Global Oil Refining Market 2021 is expected to register a CAGR of Growing rate%, during forecast period with Impact of Covid 19 Analysis

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Global “Oil Refining Market” Report 2021 (value and volume) by company, regions, product types, end industries, history data and estimate data. Also, Report contains a comprehensive analysis of the important segments like market opportunities, import/export details, market dynamics, key manufacturers, growth rate, and key regions. This report focuses on the Oil Refining in the Global market, especially in the United States, Europe, China, Japan, South Korea, North America, India. Oil Refining Market report categorizes the market based on manufacturers, regions, type, and application. Oil Refining Market reports offer a detailed assessment of the Oil Refining including enabling technologies, current market situation, market assumptions, restraining factors.

The Global Oil Refining market swot is provided for the international markets including progress trends, competitive landscape breakdown, and key in regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.

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The demand for energy is growing in the emerging countries. These countries are also heavily dependent on oil. Therefore, the growing energy demand in emerging countries is expected to drive the market, while the global trend towards increased natural gas and renewable energy consumption is expected to restrain the market during the forecast period.

Growing Oil Demand and Technologically Advancements to Drive the Market

Energy demand in emerging countries, like India and China is growing at a substantial rate owing to industrialization, growing population, and urbanization. But these countries do not have enough infrastructures for distribution of gas and generating renewable energy to meet the growing demands. Therefore emerging countries are expected to remain heavily dependent on oil to meet the demands. Therefore growing demand, particularly in emerging countries, is expected to drive the oil demand, in turn driving the refining market. The modern refineries built are highly efficient and are more equipped in producing the fuel that meets the strict government regulations. Therefore, the technological advancements are expected to help increase the profit margins for the refinery operators. Many refinery operators, particularly in Europe and the US, are closing down the refinery plants due to low-profit margins. Therefore, the increased profit margins due to technological advancements are expected to support the growth of the market.

Low Margin and Demand is Expected to Restrain the European Market

Europe is moving towards gas and renewable energy to meet the energy needs, which is constraining the oil demand in the region. The regulation put in place by European Union, and national governments are expected to reduce the refined oil demand in the region further. For example, the new cap will be put in action after 2021 on the sulfur content of marine fuel, which is expected to reduce the demand for oil in the marine industry. With low oil demands, many refineries in the region are unable to find buyers. The other major problem faced by the European oil refineries is that they have witnessed a consistent drop in profit margin since 1990, and as a result, the margin of European refineries is significantly lower than the global average. Lower margins and inability to find the buyers are forcing the refineries operators to shut down the plants. It is estimated that more refinery plants are expected to shut down during the forecast period, in turn restraining the market during the forecast period.

Nigeria to Register Significant Growth During the Forecast Period

Nigeria has a nameplate capacity of 445,000 bpd, largest in West Africa and fourth largest in Africa. But the refining facilities are very old; suffer from lack of maintenance and inconsistent feedstock. As a result, country’s 80% of the downstream product requirement is fulfilled by the imports. The government of Nigeria plans to process all the domestic refined product consumption locally by 2019. In order to improve the downstream industry production, and reduce the dependence on imports, Nigeria’s Department of Petroleum Resources (DPR) and state-owned Nigerian National Petroleum Corporation (NNPC) have opened their door to private international and local investors. The result is, Dangote group is building the largest oil refinery with the nameplate capacity of 650,000 bpd of oil, which is not only expected to meet Nigeria’s consumption but also, allows the country to become an exporter of the refined products. The Dangote oil refinery is expected to start the production by 2019. Apart from that, in May 2017, Emmanuel Ibe Kachikwu, Ministry of State, Petroleum Resources, Nigeria announced that Nigerian Government has reached an agreement with Agip to build a new refinery of 150,000 bpd capacity. Owing to increased investments to build new infrastructures, Nigeria is expected to be the fastest growing market for the downstream industry in the region.

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The global Oil Refining market covers the vision of participant analysis by product types, market share, applications, sales, and revenue.

Oil Refining Market Report covers the Top Key-players in 2021:-

  • Exxon Mobil Corporation
  • Shell
  • China Petroleum & Chemical Corporation
  • BP p.l.c.
  • Saudi Arabian Oil Co.
  • Valero Energy Corporation
  • SAC Petrobras
  • China National Petroleum Corporation
  • Chevron Corporation
  • Phillips 66 Company
  • Total S. A

Highlighted points of Oil Refining Market Size:

  • Covers the varying market dynamics of the industry.
  • In-depth analysis of market risks, opportunities, limitations, and growth of the market.
  • Includes market driving and restraining factors.
  • Participants profiles along with product description, overview, and business data.
  • Include details of five years of forecast analysis by types, regions, and applications.

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This Oil Refining Market Research/analysis Report Contains Answers to your following Questions

  • Which Manufacturing Technology is Used for Oil Refining? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
  • Who Are the Global Key Players in This Oil Refining Market? What’s Their Company Profile, Their Product Information, Contact Information?
  • What Was Global Market Status of Oil Refining Market? What Was Capacity, Production Value, Cost and PROFIT of Oil Refining Market?
  • What Is Current Market Status of Oil Refining Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Oil Refining Market by Taking Applications and Types in Consideration?
  • What Are Projections of Global Oil Refining Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What About Import and Export?
  • What Is Oil Refining Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
  • What Is Economic Impact On Oil Refining Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
  • What Are Market Dynamics of Oil Refining Market? What Are Challenges and Opportunities?
  • What Should Be Entry Strategies, Countermeasures to Economic Impact, Marketing Channels for Oil Refining Industry?

Key Developments in the Oil Refining Market:

  • March 2018: An Indian downstream oil & gas company Bharat Petroleum Corporation Limited (BPCL) awarded Petrofac an Engineering, Procurement, and Construction (EPC) for its Kochi Refinery in India. According to the contract, Petrofac will provide EPC and pre-commissioning services as well as will assist with commissioning for 27 months. The contract is worth USD 135 million
    The m

    Reasons to Purchase This Report

  • Current and future global oil refining market outlook in the developed and emerging markets
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • The segment that is expected to dominate the market
  • Regions that are expected to witness fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet in excel

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    Finally, the report Global Oil Refining Market 2021 describes the Oil Refining industry expansion game plan, the Oil Refining industry knowledge supply, appendix, analysis findings, and the conclusion.

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