PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1719370
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1719370
U.S. Petroleum Refining Market Size & Share Analysis - Emerging Trends, Growth Opportunities, Competitive Landscape, and Forecasts (2025 - 2032)
The U.S. petroleum refining market is expected to grow from USD 793.3 billion in 2024 to USD 1,168.3 billion by 2032, expanding at a CAGR of 5.1%. This growth is driven by the ongoing demand for transportation and electricity fuels, particularly gasoline and diesel, while refineries continue to upgrade facilities to improve operational efficiency and reduce emissions. The U.S. remains a key player in global petroleum refining, contributing significantly to energy supply, especially during global disruptions. Technological advancements, including the production of sustainable aviation fuel (SAF) and biodiesel, are also fueling market growth.
Key Insights
Gasoline accounts for 40% of market revenue in 2024, remaining the dominant product, despite the growing shift to electric vehicles.
Jet fuel is the fastest-growing segment due to a resurgence in air travel post-pandemic, with increasing demand from both passenger and cargo airlines.
Refinery upgrades and modernization are major drivers, with advancements in carbon capture technology and production of renewable fuels like biodiesel and SAF.
Despite the rise of EVs, petroleum remains a crucial part of the U.S. energy landscape, meeting 38% of the country's final energy consumption and 83% of primary energy production.
The West region is the fastest-growing market, while the South remains the largest, supported by high refinery capacities and a focus on infrastructure development.
The shift towards renewable fuels is a key trend, with biofuels such as SAF and renewable diesel gaining prominence as part of sustainable fuel initiatives.
Government policies, including the Renewable Fuel Standard (RFS), are boosting the production of renewable fuels, while supporting California's Low Carbon Fuel Standard program.
Table of Contents
Chapter 1. Research Scope
- 1.1. Research Objectives
- 1.2. Market Definition
- 1.3. Analysis Period
- 1.4. Market Size Breakdown by Segments
- 1.4.1. Market Size Breakdown, by Product
- 1.4.2. Market Size Breakdown, by Complexity
- 1.4.3. Market Size Breakdown, by End Use
- 1.5. Market Data Reporting Unit
- 1.5.1. Revenue
- 1.6. Key Stakeholders
Chapter 2. Research Methodology
- 2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence Database
- 2.2. Primary Research
- 2.3. Market Size Estimation
- 2.4. Data Triangulation
- 2.5. Currency Conversion Rates
- 2.6. Assumptions for the Study
- 2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
- 5.1. Industry Background
- 5.2. Market Dynamics
- 5.2.1. Trends
- 5.2.2. Drivers
- 5.2.3. Restraints/Challenges
- 5.2.4. Emerging Economies and Key Opportunities
- 5.2.5. Impact Analysis of Drivers/Restraints
- 5.3. Impact of COVID-19
- 5.4. Sociopolitical Impact
- 5.5. Porter's Five Forces Analysis
- 5.5.1. Bargaining Power of Buyers
- 5.5.2. Bargaining Power of Suppliers
- 5.5.3. Threat of New Entrants
- 5.5.4. Intensity of Rivalry
- 5.5.5. Threat of Substitutes
- 5.6. Market Entry Strategies
Chapter 6. Competitive Landscape
- 6.1. List of Market Players and their Offerings
- 6.2. Market Share of Key Players (2024)
- 6.3. Competitive Benchmarking of Key Players
- 6.4. Product Benchmarking of Key Players
- 6.5. Recent Strategic Developments by Key Players
- 6.6. Company Leadership Matrix
Chapter 7. U.S. Market
- 7.1. Overview
- 7.2. Market Revenue, by Product (2019-2032)
- 7.3. Market Revenue, by Complexity (2019-2032)
- 7.4. Market Revenue, by End Use (2019-2032)
- 7.5. Market Revenue, by Region (2019-2032)
Chapter 8. Company Profiles
Chapter 9. Appendix
- 9.1. Sources and References
- 9.2. Related Reports
