Oil Refining Market Size

Oil Refining Market Size

Oil Refining Market size was valued over USD 6 trillion in 2017 and is set to witness a consumption of over 100 million barrels per day (MBPD) by 2024.

Oil refining market will witness an appreciable growth on account of rapid industrialization and economic transformation. Changing demographics, growing population and improvement in living standards across developing nations are some of factors positively influencing the industry landscape. Moreover, increasing disposable income owing to rapid urbanization will further fortify the affordability and accessibility of refined products. According to World Health Organization, the global urban population is predicted to grow over 1.5% annually by 2020.

Increasing investment toward construction, expansion & upgradation of refineries to fulfill petroleum product demand will stimulate the global market. For instance, in 2018, Chinese investment firm announced to invest USD 2 billion for construction of oil refinery in the northern Mazandaran province. Government regulations pertaining to carbon emissions along with positive outlook towards aviation and road transportation sector are some of the factors augmenting the demand for refined products. According to OPEC, global diesel demand is anticipated to grow 10 million barrels per day by 2030. In 2018, International Maritime Organization (IMO) has set target to reduce the carbon emissions by 50% by 2050 under new international agreement.