PUBLISHER: GlobalData | PRODUCT CODE: 1956062
PUBLISHER: GlobalData | PRODUCT CODE: 1956062
Global conventional refining capacity grew only modestly from 2020 to 2025, constrained by economic implications from the COVID-19 pandemic, long-term demand uncertainty from decarbonization and EV adoption, and stringent environmental regulations. However, growth is expected to accelerate in 2026-2030 as large new projects are set to come online across Asia, the Middle East, and Africa, supported by economic growth, urbanization, and rising fuel demand. Governments are also backing expansions to strengthen fuel security, reduce import reliance, and build export-oriented downstream value chains.