The ascending demand for oil refining products such as petroleum has led to increased investment in the construction, expansion, and modernization of oil refineries. This, in turn, has pushed the industry participants to increase their refining capacity. Countries also intend to reduce dependence on imported refined petroleum products. A majority of fuel used in aviation are jet fuels made from crude oil, thus the burgeoning aviation industry is also providing impetus to the oil refining market. That said, government authorities are introducing favourable regulations apropos to carbon emissions. This coupled with the growing digitization of the physical elements of oil refineries is poised to intensify the market competition. In such a business scenario, the global oil refining market is expected to witness robust expansion during the forecast period.
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Deep Conversion Refineries to Gain Prominence in Oil Refining Market
Based complexity, the global oil refining market is categorised into topping, hydro-skimming, conversion, and deep conversion. The deep conversion refinery is projected to account for a lion’s share of the market over the projected timeframe. Key industry players are inclined towards the deep conversion refinery owing to the introduction of several regulations owing to product quality specifications. The additional cooking unit in the deep conversion refinery helps in treating and converting heavy crude oil fractions into lighter products. With the rising prominence of the deep conversion refinery, the global oil refining market is predicted to reach sound maturity.
Comprehensive Applications of Light Distillates to Stimulate Oil Refining Market Growth
The rising applications of light distillates are directly facilitating the expansion of the oil refining market. In the distillation tower, crude oil is separated into heavy distillates, middle distillates, light distillates, and residuum. Light distillates have the lowest boiling point of all distillates and are flammable compounds that exist both in the gaseous and liquid states. The growing use of gasoline, a major light distillate product, is primarily the most common transport fuel and is used as fuel in internal combustion engines. In addition to this, the use of light distillates as derivatives contracts in financial markets is also augmenting its demand.
Asia Pacific to Emerge as Key Region in Oil Refining Market amid Increased Capacity of Oil
Asia Pacific is projected to sustain its position as a dominant region during the study period. This can be majorly attributed to the rise in new refinery projects, including the development of the latest projects and the expansion of new ones. Moreover, the refining capacity of China is expected to increase in the coming years. Meanwhile, the Indian government is also seeking ways to double its refining capacity. The cumulative force of all these factors is anticipated to bode well for the Asia Pacific’s oil refining market.
Prominent Market Players
Some of the major players in the oil refining market include Bharat Petroleum Corporation Limited, Reliance Industries Limited, Royal Dutch Shell Plc, China National Petroleum Corporation, Saudi Arabia, Marathon Petroleum Corporation, BP Plc, ExxonMobil Corporation, PJSC Lukoil Oil Company, Total S.A., Corporation, Petróleos de Venezuela S.A., Indian Oil Corporation Limited, and Hindustan Petroleum Corporation Limited.
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