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The global oil refining market reached a value of approximately USD 1,531.1 billion in 2023. The market is further expected to grow at a CAGR of 5.20% between 2024 and 2032, reaching a value of USD 2,416.2 billion by 2032.
Base Year
Historical Year
Forecast Year
Global Oil Refining Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 1,531.1 |
Market Size 2032 | USD Billion | 2,416.2 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 5.2% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 6.7% |
CAGR 2024-2032 - Market by Country | India | 7.7% |
CAGR 2024-2032 - Market by Country | China | 6.5% |
CAGR 2024-2032 - Market by Product | Middle Distillates | 5.7% |
CAGR 2024-2032 - Market by Application | Transportation | 5.9% |
Market Share by Country 2023 | Saudi Arabia | 1.2% |
Oil refining is the essential process for transforming crude oil into products such as lubricants, fuels, and kerosene. The oil refining process involves various steps including coking, distillation, reforming, cracking, posttreatment, and refining. In this process, crude oil is separated into different components on the basis of their chemical properties, molecular structure, and boiling points.
The growing aviation industry has increased the demand for fuels, this in turn is anticipated to boost the growth of the oil refining market around the globe. Reducing costs of flights coupled with rising disposable income is surging the frequency of flights, increasing the demand for oil refining to provide adequate fuel.
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Increasing population is a key trend in oil refining market as it has propelled the demand for fuels and kerosene, among other products, in applications such as residential and commercial as well as agriculture.
Rising awareness regarding the non-renewable nature of oil and the limited supplies left for usage are increasing the importance of adequate oil refining so that maximum oil usage is possible, which is providing impetus to the market for oil refining.
As per the oil refining market dynamics and trends, Bharat Petroleum Corp, based in India, announced on August 2024 that it aims to integrate refining and petrochemical capacities in the country in the next 5 to 7 years, which can meet the growing energy demand.
In 2023, the United States led in crude oil production with a substantial output of 820 million metric tons, positioning it as the world's largest producer at the time. As per the oil refining industry analysis, Saudi Arabia followed with 542 million metric tons, and Russia ranked third with 535 million metric tons, indicating their significant influence in global oil markets. Canada produced 289 million metric tons, establishing itself as a key player in North America, while Iraq and China contributed 212 million metric tons and 209 million metric tons, respectively, reflecting their importance in the Middle Eastern and Asian markets.
The United Arab Emirates, with 192 million metric tons, remained a major producer in the Gulf region, while Iran and Brazil each produced 178 million metric tons, underscoring their roles in the Middle Eastern and South American oil sectors. Kuwait contributed 138 million metric tons, which, although smaller, still marked a significant output in the global context and boosted the growth of the oil refining industry. Mexico and Norway produced 98 million metric tons and 96 million metric tons, respectively, highlighting their roles as key contributors in the oil production landscape despite their comparatively smaller outputs.
Global airline industry revenues fell sharply from USD 838 billion in 2019 to USD 384 billion in 2020, reflecting a 54.1% year-over-year decline, according to the International Air Transport Association (IATA). The industry began to recover in 2021 with revenues increasing to USD 513 billion, marking a 33.4% growth. By 2022, revenues reached USD 738 billion, showing a significant 44.1% increase. Projections for 2024 indicate continued growth, with revenues expected to reach USD 996 billion, representing a 9.7% rise in 2024 compared to 2023. Passenger revenue dropped drastically from USD 607 billion in 2019 to USD 189 billion in 2020 but recovered to USD 242 billion in 2021, which increased the oil refining industry revenue. By 2022, passenger revenue surged to USD 437 billion. The forecast for 2024 estimates passenger revenue at USD 744 billion, showing robust growth. Cargo revenue increased from USD 100.8 billion in 2019 to USD 140.4 billion in 2020 and peaked at USD 210 billion in 2021. However, it slightly decreased to USD 206.5 billion in 2022. Projections for 2024 forecast a decline in cargo revenue to USD 119.8 billion. These trends from the International Air Transport Association (IATA) indicate a strong recovery in passenger travel driving overall revenue growth, despite a projected decline in cargo revenue.
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On the basis of complexity, the market is divided into topping, hydro-skimming, conversion, and deep conversion. Based on product, the market is segregated into light distillates, middle distillates, and fuel oil, among others. By fuel type, the market is classified into gasoline, gasoil, kerosene, and LPG, among others. On the basis of application, the market is segmented into transportation, aviation, marine bunker, petrochemical, agriculture, electricity, residential and commercial, and rail and domestic waterways, among others. Based on region, the oil refining market is categorised into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Middle distillates are anticipated to witness significant growth in the oil refining market share over the forecast period. This growth can be attributed to the growing demand for middle distillate products around the globe from various industries including aviation, transportation, and power generation, among others. Middle distillates support the delivery of flammable liquids with shorter carbon chains and are used to produce components such as kerosene, jet fuel, and gas oil/diesel. With advancements in technology, there has been an increase in the average yield of middle distillates.
China Petroleum & Chemical Corporation (Sinopec Corp.) is an international energy company that was founded in 2000 and is headquartered in Beijing, China. They are devoted towards producing efficient and clean energy.
Abu Dhabi National Oil Company is one of the world's leading energy producers operating across the entirety of the hydrocarbon chain. The company was established in 1971 and is based in Abu Dhabi in the United Arab Emirates.
Valero Energy Corporation is an international marketer and manufacturer of petrochemical products and transportation fuels in the oil refining industry. Founded in 1980 and headquartered in Texas, United States, the company provides high quality products and fuels essential to modern life.
Other market players include National Iranian Oil Refining & Distribution Company, Saudi Aramco Mobil Refinery Company, Exxon Mobil Corporation, Chevron Corporation, Reliance Industries Limited, Marathon Petroleum Corporation, and S-Oil Corporation, among others.
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Regionally, the Asia Pacific accounts for a significant share of the oil refining industry due to the presence of significant oil refining capacities in the region, particularly in countries such as China and India. Apart from these nations, other countries in Southeast Asia are investing in oil refinery projects so as to be able to reduce import dependency. Capacity expansions for oil refining are anticipated to increase the Asia Pacific market share of oil refining further in the coming years.
CAGR 2024-2032 - Market by | Country |
India | 7.7% |
China | 6.5% |
Saudi Arabia | 5.9% |
Canada | 4.9% |
Australia | 4.6% |
USA | XX% |
UK | XX% |
Germany | XX% |
France | XX% |
Italy | XX% |
Japan | 4.0% |
Brazil | XX% |
Mexico | XX% |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market reached a value of approximately USD 1,531.1 billion in 2023.
The market is expected to grow at a CAGR of 5.20% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 2,416.2 billion by 2032.
The major market drivers include growing demand for petroleum-based products and rapid industrialisation and urbanisation.
The key trends fuelling the growth of the market include growing aviation industry, increasing population, and booming travel and tourism sector.
The significant fuel types include gasoline, gasoil, kerosene, and LPG, among others.
The various applications of oil refining include transportation, aviation, marine bunker, petrochemical, agriculture, electricity, residential and commercial, and rail and domestic waterways, among others.
The key players in the global oil refining market are China Petroleum & Chemical Corporation (Sinopec Corp.), Abu Dhabi National Oil Company, Valero Energy Corporation, National Iranian Oil Refining & Distribution Company, Saudi Aramco Mobil Refinery Company, Exxon Mobil Corporation, Chevron Corporation, Reliance Industries Limited, Marathon Petroleum Corporation, and S-Oil Corporation, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Complexity |
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Breakup by Product |
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Breakup by Fuel Type |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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