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Global Oil Refinery market is projected to grow at a CAGR of 1.9% By 2032: Visiongain Reports Ltd

Visiongain Reports Ltd
Visiongain Reports Ltd

Visiongain has published a new report entitled the Oil Refinery 2022-2032. It includes profiles of Oil Refinery and Forecasts Market Segment by Investment, (CAPEX, OPEX) Market Segment by Processing Unit, (Crude Oil Distillation Unit (CDU), Vacuum Distillation Unit (VDU), Diesel Hydrotreating Unit (DHT), Semi-regenerative Reforming (SRR), Fluid Catalytic Cracking Unit (FCC), Sulfur Recovery Unit (SRU)) Market Segment by Type, (Topping Oil Refinery, Hydro-skimming Oil Refinery, Conversion Oil Refineries, Deep Conversion Refineries) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.

The global oil refinery market was valued at US$563.3 billion in 2021 and is projected to grow at a CAGR of 1.9% during the forecast period 2022-2032.

Growing Demand For Petroleum Product

The product demand in each region has an impact on refinery configuration as well. Propane, butane, petrochemical feedstock, gasolines (naphtha specialities, aviation gasoline, motor gasoline), distillates (jet fuels, diesel, stove oil, kerosene, furnace oil), heavy fuel oil, lubricating oils, waxes, asphalt, and still gas are just a few of the goods that refineries create. Gasoline contributes for over 40% of demand nationwide, with distillate fuels accounting for nearly a third of sales and heavy fuel oil accounting for barely 8%. The demand for petroleum products is approximately evenly split among the regions, with Atlantic/Quebec, Ontario, and the West accounting for almost one-third of total sales each. The product mix, on the other hand, varies a lot between locations. Distillate fuels account for 40% of product demand in the Atlantic provinces, where furnace oil (light heating oil) is the predominant source of home heating, and heavy fuel oil (used to generate power) accounts for another 24%. Gasoline sales make up less than 30% of total product demand.

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https://www.visiongain.com/report/oil-refinery-market-2022/#download_sampe_div

How has COVID-19 had a significant negative impact on the Oil Refinery Market?

The combined impact of Coronavirus (COVID-19) and the oil price shock is wreaking havoc on oil-exporting poor countries at a time when the fossil fuel industry is on the decline. Although some countries may be able to weather the current crisis thanks to sovereign wealth funds or low public debt, this will not be the case for the majority of oil-exporting countries, many of which are resource-dependent and were already dealing with high debt levels and multifaceted economic and social fragility prior to the current crisis. Because oil-exporting developing countries have become increasingly reliant on short-term and expensive non-concessional private borrowing in recent years, a significant portion of which is backed by oil collateral, some countries may find themselves in a spiral of unsustainable borrowing as a result of the current turmoil. To create fiscal space in oil-exporting developing countries, reduce the risks of unsustainable debt, corruption, and illicit financial flows (IFFs), and catalyse a transition to a cleaner and more sustainable future, a timely and coordin ated response involving both concessional lenders and private financiers is required.

Countries who are net oil exporters are facing a historic double blow: a worldwide economic slowdown brought on by the COVID-19 pandemic, and an oil market meltdown, with the benchmark price for US crude oil, the West Texas Intermediate, briefly falling below zero for the first time in history (in April 2020). The International Energy Agency estimates that oil and gas revenues for a number of significant producers will fall by 50 to 85 percent in 2020 compared to 2019, based on an oil price of USD 30 per barrel, however the losses could be greater depending on future market developments. The current crisis is taking place in the backdrop of a structural decline in the fossil fuel market, driven by a number of nations' commitments to decarbonisation as well as broader technological advancements that are increasingly making renewable energies the preferred energy alternative.

Many oil-producing countries have non-diversified, sector-dependent economies, with oil accounting for the vast majority of their exports and government revenues. The present drop in oil prices is limiting these countries' ability to respond to COVID-19's multifaceted domestic constraints at a time when more money is needed to fund service delivery, alleviate health risks, and relieve macroeconomic pressure. The International Energy Agency (IEA) predicted in March that significant oil-producing countries such as Iraq, Nigeria, and Angola will face a 50 percent to 85 percent decline in net revenue in 2020 compared to 2019. This would be the sector's lowest income in over two decades, and the International Energy Agency has warned that earnings could fall even more depending on future market conditions. In response to the oil price fall, there has been a decline in investor appetite for fossil fuel projects, and with the commencement of COVID-19, corporations have been putting new projects on hold and permanently shutting down high-cost operations. The reduction in discoveries and investments is projected to hurt smaller or new producer countries the hardest.

How this Report Will Benefit you?

