Latest News- Oil Refining Market: Light distillates is expected to lead the Product segment during 2025-2029

The Oil Refining Market is being driven by Surging demand for refined fuel

The Oil Refining Market is expected to grow at a CAGR of 1.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 111.2 billion. In the evolving landscape of the oil refining industry, modular mini refineries have emerged as a viable solution for oil producers in remote regions, particularly in developing economies like Malaysia and the Philippines. The rationalization of the oil refining sector over the past three decades, coupled with rapidly changing environmental regulations and investment incentives aimed at addressing energy security concerns, have significantly influenced investment patterns. For oil companies with crude oil wells that do not yield substantial quantities, the high operational and transportation costs, coupled with challenges in selling crude oil in the global market, have made modular mini refineries an attractive alternative. These compact, flexible, and cost-effective refining solutions enable these companies to process their crude oil locally, reducing logistical expenses and increasing profitability. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Light distillates
  • Middle distillates
  • Fuel oil
  • Others
• Fuel Type
  • Gasoline
  • Kerosene
  • LPG
  • Others
• End-user
  • Transportation
  • Petrochemicals
  • Residential and commercial heating
  • Power generation
  • Others
• Capacity
  • Large-scale refineries
  • Medium-scale refineries
  • Small-scale refineries
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • Italy
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Surging demand for refined fuel
• Growing aviation industry
• Increased investments in construction industry

However, the market also witnesses some limitations, which are as follows:

• Costly and time-consuming nature of oil refinery maintenance operations
• Lack of investments in oil and gas sector
• Fluctuations in crude oil prices

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Market Scope in Oil Refining Market Research Report

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Research Analysis Overview

The Oil Refining Market encompasses various processes such as thermal cracking methods and hydrogen production methods for converting crude oil into valuable products. This includes petroleum coke and bitumen production through specific processes, paraffin wax and asphalt production via different techniques. Heavy oil upgrading, desalting process control, and fractionator control systems ensure efficient production. Reactor temperature and pressure control, process simulation software, heat exchanger and distillation tower design, and reactor catalyst selection are crucial for optimizing operations. Product quality control, environmental impact assessment, safety management systems, process optimization techniques, energy conservation measures, and waste minimization strategies are essential for sustainable and profitable refining. Process control instrumentation and pipeline integrity management are key components for maintaining safe and reliable operations.

Market Research Overview

The global oil and gas refining and marketing industry encompasses businesses involved in the refining and distribution of crude oil into various petroleum products, as well as the marketing of these products and related services. This sector represents a crucial component of the oil and gas value chain. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers, providers, and service suppliers in the oil, gas, and refined product sectors. Key growth drivers for the oil and gas refining and marketing market include the escalating demand for cleaner fuels, particularly in emerging economies such as China and India, which are experiencing population growth and industrial expansion. Technological advancements in refining processes, including crude oil distillation, catalytic cracking (both fluid catalytic cracking and hydrocracking), are also contributing to market growth by increasing efficiency and reducing emissions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/