Positive outlook regarding expansion of refinery facilities, regulations about sulfur emissions, increase in expenditure toward O&G infrastructure, and demand for refined products drive the growth of the global oil refining market. Daily operations in the oil refining sector halted completely or partially during the Covid-19 pandemic due to lockdown measures, scarcity of workforce, and disruptions in the supply chain. However, daily activities will get back on track during the post-lockdown.
Portland, OR, Aug. 02, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global oil refining market generated $1,345.0 billion in 2020, and is expected to garner $3,751.5 billion by 2030, witnessing a CAGR of 5.3% from 2021 to 2030. The report provides a comprehensive analysis of changing market trends, key segments, top investment pockets, value chain, regional scenario, and competitive landscape.
Positive outlook regarding expansion of refinery facilities, regulations about sulfur emissions, increase in expenditure toward O&G infrastructure, and demand for refined products drive the growth of the global oil refining market. However, surge in adoption of clean fuel restrains the market growth. Contrarily, digitalization and technological advancements in physical elements of oil refineries present new opportunities in the coming years.
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Daily operations in the oil refining sector halted completely or partially due to lockdown measures, scarcity of workforce, and disruptions in the supply chain. However, daily activities will get back on track during the post-lockdown.
Owing to lockdown measures implemented in various nations, there has been a decline in demand for oil and petrochemical products with a stoppage of commercial and industrial activities.
Moreover, the demand for liquids fuel has been reduced considerably during the pandemic. This impacted the oil refining sector negatively.
The report offers detailed segmentation of the global oil refining market based on complexity type, product type, fuel type, application, and region.
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Based on product type, the light distillates segment held the highest share in 2020, contributing to more than two-fifths of the total market share, and is estimated to continue its leadership status throughout the forecast period. However, the middle distillates segment is projected to manifest the highest CAGR of 5.7% from 2021 to 2030.
Based on application, the transportation segment contributed to the highest market share in 2020, accounting for nearly half of the global oil refining market, and is expected to maintain its dominant share in terms of revenue during the forecast period. However, the aviation segment is estimated to register the largest CAGR of 7.1% from 2021 to 2030.
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Based on region, Asia-Pacific accounted for the largest share in terms of revenue in 2020, holding more than one-third of the total share, and is projected to maintain its lead position by 2030. Moreover, this region is expected to portray the fastest CAGR of 6.0% during the forecast period.
Leading players of the global oil refining market analyzed in the research include Reliance Industries Limited, China National Petroleum Corporation, Sinopec Corporation, Royal Dutch Shell Plc, ExxonMobil Corporation, BP Plc, Chevron Corporation, Total S.A., PJSC Lukoil Oil Company, Bharat Petroleum Corporation Limited, Marathon Petroleum Corporation, Indian Oil Corporation Limited, Petroleos de Venezuela S.A., and Hindustan Petroleum Corporation Limited.
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