Oil Refining Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The oil refining market is expected to record a CAGR of slightly more than 1.5% during the forecast period. The COVID-19 outbreak in Q1 2020 had a moderate negative impact on the oil refining market due to a reduction in the consumption of oil refined products. For instance, countries like India consumed 37.19 billion liters of petrol in 2020, from 42.27 billion liters in 2019. Further, the COVID-19 pandemic has caused delays in several refinery up-gradation projects. Growth in refining capacity in major regions, such as in Asia-Pacific, is expected to drive the demand for petroleum products in the coming years. However, the oil refining market is restrained by a lack of investments in the oil and gas sector, delayed commissioning projects, acquisition of lands, and increasing adoption of electric vehicles in developed and developing countries worldwide.
Key HighlightsThe oil refining market is moderately consolidated. Some of the major players operating in the market include Exxon Mobil Corporation, Royal Dutch Shell PLC, Sinopec Corp., BP PLC, and Saudi Arabian Oil Co.
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