ResearchandMarkets report: Global refining market to reach 106.5mbpd by 2023, driven by expanding populations

The report forecasts refinery expansion, as well as providing regional splits for refinery growth

Middle Eastern companies are also looking at other geographies to invest in new refinery capacity. (Image for illustration only)
Middle Eastern companies are also looking at other geographies to invest in new refinery capacity. (Image for illustration only)

The global refining market is forecast to grow from 99.7 million barrels per day (mbpd) in 2018 to nearly 106.5mbpd in 2023, at a CAGR of 1.3%, according to a new report.

The global refining market is characterised by a high demand for petrochemicals and fuels for automobiles, which will keep the market growing for the next decade, according to the ‘Opportunities and Trends in the Global Refining Market, Forecast to 2023’ study from ResearchandMarkets.com.

“An expanding population, increasing affordability, higher automobile penetration, lower oil prices, and increasing investments by companies in the developing regions of the world will aid in new refinery construction and upgrade of old facilities,” the research firm said.

“Increasing automobile penetration will drive the demand for gasoline and diesel, mainly in Asia and Africa, which drives the need to expand refinery capacity to cater to expanding demand,” it said.

Asia is expected to be the key hub for refinery expansion, as the region invests heavily in new capacities and upgrading old ones to meet domestic demand and take advantage of export opportunities, according to the report.

China and the Middle East are expected to lead the way for refinery expansion, followed by India and Southeast Asia. These regions are expected to drive global growth, as they add more consumers to the market, which will drive demand for oil-based products.

Satisfying domestic demand is a key concern for most countries, as demand exceeds supply in many developing regions, especially in the Middle East, where countries and companies are focusing more on downstream activities after years of focus on upstream,” said ResearchandMarkets.com.

Middle Eastern companies are also looking at other geographies to invest in new refinery capacity, as they are keen to tap into growing global demand for petrochemical products.

“South and Southeast Asia and Africa will be key beneficiaries of such Middle Eastern investments,” the research firm said.

The latest ‘Opportunities and Trends in the Global Refining Market’ study from ResearchandMarkets.com addresses the future and present market opportunities across the globe, as well as challenges faced in a rapidly changing environment.

Market metrics are provided for the United States and Canada, Latin America, Africa, Europe, Russia & CIS, the Middle East, China, and other APAC countries.

For the latest refining and petrochemical industry related videos, subscribe to our YouTube page.

For all the latest refining and petrochemical news from the Middle East countries, follow us on Twitter and LinkedIn, like us on Facebook.

You may also like

ADNOC invests $245mn to upgrade main oil lines and Jebel Dhanna Terminal
ADNOC Onshore awards two EPC contracts to increase the capacity of two main oil lines and upgrade crude receiving facilities at the Jebel Dhanna Terminal
Haldor Topsoe sets out to become the global leader in technologies to reduce carbon emissions
A new purpose and vision launch Topsoe’s ambition to lead the drive to reduce carbon emissions from fuels and chemicals
APICORP posts $54.8mn net profit in H1-2020
Gross operating income at $144.7mn and net income at $54.8mn despite adverse global conditions
Mammoet’s heavy lifting and transport solutions for a turnaround at Saudi Aramco’s refinery
Early involvement, innovative engineering and equipment availability are key to narrow shutdown window at Riyadh refinery

MOST POPULAR