PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1795295
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1795295
Oil Refining
Global Oil Refining Market to Reach US$2.0 Trillion by 2030
The global market for Oil Refining estimated at US$1.9 Trillion in the year 2024, is expected to reach US$2.0 Trillion by 2030, growing at a CAGR of 0.9% over the analysis period 2024-2030. Light Distillates, one of the segments analyzed in the report, is expected to record a 1.2% CAGR and reach US$784.7 Billion by the end of the analysis period. Growth in the Middle Distillates segment is estimated at 0.6% CAGR over the analysis period.
The U.S. Market is Estimated at US$486.5 Billion While China is Forecast to Grow at 0.8% CAGR
The Oil Refining market in the U.S. is estimated at US$486.5 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$314.2 Billion by the year 2030 trailing a CAGR of 0.8% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 0.8% and 0.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 0.2% CAGR.
Global Oil Refining Market - Key Trends & Drivers Summarized
Why Oil Refining Remains a Pillar of the Global Energy and Manufacturing Ecosystem?
Oil refining plays a central role in converting crude oil into usable fuels and petrochemical feedstocks that power transportation, industry, and daily life. Through a combination of thermal, catalytic, and separation processes, refineries transform crude into products such as gasoline, diesel, jet fuel, LPG, asphalt, lubricants, and naphtha. These outputs are essential for mobility, electricity generation, plastics manufacturing, and many industrial operations. Refineries also serve as hubs for energy efficiency optimization, product blending, and integration with chemical production.
Despite global efforts to transition to cleaner energy, demand for refined petroleum products remains high, especially in fast-growing economies and transportation sectors where alternatives remain limited. As refining systems are tailored to the composition of input crude and the market-specific product slate, infrastructure must continuously adapt to new supply sources, fuel standards, and market expectations. This complexity makes oil refining not only capital-intensive but also strategically significant for energy security and supply chain continuity.
How Are Technological Upgrades and Process Innovations Shaping Refining Efficiency?
Refineries are increasingly adopting advanced technologies to improve yield, reduce energy intensity, and meet environmental regulations. Upgrades in catalytic cracking units, hydrocrackers, alkylation systems, and reformers are allowing refiners to maximize valuable product output from heavier or unconventional crude grades. Enhanced desulfurization and hydrogen processing units help meet ultra-low sulfur fuel standards without compromising performance. Integration of digital twins, real-time sensors, and process analytics is enabling dynamic optimization of refinery operations.
Energy efficiency improvements include heat integration systems, cogeneration units, and waste heat recovery boilers. Emission control technologies such as flue gas desulfurization, carbon capture readiness, and flare gas recovery systems are being deployed to reduce environmental footprints. Modularization and automation are also reducing construction time and improving operational flexibility in smaller, decentralized refineries. These innovations are helping operators manage tighter margins, fluctuating feedstock quality, and volatile product demand.
What Regional and Product Trends Are Influencing Refinery Operations?
Refining activity is shifting geographically as demand patterns and crude availability evolve. Asia-Pacific and the Middle East are witnessing rapid capacity additions to meet regional fuel demand and support petrochemical expansion. In contrast, North America and Europe are focusing on refinery rationalization, efficiency upgrades, and product diversification to align with declining fossil fuel consumption and rising environmental standards. New refining hubs are also emerging in Latin America and Africa to support domestic fuel supply and reduce import dependency.
Product slates are adjusting in response to market and regulatory trends. While gasoline and diesel remain dominant, demand for jet fuel, petrochemical feedstocks, and marine fuels is influencing process configurations. Integration with chemical production is becoming more common, particularly in China and the Gulf, where refinery-petrochemical complexes offer higher value and operational synergies. Bio-feedstock co-processing and renewable diesel production are gaining attention as refiners explore pathways to reduce carbon intensity without major infrastructure overhaul.
What Factors Are Driving Growth in the Oil Refining Market?
Growth in the oil refining market is driven by several factors. Rising demand for transportation fuels in Asia, Africa, and the Middle East is supporting expansion of refining capacity and modernization of older plants. Tightening fuel quality standards worldwide are prompting upgrades in desulfurization and emissions control units. Advances in digital process control, predictive analytics, and catalyst efficiency are improving refinery performance and throughput. Integration with petrochemical production is increasing revenue potential and product flexibility. Availability of discounted heavy crudes and opportunity crudes is encouraging investment in conversion capacity. Additionally, efforts to improve energy efficiency, reduce carbon emissions, and comply with ESG mandates are reshaping refining strategies and sustaining long-term investment in core and emerging markets.
