Oil Refining Market report provides a basic overview of the Oil Refining industry including definitions, classifications, applications, and. Also industry chain structure, the Oil Refining provides development policies, plans, manufacturing processes, and cost structures. Oil Refining report delivers information of market size (volume and value), and the segment markets by regions, types, major drivers, trends, challenges, applications, annual growth rate, forecasts, and companies.
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The report aims to provide an overview of global Oil Refining with detailed market segmentation by component, wearable, type, application, and geography. The global Oil Refining market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the market.
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 2020 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.
Key Developments in the 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 major players include – Exxon Mobil Corporation, Shell, China Petroleum & Chemical Corporation, BP p.l.c., Saudi Arabian Oil Co., Valero Energy Corporation, amongst others.
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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Oil Refining Market Forecast 2019-2024
The Oil Refining industry research report analyses the supply, sales, production, and market status comprehensively. Production market shares and sales market shares are analysed along with the study of capacity, production, sales, and revenue. Several other factors such as import, export, gross margin, price, cost, and consumption are also analysed under the section Analysis of Oil Refining production, supply, sales and market status.
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Price of Oil Refining Market Report (single User Licence): $ 4250
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
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