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Oil Refining Market is set to witness a consumption of over 100 million barrels per day (MBPD) by 2024

Author : Rahul Sankrityayan | Published Date : 2019-06-10 

Oil refining market has consistently been in a state of flux since the past few years. Continuous profiling of environmental regulations, fluctuating natural gas price trends, and sharp decline in crude oil price are some of the major determinants influencing the commercialization potential of this marketplace. It was in the period 2008-2009, post the economic crisis, when the industry faced a severe gap in the supply demand trends. While the global demand for oil products observed a severe downturn, refining capacities continued to grow at a considerable pace. In the face of this sheer dichotomy of growing overcapacity and descending pressure on utilization, oil refining industry players were prompted to bring a consequential transformation in the operational model. This in effect, has significantly improved the financial dynamics of oil refining industry which pegged a valuation of USD 6 trillion in 2017.

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Asia Pacific has become the nerve center for the growth of global oil refining market demand, primarily led by emerging nations like China and India. The economic growth in these regions has had a linear impact on the demand for light products like diesel and gasoline. According to the Organization of the Petroleum Exporting Countries (OPEC), global diesel demand is expected to reach 10 million barrels per day by 2030. Stimulated by the rapid industrialization across APAC belt, China has seen an outright demand for petroleum products over the recent years, which by extension has strengthened its position in APAC oil refining market.  As per reports, in December 2017, China exported approximately 1.6 million barrels per day on an average, which is an increment of 6.6% from what it recorded in November 2017.

Another vital trend fueling the growth of oil refining market is the robust investment in construction of new oil refineries as well as upgradation of the existing ones across the world. Recently, a Chinese investment firm announced to invest approximately USD 2 billion for the construction of a new oil refinery in the Northern Iranian province of Mazandaran. It is prudent to mention that Chinese and Russian oil giants of late, have been increasingly investing in Iran oil refining market, in a bid to actually benefit from U.S. withdrawal from Iran nuclear deal.

The oil refining industry is indeed replete with many such investments that are anticipated to enhance the business outlook over the forthcoming years. Just few months back, Saudi Aramco, one of the phenomenal oil industry giants made its way to the frontpage with its announcement of investing around USD 44 billion in constructing integrated refinery complex in India. Citing yet another instance, Kuwait government has recently announced an investment of USD 17 billion in Mina Abdullah and Mina Al-Ahmadi refineries for upgradation purposes.

Ongoing sustainability measures is yet another prominent factor underling the expansion graph of oil refining industry. Emission abatement targets, in particular, have had a considerable influence of the regional business trends, especially in the road transport and aviation sectors.

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International Maritime Organization (IMO), in this regard has set the latest benchmark by declaring its target of curtailing carbon emission by almost 50% by 2050. Also, in yet another instance, MARPOL, as per its revised regulations, has set the international shipping fuel criteria to less than 1% sulfur content. Experts speculate that if these laws are properly implemented, this would ultimately eliminate residual fuel oil demand of around ~3 million bpd, while adding the same in marine diesel demand.

Experts speculate that if these laws are properly implemented, this would ultimately eliminate residual fuel oil demand of around ~3 million bpd, while adding the same in marine diesel demand. All in all, the severe stringency in regulatory framework regarding the usage of conventional petroleum-based fuels is certain to add a dynamism of sorts to the oil refining industry expansion. Speaking of the remunerative portfolio, global oil refining market is set to exceed a valuation of USD 7 trillion by 2024.

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Oil refining market research report includes in-depth coverage of the industry with estimates & forecast in terms of MBPD and USD from 2013 to 2024, for the following segments:

Oil Refining Market, By Complexity

  • Topping
  • Conversion
  • Deep Conversion

Oil Refining Market, By Product

  • Light distillates
  • Middle distillates
  • Fuel oil
  • Others

Oil Refining Market, By Fuel

  • Gasoline
  • Gasoil
  • Kerosene
  • LPG

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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