Oil Refining Market Forecasts to 2028 | Drivers and Opportunities| Key player Analysis Sinopec Corporation, China National Petroleum Corporation, ExxonMobil Corporation

According to Stratistics MRC, the Global Oil Refining Market is accounted for $1,345.00 billion in 2020 and is expected to reach $2,363.31 billion by 2028 growing at a CAGR of 7.3% during the forecast period. Upgrading of refineries to fulfill the growing petroleum product demand, rapid industrialization and urbanization and the demand for gasoline and gas oil are driving the market growth. However, increasing acceptance of clean fuel is hampering the growth of the market.

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Based on the complexity, the topping segment is going to have lucrative growth during the forecast period due to its ability to transform to high value products through the cracking of larger molecules into smaller ones. By geography, North America is going to have high growth during the forecast period due to the modern refineries built in the region that are highly efficient and are more equipped in producing the fuel that meets the strict government regulations. Therefore, the technological advancements are expected to help increase the profit margins for the refinery operators in the region.

Some of the key players profiled in the Oil Refining Market include Sinopec Corporation, China National Petroleum Corporation, ExxonMobil Corporation, Chevron Corporation, Marathon Petroleum Corporation, Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Valero Energy Corporation, Kuwait National Petroleum Company, Abu Dhabi National Oil Company, The Phillips 66 Company and PBF Energy Inc.

Products Covered:
• Middle Distillates
• Fuel Oil
• Light Distillates   

Complexities Covered:
• Deep Conversion
• Hydro-Skimming
• Conversion
• Topping

Fuels Covered:
• Gasoil
• Liquefied Petroleum Gas (LPG)
• Gasoline
• Kerosene

Applications Covered:
• Aviation
• Rail & Domestic Waterways
• Transportation
• Petrochemical
• Agriculture
• Marine Bunker
• Residential & Commercial
• Electricity

 Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

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