Oil Refining Market - Global Growth, Trends, COVID-19 Impact, and Forecasts 2021-2026: COVID-19 Coupled with the High Volatility of Crude Oil Prices has Delayed Many Refinery Projects - ResearchAndMarkets.com

The "Oil Refining Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The global refining capacity is expected to grow at a CAGR of more than 1.25% during 2021-2026.

The COVID-19 pandemic has negatively affected the market due to a reduction in consumption of refined petroleum products and declining economic development across the major nations of the world. The COVID-19 pandemic coupled with the high volatility of crude oil prices has delayed many refinery projects across the globe.

The growth in refining capacity is expected to be driven by the increasing demand for petroleum products in the coming years. However, the refining market is restrained by factors, such as lack of funds, delay in commissioning projects, acquiring lands, and increasing adoption of electric vehicles in developed and developing nations across the globe.

The expansion of downstream infrastructure across the globe in order to meet to increasing demand for refined petroleum products is expected to drive the market during the forecast period.

African countries such as Nigeria, Algeria, and others are planning to make their countries the regional hub for refineries in the coming years. This, in turn, is expected to create a huge opportunities for the international and domestic refiners to tap into the African market in the near future.

Asia-Pacific is expected to remain the major player in the oil refining market. As of 2019, the region covered around 34% of the global refining capacity and is expected to remain the major region during the forecast period owing to the upcoming major refinery projects in China and India.

Key Market Trends

Expansion in the Downstream Infrastructure

• The demand for oil as fuel in the transportation sector is likely to maintain its momentum in the short term. The recovery in oil consumption trends, driven by lower oil prices, is expected to support the momentum. Many countries across the globe are trying to invest in refining capacity to reduce their dependence on imported refined petroleum products.
• As of 2018, there were above 470 planned and announced petrochemical plants, out of which, China is estimated to have 240 plants. The capital expenditure for the projects in China is expected to reach around USD 52 billion by 2026.
• In addition to this, in Nigeria, Dangote Oil Refinery Company (Dangote) is constructing an integrated refinery and petrochemical complex in the Lekki Free Zone near Lagos, Nigeria. The refinery is expected to be the world's biggest single-train facility, upon commissioning in 2021. The project is estimated to cost USD 18 billion, the refinery will produce Euro-V quality gasoline and diesel, as well as jet fuel and polypropylene.
• In the United States, there are above 95 planned and announced projects, which are expected to have a total capacity of up to 63 MTPA by 2026. The CAPEX for these projects stands at around USD 53 billion. Major capacity additions in the country are likely to be initiated by IGP Methanol LLC and NW Innovation Works.
• Therefore, the expansion of the global refining sector in the form of upcoming petrochemical and refinery complexes is expected to drive the market studied during the forecast period.

Competitive Landscape

The global 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.

Key Topics Covered:

1 INTRODUCTION

1.1 Scope of the Study

1.2 Market Definition

1.3 Study Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Refining Capacity and Forecast in million barrels per day (mbpd), till 2026

4.3 Refining Throughput, in barrels per day, till 2019

4.4 Recent Trends and Developments

4.5 Government Policies and Regulations

4.6 Market Dynamics

4.6.1 Drivers

4.6.2 Restraints

4.7 Supply Chain Analysis

4.8 Porter's Five Forces Analysis

5 MARKET SEGMENTATION - BY GEOGRAPHY

5.1 North America

5.2 Asia-Pacific

5.3 Europe

5.4 South America

5.5 Middle-East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

6.3.1 Exxon Mobil Corporation

6.3.2 Royal Dutch Shell PLC

6.3.3 Sinopec Corp.

6.3.4 BP PLC

6.3.5 Saudi Arabian Oil Co.

6.3.6 Valero Energy Corporation

6.3.7 Petroleos de Venezuela SA

6.3.8 China National Petroleum Corporation

6.3.9 Chevron Corporation

6.3.10 Rosneft PAO

6.3.11 Total SA

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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