Grohling finds the petroleum and refinery sectors at the center of global energy systems, providing fuels and resources needed for the operation of industries. Also known as petroleum refining, the market involves acquiring, refining, as well as the marketing of petroleum and petroleum products. It has been a significant part of the economic boom, industrial development, and the enhancement of energy economic vitality.
We anticipate the market to expand at a compound annual growth rate (CAGR) of 3.1% from 2023 to 2030. We attribute this development to the growing need for energy, increased industrial activities in developing countries, and the improvement of refinery processes. Among these, Asia-Pacific accounts for a majority of the share, owing to the presence and high consumption of products of this class, mainly from China and India.
Grohling finds the petroleum and refinery sectors at the center of global energy systems, providing fuels and resources needed for the operation of industries. Also known as petroleum refining, the market involves acquiring, refining, as well as the marketing of petroleum and petroleum products. It has been a significant part of the economic boom, industrial development, and the enhancement of energy economic vitality.
We anticipate the market to expand at a compound annual growth rate (CAGR) of 3.1% from 2023 to 2030. We attribute this development to the growing need for energy, increased industrial activities in developing countries, and the improvement of refinery processes. Among these, Asia-Pacific accounts for a majority of the share, owing to the presence and high consumption of products of this class, mainly from China and India.
The organizational structure of the petroleum and refinery field is about looking for, pulling out, refining, and delivering crude oil and natural gas. The refineries convert crude oil into all these products that can be marketed in the form of fuels, lubricants, and petrochemicals. The industry is a very intricate developmental chain of the upstream (exploration and production) stage, the midstream (transportation and storage) stage, and cost-related downstream (refining and distribution).
1. Fuel: This includes petrol or gasoline, diesel, aviation fuel/kerosene, and liquefied petroleum gas.
2. Lubricating Oils: These include the engine oils, greases, and other machine oils utilized in various industries.
3. Petrochemicals: These are chemicals and materials derived from oil and gas, such as ethylene, propylene, benzene, and others, which are used to produce plastics and other such materials.
4. Bitumen, also called asphalt: Applies to civil engineering structures such as roads and roofs.
5. Other excess materials: sulfur, petroleum coke, and paraffin wax.
High Demand from Developing Economies: The fast pace of urbanization as well as industrialization in Asia Pacific indicators and Africa necessitates expansion.
Growing Refinery Investments in Upgrades: There is growing interest in upgrading refineries to handle heavier crude oils and produce more environmentally friendly fuels.
Expanding use of petrochemicals: Consumption of petrochemical-based consumer and non-consumer goods has been on the rise.
Application of RE into the system: Biofuels and green hydrogen production as an industry is beginning to take support.
Reduction of CO2 Emissions: Today’s refineries are making investments in renewable energy and biofuels with the aim of minimizing carbon emissions.
Technological Developments: IOT and Artificial Intelligence are improving the possibility of reinforcement and also predictive upkeep in refineries.
Changes In Global Power Supply: The decreased utility of fossil fuels and the increased usage of EVs have relaxed the demand curves.
Political Factors: OPEC quotas, sanctions, and alliances heavily have a bearing on the workings within the market.
The product type includes fuels, lubricants, petrochemicals, bitumen, among others.
Regarding Purpose of Use: This includes transport fuels, energy fuels, domestic fuels, and industrial fuels, among others.
Regarding Region: The regions included in these forecasts are North America, Europe, Asia Pacific, Latin America, and the Middle East & North Africa.
1. ExxonMobil Corporation: It maintains an edge in refining capacity and technological developments.
2. Saudi Aramco: The largest oil producer in the world, heading the downstream sector.
3. BP plc: Aiming to reduce carbon emissions in its activities while still retaining functional refineries.
4. Shell: Integrated and diversified with financials to build renewable and bio facilities.
5. Chevron Corporation: Widely recognized for the superior incorporation of upstream and downstream businesses, from oil wells to refineries.