Visiongain’s 561 page report provides 341 tables and 314 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global oil refinery market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Oil Refinery. Get the financial analysis of the overall market and different segments including Investment, processing unit, type and capture higher market share. We believe that high opportunity remains in this fast-growing oil refinery market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the current market drivers?

More Money Is Being Invested In Refinery Construction, Expansion, And Upgrades To Meet The Rising Demand For Petroleum Products.

More money is being invested in refinery construction, expansion, and upgrade to meet the rising demand for petroleum products. The Balikpapan refinery on Borneo Island in East Kalimantan, Indonesia, is expanding to add new processing units in order to improve capacity. The refinery's owner, Indonesian state-owned oil and gas business PT Pertamina, is carrying out the expansion (Persero). The project is part of the Indonesian government's IDR246.2 trillion ($17 billion) Refinery Development Master Plan (RDMP) programme to refurbish and upgrade the country's five refineries. The RDMP will increase refinery output capacity by 150 percent while also improving the country's energy security. Production will increase from 260,000 to 360,000 barrels per day (bpd) as a result of the Balikpapan expansion, allowing the refinery to produce Euro V-standard high-quality fuels.

The Demand For Gasoline And Gas Oil Has Risen Dramatically As The Number Of Automobiles In Various Countries Has Increased.

As the number of automobiles has grown, the need for gasoline and gasoline oil has risen dramatically. Everyone in this world requires automobiles. Vehicles are made up mostly of an engine that regulates the vehicle's overall movement. A variety of businesses are involved in the manufacture of automobiles and the provision of automobile services. Each year, the demand for automobiles grows. According to one estimate, sixty billion new cars are manufactured each year. People want to buy more vehicles because of their numerous advantages, thus demand has increased as well. According to a separate poll conducted in the United States, there are over 243 billion automobile users registered in the United States alone. This demonstrates the global significance of autos as well as the global demand for automobiles.

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https://www.visiongain.com/report/oil-refinery-market-2022/#download_sampe_div

Where are the market opportunities?

Future Trends In Petroleum Refining

Research, design, control and operation, maintenance, information handling, supply chain management, marketing execution, and distribution will all become more computer-based. As a result, research will become more diverse, and manufacturing facilities will become more sophisticated. Domestic and foreign rivals and customers will become more sophisticated, resulting in more transparent and efficient markets. Consumers will continue to look for energy sources that are dependable and independent of political influences, as well as sustainable, environmentally friendly, easy to produce, store, and distribute. As a result, businesses will rush to reconcile fossil fuels' place among developing energy alternatives. In the meanwhile, fuel formulas and consumption will change, mostly to improve performance and reduce pollution.

Deliberate Retail Strategy

In commoditized businesses like transportation fuels, differentiation might be difficult. Although retail stations connect refineries with their ultimate customers, downstream industries frequently sell their goods through channel partners or wholesale markets. Rising retail market penetration can assist boost market share and give consumer demand data if demand for refined products in the United States declines during the next ten years. Improved partner connections and the incorporation of retail data into existing operational modelling can assist downstream companies that sell their products through third-party managed distribution and retail networks.

Foot traffic in convenience stores and retail stations has climbed by 16 percent in the last few years, providing potential for downstream enterprises to grow through the value chain's tail end. Not only are there more convenience stores, but there are also more enterprises outside of retail gas stations in transportation-related industries like food delivery and ride-sharing. Availability and convenience are often the top reasons buyers choose shops across sectors. Most fuel retailers have suffered as a result of consumers' desire for convenience, with strong backcourt competitors gaining market share. Retail stores that focus on either premium items and services or value have succeeded better than those that strive to accomplish both.

Competitive Landscape

The major players operating in the oil refinery market are China Petroleum & Chemical Corp, Royal Dutch Shell Plc, BP Plc, Exxon Mobil Corporation, Total Energies SE, Chevron Corporation, Marathon Petroleum Corporation, Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Reliance Industries Limited, Valero Energy Corporation (Valero), S-Oil Corporation, Fluor Corporation, PBF Energy Inc., Phillips 66, Saudi Arabian Oil Co, PJSC Rosneft Oil Company, Eneos Holdings Inc, Gazprom PAO, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch

To access the data contained in this document please email oliver.davison@visiongain.com

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About Visiongain

Visiongain is one of the fastest-growing and most innovative independent market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10 year forecasts, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports means that you can have a bespoke piece of market intelligence customized to your very own business needs.

Contact:

Oliver Davison
PR at Visiongain Reports Ltd
UK Tel: +44 207 336 6100.
Email: oliver.davison@visiongain.com
Web: https://www.visiongain.com/