SCOPE OF STUDY:
The report analyzes the Oil Refining market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Product Type (Light Distillates, Middle Distillates, Fuel Oil, Other Product Types)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
Select Competitors (Total 34 Featured) -
- Bharat Petroleum Corporation Ltd (BPCL)
- BP plc
- Chevron Corporation
- China National Petroleum Corporation (CNPC)
- China Petroleum & Chemical Corp. (Sinopec)
- Eni S.p.A.
- ExxonMobil Corporation
- Formosa Petrochemical Corporation
- Hindustan Petroleum Corp. Ltd (HPCL)
- Indian Oil Corporation Ltd (IOCL)
- Lukoil
- Marathon Petroleum Corporation
- Nayara Energy Ltd.
- PetroChina Company Limited
- Petrobras (Petroleo Brasileiro S.A.)
- Phillips 66
- PTT Public Company Limited
- Reliance Industries Limited
- Saudi Aramco
- Shell plc
AI INTEGRATIONS
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TARIFF IMPACT FACTOR
Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by increasing the Cost of Goods Sold (COGS), reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.
TABLE OF CONTENTS
I. METHODOLOGY
II. EXECUTIVE SUMMARY
- 1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Tariff Impact on Global Supply Chain Patterns
- Oil Refining - Global Key Competitors Percentage Market Share in 2025 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2025 (E)
- 2. FOCUS ON SELECT PLAYERS
- 3. MARKET TRENDS & DRIVERS
- Shift Toward Petrochemical Integration Expands Addressable Market for Hybrid Refinery-Petrochemical Complexes
- Rising Demand for Clean Fuels Propels Investment in Hydrocracking, Desulfurization, and Isomerization Units
- Global Push for Decarbonization Strengthens Business Case for Low-Emission and Net-Zero Refinery Models
- Integration of Digital Twins and Advanced Analytics Drives Optimization in Refinery Operations
- Expansion of Biofuel and Renewable Diesel Production Spurs Modernization of Refinery Configurations
- Stringent Fuel Quality Regulations Accelerate Upgradation of Refining Infrastructure Worldwide
- Refinery Closures in Developed Markets Create Capacity Shifts and New Investment Opportunities in Emerging Regions
- Increased Focus on Residue Upgradation and Bottom-of-the-Barrel Conversion Boosts Adoption of Delayed Coking and Hydroprocessing
- Geopolitical Instability and Feedstock Volatility Drive Refinery Flexibility and Crude Blending Capabilities
- Growth in Aviation and Marine Fuel Demand Spurs Investment in Jet Fuel and Low-Sulfur Bunker Blending Units
- Demand for Energy-Efficient Processes Encourages Use of Heat Integration and Process Intensification Technologies
- Integration of Carbon Capture and Storage Systems Generates Opportunities for Emissions Mitigation in Refining
- 4. GLOBAL MARKET PERSPECTIVE
- TABLE 1: World Oil Refining Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
- TABLE 2: World Recent Past, Current & Future Analysis for Oil Refining by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
- TABLE 3: World Historic Review for Oil Refining by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 4: World 16-Year Perspective for Oil Refining by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2014, 2025 & 2030
- TABLE 5: World Recent Past, Current & Future Analysis for Light Distillates by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
- TABLE 6: World Historic Review for Light Distillates by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 7: World 16-Year Perspective for Light Distillates by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2025 & 2030
- TABLE 8: World Recent Past, Current & Future Analysis for Middle Distillates by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
- TABLE 9: World Historic Review for Middle Distillates by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 10: World 16-Year Perspective for Middle Distillates by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2025 & 2030
- TABLE 11: World Recent Past, Current & Future Analysis for Fuel Oil by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
- TABLE 12: World Historic Review for Fuel Oil by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 13: World 16-Year Perspective for Fuel Oil by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2025 & 2030
- TABLE 14: World Recent Past, Current & Future Analysis for Other Product Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
- TABLE 15: World Historic Review for Other Product Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 16: World 16-Year Perspective for Other Product Types by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2025 & 2030
III. MARKET ANALYSIS
- UNITED STATES
- Oil Refining Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2025 (E)
- TABLE 17: USA Recent Past, Current & Future Analysis for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
- TABLE 18: USA Historic Review for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 19: USA 16-Year Perspective for Oil Refining by Product Type - Percentage Breakdown of Value Sales for Light Distillates, Middle Distillates, Fuel Oil and Other Product Types for the Years 2014, 2025 & 2030
- CANADA
- TABLE 20: Canada Recent Past, Current & Future Analysis for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
- TABLE 21: Canada Historic Review for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 22: Canada 16-Year Perspective for Oil Refining by Product Type - Percentage Breakdown of Value Sales for Light Distillates, Middle Distillates, Fuel Oil and Other Product Types for the Years 2014, 2025 & 2030
