Energia
Oil Refining Market to Garner $3,751.5 Billion, Globally, by 2030 at 5.3% CAGR, states Allied Market Research
Surge in oil product trade movements, positive outlook toward expansion of refinery facilities, regulations about sulfur emission, and rise in need for refined products have boosted the growth of the global oil refining market. Furthermore, shale gas and expenditure toward oil & gas infrastructure positively affected the market. On the contrary, increased adoption of clean fuel hampers the market growth. However, technological development of physical elements of oil refineries and digitalization would unlock new opportunities in the coming years.
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Based on complexity type, the conversion segment is projected to manifest the highest CAGR of 5.9% during the forecast period, due to advent of several regulations about product quality specifications. However, the deep conversion segment dominated the market in terms of revenue in 2020, contributing to more than one-fourth of the global oil refining market.
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Based on product type, the middle distillation segment is estimated to portray the highest CAGR of 5.7% from 2021 to 2030, due to increase in demand for aviation fuel and dearth of availability of aviation fuel substitutes. However, the light distillates segment held the largest share in 2020, accounting for more than two-fifths of the global oil refining market, owing to surge in need for gasoline from the transportation market.
Based on geography, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 6.0% from 2021 to 2030. Furthermore, the region contributed the in 2020, holding more than one-third of the global oil refining market, owing to surge in need for petroleum products because of rapid industrialization.
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