Competitive Landscape
Key players in the oil refining market include China National Petroleum Corporation, Reliance Industries Limited, Royal Dutch Shell Plc, Saudi Arabia, BP Plc, ExxonMobil Corporation, Marathon Petroleum Corporation, Total S.A., PJSC Lukoil Oil Company, Indian Oil Corporation Limited, Petroleos de Venezuela S.A., Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/oil-refining-market
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This press release first seen on Brilad
COMTEX_442320022/2840/2023-10-23T08:21:12
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.