Global Oil Refining Market Outlook to 2028

Global Oil Refining Market Outlook to 2028

The rising demand for refined products coupled with rapid industrialization, increasing disposable income and accessibility of refined products are some of the significant factors drive the growth of oil refining market.

Furthermore, growing demand for petrochemical feedstocks and industrial fuels will further complement the business growth.

The outbreak of the coronavirus had a considerable impact on downstream production economics. The oil-refining units were forced to shut down amidst nationwide lockdown.

With a current global refining capacity of around 100 million barrel per day, Asia-Pacific dominates the market with around 35% of global refining capacity. The growth in refining capacity is mainly driven by the demand of petro-products in a region and runs parallelly with the growth of human and vehicle population.

Asia’s outlook is strong for the long term, India holds the largest refinery in the globe in Jamnagar. China is one of the largest crude oil importers, China oil refining industry is projected to witness prominent growth on account of rising demand for petroleum product due to rapid industrialization.

In the long term, it is anticipated to observe an earlier peak in oil demand by the early 2030s. This is primarily due to a more bearish outlook for road transport demand due to growing penetration of electric vehicles.

Blackridge's Report provides insights into the current global and regional market demand scenario and its outlook. The study offers a detailed analysis of various factors instrumental in affecting the global oil refining market growth.

The Report will also provide a perspective on various market opportunities and threats and a detailed analysis of the global oil refining market's competitive landscape.
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