The global oil refining market is estimated to grow from US$XX in 2017 to US$XX in 2022, at a CAGR of XX% during the forecast period .Currently, crude oil is one of the most present and essential resources. It is processed at an oil refinery and converted into more useful forms such as gasoline, diesel fuel, naptha, kerosene etc. Typically oil refineries are large, sprawling industrial complexes with extensive piping running throughout, carrying streams of fluids between large chemical processing units.
The end users are mainly terminals,bulk plants, gasoline service stations, home heating oil businesses, domestic users etc.MARKET DYNAMICS
In the current global scenario there are many factors which are significant in deciding the fate the industry.
Global demand for crude oil products will continue to grow. Growth of population and consumer class in Asia increase oil demand. High consumption of oil will mainly be due to the transportation sectors in the developing countries like India, China etc.
Bio-fuel fails to be a viable alternative for petroleum owing to its low net energy gain, lower production , inability to run most vehicles etc. Thus, crude oil market will continue to dominate.
Except for a few rich nations most countries still fail to invest in expensive projects to harness solar, wind etc energy and resort to the cheaper oil imports to sustain their energy needs in an economic way.
The expansion of the Panama canal has reduced transportation costs significantly.
Most of the oil refining companies manage to secure long term contracts comfortably in the current global scenario to revamp and upgrade their current refining technologies.
With the current rate of crude oil consumption the oil reserves would be depleted within five decades. So with the progress of time the industry will keep on losing momentum owing to shortage of supplies.
Development of technologies to tap in renewable sources of energy will directly affect the demand of crude oil products in the coming years.
According to certain studies the oil and gas industry was ranked as the least trusted industry(tied with the tobacco industry). Due to various regulations and climate change policies the oil refining industry has to face several restrictions and are often forced to invest more on its technology to make its processes more eco-friendly.
Overcoming the technological and political challenges oil extraction processes could start in many of the untapped regions of the world in the upcoming years. India, US , Ghana have been known to have large oil reserves which have not been utilised. Many companies are also showing interests in exploiting the untouched oil reserves beneath the oceans all around the world.
Based on end-products:
> Jet Fuel
> Diesel fuel and heating oil
Based on end-users sectors(demand-side):
Based on region(supply and demand):
> Europe, Russia, Central Asia
> Middle East
Asia-Pacific, on the basis of refining capacity, has a lions share in the oil refinery market. India holds the largest refinery in the globe in Jamnagar. Operating under the Reliance industries Ltd. It flaunts a colossal capacity of 1.24 mn barrels per day. China is one of the largest crude oil importers. Kazakhstan tops the list of the largest exporters in the world. Canada is known to have the largest oil reserves followed by Iran and Iraq.
--> Baton Rouge Refinery (ExxonMobil)
--> Garyville Refinery (Marathon Petroleum)
--> Ras Tanura Refinery (Saudi Aramaco)
--> Baytown Refinery (EXXONMobil)
--> Port Arthur Refinery (Motiva Enterprises)Report Contents
> Market segments
> Market Drivers, Restraints and Opportunities
> Market Size & Forecast 2016 to 2022
> Supply & Demand Value Chain
> Market - Current Trends
> Competition & Major Companies
and R&D Status
> Porters Five Force Analysis
> Strategic and Critical Success Factor Analysis of Key PlayersRegional Analysis:
> North America
>> US and Canada
> Latin America
>> Mexico, Brazil, Argentina and Rest of Latin America
> Western Europe
>> EU5 (Germany, France, Italy, Spain, U.K.)
>> Nordic Countries (Denmark, Finland, Norway, and Sweden)
>> Benelux (Belgium, The Netherlands, and Luxembourg)
>> Rest of Western Europe
> Eastern Europe
>> Rest of Eastern Europe
> Asia Pacific
>> Australia and New Zealand
>> Rest of Asia Pacific
> Middle East and Africa
>> GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
>> South Africa
>> North Africa
>> Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.Report Highlights:
> Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
> Consumer and Pricing Analysis
> Market dynamics of the industry
> Market Segmentation
> Estimated Market Sizing in terms of volume and value
> Recent trends in Market and impact
> Research Status and Technology
> Extensive Industry Structure Coverage
Publisher Name : Market Litmus