Market Size of Oil Refining Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 1.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil Refining Market Analysis
The oil Refining market is estimated to be at USD 1300 billion by the end of this year and is projected to reach USD 1386.72 billion in the next five years, registering a CAGR of over 1.3% during the forecast period.
- Over the medium term, expanding downstream infrastructure worldwide to meet the increasing demand for refined petroleum products is expected to drive the market during the forecast period.
- On the other hand, the environmental concerns and regulations regarding oil and its products are expected to hinder the market's growth during the forecasted period.
- Nevertheless, many refineries worldwide are aging and require upgrades to improve efficiency, increase capacity, and comply with environmental regulations. Upgrading existing facilities presents opportunities for market studies during the forecasted period.
- Asia-Pacific is expected to remain the major player in the oil refining market. Owing to the upcoming major refinery projects in China and India.