- JAPAN
- Oil Refining Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2025 (E)
- TABLE 23: Japan Recent Past, Current & Future Analysis for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
- TABLE 24: Japan Historic Review for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 25: Japan 16-Year Perspective for Oil Refining by Product Type - Percentage Breakdown of Value Sales for Light Distillates, Middle Distillates, Fuel Oil and Other Product Types for the Years 2014, 2025 & 2030
- CHINA
- Oil Refining Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2025 (E)
- TABLE 26: China Recent Past, Current & Future Analysis for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
- TABLE 27: China Historic Review for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 28: China 16-Year Perspective for Oil Refining by Product Type - Percentage Breakdown of Value Sales for Light Distillates, Middle Distillates, Fuel Oil and Other Product Types for the Years 2014, 2025 & 2030
- EUROPE
- Oil Refining Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2025 (E)
- TABLE 29: Europe Recent Past, Current & Future Analysis for Oil Refining by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
- TABLE 30: Europe Historic Review for Oil Refining by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 31: Europe 16-Year Perspective for Oil Refining by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2014, 2025 & 2030
- TABLE 32: Europe Recent Past, Current & Future Analysis for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
- TABLE 33: Europe Historic Review for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 34: Europe 16-Year Perspective for Oil Refining by Product Type - Percentage Breakdown of Value Sales for Light Distillates, Middle Distillates, Fuel Oil and Other Product Types for the Years 2014, 2025 & 2030
- FRANCE
- Oil Refining Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2025 (E)
- TABLE 35: France Recent Past, Current & Future Analysis for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
- TABLE 36: France Historic Review for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 37: France 16-Year Perspective for Oil Refining by Product Type - Percentage Breakdown of Value Sales for Light Distillates, Middle Distillates, Fuel Oil and Other Product Types for the Years 2014, 2025 & 2030
- GERMANY
- Oil Refining Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2025 (E)
- TABLE 38: Germany Recent Past, Current & Future Analysis for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
- TABLE 39: Germany Historic Review for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 40: Germany 16-Year Perspective for Oil Refining by Product Type - Percentage Breakdown of Value Sales for Light Distillates, Middle Distillates, Fuel Oil and Other Product Types for the Years 2014, 2025 & 2030
- ITALY
- TABLE 41: Italy Recent Past, Current & Future Analysis for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
- TABLE 42: Italy Historic Review for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 43: Italy 16-Year Perspective for Oil Refining by Product Type - Percentage Breakdown of Value Sales for Light Distillates, Middle Distillates, Fuel Oil and Other Product Types for the Years 2014, 2025 & 2030
- UNITED KINGDOM
- Oil Refining Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2025 (E)
- TABLE 44: UK Recent Past, Current & Future Analysis for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
- TABLE 45: UK Historic Review for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 46: UK 16-Year Perspective for Oil Refining by Product Type - Percentage Breakdown of Value Sales for Light Distillates, Middle Distillates, Fuel Oil and Other Product Types for the Years 2014, 2025 & 2030
- REST OF EUROPE
- TABLE 47: Rest of Europe Recent Past, Current & Future Analysis for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
- TABLE 48: Rest of Europe Historic Review for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 49: Rest of Europe 16-Year Perspective for Oil Refining by Product Type - Percentage Breakdown of Value Sales for Light Distillates, Middle Distillates, Fuel Oil and Other Product Types for the Years 2014, 2025 & 2030
- ASIA-PACIFIC
- Oil Refining Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2025 (E)
- TABLE 50: Asia-Pacific Recent Past, Current & Future Analysis for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
- TABLE 51: Asia-Pacific Historic Review for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 52: Asia-Pacific 16-Year Perspective for Oil Refining by Product Type - Percentage Breakdown of Value Sales for Light Distillates, Middle Distillates, Fuel Oil and Other Product Types for the Years 2014, 2025 & 2030
- REST OF WORLD
- TABLE 53: Rest of World Recent Past, Current & Future Analysis for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
- TABLE 54: Rest of World Historic Review for Oil Refining by Product Type - Light Distillates, Middle Distillates, Fuel Oil and Other Product Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2023 and % CAGR
- TABLE 55: Rest of World 16-Year Perspective for Oil Refining by Product Type - Percentage Breakdown of Value Sales for Light Distillates, Middle Distillates, Fuel Oil and Other Product Types for the Years 2014, 2025 & 2030
IV. COMPETITION
