Visiongain has published a new report entitled the Oil Refinery 2022-2032.
It includes profiles of Oil Refinery and Forecasts Market Segment by Investment, (CAPEX, OPEX) Market Segment by Processing Unit, (Crude Oil Distillation Unit (CDU), Vacuum Distillation Unit (VDU), Diesel Hydrotreating Unit (DHT), Semi-regenerative Reforming (SRR), Fluid Catalytic Cracking Unit (FCC), Sulfur Recovery Unit (SRU)) Market Segment by Type, (Topping Oil Refinery, Hydro-skimming Oil Refinery, Conversion Oil Refineries, Deep Conversion Refineries) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global oil refinery market was valued at U.S. $563.3 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 1.9% during the forecast period 2022-2032.
Growing Demand For Petroleum Product
The product demand in each region has an impact on refinery configuration as well. Propane, butane, petrochemical feedstock, gasolines (naphtha specialities, aviation gasoline, motor gasoline), distillates (jet fuels, diesel, stove oil, kerosene, furnace oil), heavy fuel oil, lubricating oils, waxes, asphalt, and still gas are just a few of the goods that refineries create. Gasoline contributes for over 40% of demand nationwide, with distillate fuels accounting for nearly a third of sales and heavy fuel oil accounting for barely 8%. The demand for petroleum products is approximately evenly split among the regions, with Atlantic/Quebec, Ontario, and the West accounting for almost one-third of total sales each. The product mix, on the other hand, varies a lot between locations. Distillate fuels account for 40% of product demand in the Atlantic provinces, where furnace oil (light heating oil) is the predominant source of home heating, and heavy fuel oil (used to generate power) accounts for another 24%. Gasoline sales make up less than 30% of total product demand.
More Money Is Being Invested In Refinery Construction, Expansion, And Upgrades To Meet The Rising Demand For Petroleum Products.
More money is being invested in refinery construction, expansion, and upgrade to meet the rising demand for petroleum products. The Balikpapan refinery on Borneo Island in East Kalimantan, Indonesia, is expanding to add new processing units in order to improve capacity. The refinery's owner, Indonesian state-owned oil and gas business PT Pertamina, is carrying out the expansion (Persero). The project is part of the Indonesian government's IDR246.2 trillion ($17 billion) Refinery Development Master Plan (RDMP) programme to refurbish and upgrade the country's five refineries. The RDMP will increase refinery output capacity by 150 percent while also improving the country's energy security. Production will increase from 260,000 to 360,000 barrels per day (bpd) as a result of the Balikpapan expansion, allowing the refinery to produce Euro V-standard high-quality fuels.
The Demand For Gasoline And Gas Oil Has Risen Dramatically As The Number Of Automobiles In Various Countries Has Increased.
As the number of automobiles has grown, the need for gasoline and gasoline oil has risen dramatically. Everyone in this world requires automobiles. Vehicles are made up mostly of an engine that regulates the vehicle's overall movement. A variety of businesses are involved in the manufacture of automobiles and the provision of automobile services. Each year, the demand for automobiles grows. According to one estimate, sixty billion new cars are manufactured each year. People want to buy more vehicles because of their numerous advantages, thus demand has increased as well. According to a separate poll conducted in the United States, there are over 243 billion automobile users registered in the United States alone. This demonstrates the global significance of autos as well as the global demand for automobiles.
Future Trends In Petroleum Refining
Research, design, control and operation, maintenance, information handling, supply chain management, marketing execution, and distribution will all become more computer-based. As a result, research will become more diverse, and manufacturing facilities will become more sophisticated. Domestic and foreign rivals and customers will become more sophisticated, resulting in more transparent and efficient markets. Consumers will continue to look for energy sources that are dependable and independent of political influences, as well as sustainable, environmentally friendly, easy to produce, store, and distribute. As a result, businesses will rush to reconcile fossil fuels' place among developing energy alternatives. In the meanwhile, fuel formulas and consumption will change, mostly to improve performance and reduce pollution.
Deliberate Retail Strategy
In commoditized businesses like transportation fuels, differentiation might be difficult. Although retail stations connect refineries with their ultimate customers, downstream industries frequently sell their goods through channel partners or wholesale markets. Rising retail market penetration can assist boost market share and give consumer demand data if demand for refined products in the United States declines during the next ten years. Improved partner connections and the incorporation of retail data into existing operational modelling can assist downstream companies that sell their products through third-party managed distribution and retail networks.
Foot traffic in convenience stores and retail stations has climbed by 16 percent in the last few years, providing potential for downstream enterprises to grow through the value chain's tail end. Not only are there more convenience stores, but there are also more enterprises outside of retail gas stations in transportation-related industries like food delivery and ride-sharing. Availability and convenience are often the top reasons buyers choose shops across sectors. Most fuel retailers have suffered as a result of consumers' desire for convenience, with strong backcourt competitors gaining market share. Retail stores that focus on either premium items and services or value have succeeded better than those that strive to accomplish both.
Competitive Landscape
The major players operating in the oil refinery market are China Petroleum & Chemical Corp, Royal Dutch Shell Plc, BP Plc, ExxonMobil Corporation, Total Energies SE, Chevron Corporation, Marathon Petroleum Corporation, Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Reliance Industries Limited, Valero Energy Corporation (Valero), S-Oil Corporation, Fluor Corporation, PBF Energy Inc., Phillips 66, Saudi Arabian Oil Co, PJSC Rosneft Oil Company, Eneos Holdings Inc, Gazprom PAO.
These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch
