Oil Refinery Market Evolving Technology, Trends and Industry Analysis: 2024
Global Oil Refinery Market: Brief Account
The global oil refinery market is taking mighty strides toward a perpetual recovery and assertive development mainly on the back of developing economies and the wholehearted support by their governments. The world’s largest oil refinery installed in India rode on its record performances in 2016 to help the owner Reliance Industries Ltd. gain a 10.0% rise in profits. This profitability jump was witnessed in the face of defiance coming from the challenging market conditions. Thus, the market is anticipated to offer opportunities even during the not-so-profitable times.
The report presented here segments the world oil refinery market in terms of type of crude. Apart from Asia Pacific, the other principal geographies of the market could be North America, Europe, and Rest of the World.
The analysts have exercised their experience and skills to expose some of the vitally important factors that are deemed responsible for the growth of the oil refinery market. The other significant aspects such as market restraints, company rivalries, and future outlook are also comprehensively studied in the publication.
Global Oil Refinery Market: Trends and Opportunities
Since the crude type helps to conclude the refining process used, one of the critical classifications of the world oil refinery market is based on the two forms of crude, i.e. sour crude and sweet crude.
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Minor penetrations into the global oil refinery market could be witnessed on the part of companies belonging to other sectors, whereas niche companies will look to extend their presence more in top geographies. For instance, manufacturing and technology solutions provider Honeywell International Inc. based in the U.S. has introduced a novel refining technology to help Indian refiners reduce crude oil imports and obtain cleaner fuel for transportation. New ideas have been promoted in the oil and gas industry by the Oil and Natural Gas Corporation (ONGC) in India with a US$14.91 mn startup fund.
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Oil is a major component employed in the process of power generation. With the rising consumption rate of electricity across the world, except Europe, the demand in the global oil refinery market has correspondingly increased. Europe could exhibit a lazy growth owing to the spiraling progress of the renewable energy sector. However, the substantial demand put up by the energy sector is pushing up the global advancement of oil refinery at an aggressive pace.
Global Oil Refinery Market: Geographical Analysis
On the basis of refining capacity, Asia Pacific has taken a leading share in the world oil refinery market. The region held its ground despite the danger of the downswing in petroleum product demand and sluggish economy. It was successful in maintaining the firmness of the demand with lower oil prices even in the high pressure background of flimsy refining margins. India holds the largest refinery on the globe in Jamnagar. Operating under the banner Reliance Industries Ltd., the refinery flaunts a mammoth capacity of 1.24 mn barrels per day. With the allowance of 100.0% foreign direct investment (FDI) in several segments of the oil and gas industry, including oil refinery, the Indian government has managed to draw in both international and domestic investments. Additionally, numerous policies have been adopted to satisfy the increasing demand in the country.
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China is one of the largest crude oil importers and had expanded its refining capacity to 12.7 mn barrels per day in the recent years. In the event of a colossal amount of crude oil available for processing, the need for elevating the refining capacity of China has augmented even more.
Other factors responsible for the global oil refinery market growth include the revamping and upgrading efforts taken by various countries to process new crude oil and changing economies of emerging nations. Developed regions such as North America are expected to contribute at a minimal rate.
Global Oil Refinery Market: Top Companies
Amongst others, Reliance Industries Ltd., Saudi Aramco Lubricating Oil Refining Company, Essar Oil Limited, National Iranian Oil Company, Petroleos de Venezuela SA, National Iranian Oil Company, Kuwait Petroleum International, Total Oil, Hindustan Petroleum Corporation Limited, Exxon Mobil, ENI, Conoco Phillips, China National Petroleum Company, Chevron Corporation, and Abu Dhabi Oil Refining Company are the renowned players in the international oil refinery market.
