According to a report published by Allied Market Research, titled, “Oil Refining Market by Complexity Type, Product Type, Fuel Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030“. The report states, the global oil refining industry generated $1,345.0 billion in 2020, and would hit $3,751.5 billion by 2030, registering a CAGR of 5.3% from 2021 to 2030.
Surge in oil product trade movements, positive outlook toward expansion of refinery facilities, regulations about sulfur emission, and rise in need for refined products have boosted the growth of the global oil refining market. Furthermore, shale gas and expenditure toward oil & gas infrastructure positively affected the market. On the contrary, increased adoption of clean fuel hampers the market growth. However, technological development of physical elements of oil refineries and digitalization would unlock new opportunities in the coming years.
Download Sample PDF (404 Pages PDF with Insights): https://www.alliedmarketresearch.com/request-sample/12732
Based on complexity type, the conversion segment is projected to manifest the highest CAGR of 5.9% during the forecast period, due to advent of several regulations about product quality specifications. However, the deep conversion segment dominated the market in terms of revenue in 2020, contributing to more than one-fourth of the global oil refining market.
Based on product type, the middle distillation segment is estimated to portray the highest CAGR of 5.7% from 2021 to 2030, due to increase in demand for aviation fuel and dearth of availability of aviation fuel substitutes. However, the light distillates segment held the largest share in 2020, accounting for more than two-fifths of the global oil refining market, owing to surge in need for gasoline from the transportation market.
Get detailed COVID-19 impact analysis on the Oil Refining Market: https://www.alliedmarketresearch.com/request-for-customization/12732?reqfor=covid
Based on geography, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 6.0% from 2021 to 2030. Furthermore, the region contributed the largest share in 2020, holding more than one-third of the global oil refining market, owing to surge in need for petroleum products because of rapid industrialization.
Leading players of the global oil refining market analyzed in the research include Reliance Industries Limited, China National Petroleum Corporation, Sinopec Corporation, Royal Dutch Shell Plc, ExxonMobil Corporation, BP Plc, Chevron Corporation, Total S.A., PJSC Lukoil Oil Company, Bharat Petroleum Corporation Limited, Marathon Petroleum Corporation, Indian Oil Corporation Limited, Petroleos de Venezuela S.A., and Hindustan Petroleum Corporation Limited.
Request a Discount Before Purchasing Report @ https://www.alliedmarketresearch.com/purchase-enquiry/12732
Covid-19 scenario:
- The Covid-19 outbreak resulted in a decline in need for oil & petrochemical products owing to halted commercial and industrial activities. According to BP Statistical Review of World Energy 2021, the average global consumption of petroleum and liquid fuels was reduced by 9.1 million barrels per day during 2020 compared to that of 2019.
- In addition, the power demand from industrial and commercial end-users reduced since the Covid-19 pandemic. Furthermore, the ban on international trade and lockdown across the European and Asian countries hindered the market.
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.