Oil Refining Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Global Oil Refining Market: Overview
The global oil refining market is expected to grow at a phenomenal pace in the in coming years as the demand for energy continues to be on the rise. As developing economies find themselves on the cusp of industrial and economic progress, the countries are expected to need a huge amounts of energy to keep up with rapid progress. The market for oil refining will also be driven by the dependency of the developing countries on other nations to meet their oil demands. The research report discusses the various aspects of the global oil refining market that are expected to define its trajectory.
Global Oil Refining Market: Trends and Opportunities
Rapid pace of industrialization and urbanization are expected to be the key factors responsible for the massive growth of the global oil refining market. Dependence of countries such as China and India on other countries for oil is projected to bode well for the market too. Technological advancements in refining processes and higher quality of equipment are also expected to help the vendors operating in the oil refining market to tap into lucrative opportunities.
Global Oil Refining Market: Market Potential
Vendors operating in the global oil refining market are expected to focus on production of cleaner fuels as the world reels under the pressure of global warming. To keep up with this trend, ExxonMobil announced its plans to make a multi-billion dollar investment in its Singapore facility. The move comes ahead of the new regulation for global shipping of fuel that is expected to take effect by 2020. The new rule by The International Maritime Organization (IMO) will restrict the sulphur content to just about 0.5%, which is pegged at 3.5% at the moment. This is aimed at reducing the pollution caused by the shipping industry.
ExxonMobil stated that the investment will respect the new rule as it intends to bring in proprietary technologies for converting by-products of a lower value into cleaner and higher value products, which will include 0.5% sulphur fuels.
Global Oil Refining Market: Regional Outlook
On the basis of region, the global oil refining market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Out of these, Asia Pacific is expected to lead the global market for oil refining in the coming years due to strengthening economies of India and China. Progress of Asia Pacific oil refining market will be backed by China as the country is undergoing monumental changes in terms of economic development, which is expected to trigger a high demand for petroleum products. Efforts to reduce dependency on imports is expected to augment the oil refining industry in China. China’s oil refining industry saw a 6.6% rise in December 2017 from the same time last year as it exported 1.6 million barrels per day, state resources.
India too is expected to be a key contributor to the soaring oil refining market in Asia Pacific. The massive oil refining unit in Jamnagar is expected to see a booming activity in the coming years. Presently, Reliance Industries Ltd. operates it the refinery that boasts a capacity of 1.24 million barrels a day. Permission to have a 100% foreign direct investment (FDI) in the various parts of oil and gas industry across India is also projected to boost India’s contribution to the Asia Pacific oil refining market.
Global Oil Refining Market: Competitive Landscape
The players making their mark on the competitive landscape present in the global oil refining market are Abu Dhabi National Oil Company, Indian Oil, S-Oil, Hindustan Petroleum, Saudi Aramco, Bharat Petroleum, Kuwait Petroleum, Fluor, Chevron, BP, Shell, Exxon Mobil, SINOPEC, Phillips 66, Reliance, and PBF Energy.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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