Selbyville, DE -- (SBWire) -- 11/30/2018 --Oil Refining Market is anticipated to reach over USD 7 trillion by 2024. Rising demand for lighter crude distillates coupled with air borne emission directives will enhance the industry growth. For instance, MARPOL, in Europe, launched international regulatory regime to restrict air borne emissions from shipping vessels. As per the regulation, maximum sulfur content in marine fuel should not exceed 0.10% by weight within the emission-controlled areas. Rapid modernization along with rising investment toward industrial sector are few factors impacting the demand for lighter petroleum products.
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Growing investment toward the expansion, upgradation and refurbishment of prevailing refinery facilities will fuel the global oil refining market share. In April 2018, Saudi Aramco declared an investment worth USD 44 billion in India to establish integrated refining units and petrochemical complex in the nation.
In 2017, the oil consumption accounted for over 0.5 MBPD in Kuwait. Increasing development of petroleum fired power generation facilities and soaring investment toward integration and upgradation of existing refineries will stimulate the oil refining market growth. In 2017, the government of Kuwait proclaimed an investment of USD 17 billion to revamp and integrate Mina Abdullah and Mina Al-Ahmadi refineries.
Oil refining market from the aviation application is predicted to witness significant growth owing to the introduction of regional connectivity schemes along with lowering travel costs and upsurge in middle income flyers. For instance, the air carrier industry observed an increment of USD 49 Billion in overall income from passenger flights in 2018 as compared to the revenue generated in 2017.
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Saudi Arabia oil refining market is predicted to surpass USD 150 billion by 2024. Rising focus to attain diversified economic growth and employment enhancement will augment the business outlook. Growing population, economic escalation and improving living standards are some of the factors influencing the demand for petroleum product across the country. Increasing demand to process heavy crude fractions and fuel oil into the lighter distillates will further sway the industry landscape.
Emerging demand for value added refined products and growing concern to curtail import dependency will stimulate the oil refining market share in Indonesia. For instance, fuel demand increased to 1.6 BPD in 2017, however, the refining capacity stood around 1.1 MBPD, implying that the nation imported 43% of the products from overseas.
Notable industry players in oil refining market include Saudi Aramco, ADNOC, S-Oil, Reliance, PBF Energy, Exxon Mobil, Indian Oil, Hindustan Petroleum, Bharat Petroleum, Philips 66, SINOPEC, Fluor, Shell, Chevron and Kuwait Petroleum.
Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Oil Refining Industry Insights
Chapter 4. Oil Refining Market, By Complexity
Chapter 5. Oil Refining Market, By Product
Chapter 6. Oil Refining Market, By Fuel
Chapter 7. Oil Refining Market, By Application
Chapter 8. Oil Refining Market, By Region
Chapter 9. Oil Refining Market Company Profiles
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Oil Refining Market Trends to 2024 Profiling Fluor, Shell, Chevron, Saudi Aramco, Reliance, PBF Energy, Exxon Mobil, Indian Oil, Hindustan Petroleum
Market Study Report recently introduced new title on “2018-2024 Global Oil Refining Market Report” that provides an in-depth overview of industry and competitive landscape, covering multiple market segments and elaborates market outlook and status to 2024.