Market Size of Africa Oil Refining Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Africa Oil Refining Market Analysis
The African oil refining market is expected to register a CAGR of around 2.5% during the forecast period. The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.
Over the short term, the African oil refining market is expected to grow due to the increasing investments in developing countries, such as Nigeria, Algeria, Tunisia, and Angola. On the other hand, the rising fuel prices in the region can hinder the growth of the market studied in the coming years.
Nevertheless, the high LPG demand in many African countries creates ample opportunities for the market. In many parts of West Africa, a huge population uses pollutive fuels, such as biomass, firewood, charcoal, etc., for cooking and lighting. In Ghana, more than 60% of total energy consumption comes from biomass and dirty sources, as many people are deprived of clean fuels, such as LPG. Egypt is expected to dominate the market due to the government's efforts to develop the refining sector of the country.
