Oil refining involves the transformation of crude oil into useful petroleum products such as gasoline, diesel, jet fuel, fuel oils, lubricants, and petrochemical feedstocks. Crude oil in its natural form is unusable and has to undergo various refining processes which include distillation, cracking, reforming and other conversion processes in order to separate the crude oil into valuable products. The global oil refining industry processes over 80 million barrels of crude oil daily to meet worldwide demand for fuel and refined petroleum products which are critical components of our daily lives ranging from fuels, to plastics and chemicals.
The oil refining market is estimated to be valued at USD 1,838.46 Bn in 2024 and is expected to reach USD 2,469.1 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2031.
The growing Oil Refining Market Demand for automotive fuels especially in developing economies across Asia and Africa has been a major driver for the oil refining industry. Rapid economic development and rising vehicle ownership in countries such as India and China have significantly ramped up demand for diesel and gasoline.
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