市場調查報告書
商品編碼
1509684
石油精製的全球市場的評估:各類型,各產品,各最終用途產業,各地區,機會,預測(2017年~2031年)Oil Refining Market Assessment, By Type, By Product, By End-use Industry, By Region, Opportunities and Forecast, 2017-2031F |
全球煉油市場規模預計將從 2023 年的 15,364.8 億美元增至 2031 年的 21,511.4 億美元,複合年增長率預計為 4.30%。石油精煉的好處是將原油轉化為各種有價值的產品,例如燃料、化學品和其他行業的原材料。這個過程可以從原油中生產汽油、柴油和噴射燃料等高價值產品,有助於能源安全和經濟成長。石油煉製的成長主要受到石油產品消費增加、原油供應、主要市場參與者對石油煉製的投資活動以及技術快速進步等因素的推動。
由於對汽油、柴油、航空燃油和潤滑油等石油精煉產品的需求不斷增加,石油精煉的投資活動不斷增加。
2023年9月,中國石油化學股份有限公司(以下簡稱“中石化”)成立新實體“中國石化海外投資控股”,投資海外石化和煉油資產。此舉是中石化國際化擴張、利用其資源和經驗的努力的一部分。新公司將成為中國石化在中國境外投資、成立和經營煉油廠的唯一機構。此外,中石化也投資了與俄羅斯西布爾公司合作投資100億美元的東西伯利亞阿穆爾天然氣化工聯合體、沙烏地阿拉伯延布日產40萬桶的Yasref煉油廠等項目。
石油產品需求的持續成長推動市場發展
不斷擴大的石油產品需求正在增強石油煉製產業的實力。石油消費的穩定成長需要擴大煉油能力,特別是在亞洲和中東,需求增加和原油供應是主要因素。此外,亞太地區強勁的經濟成長促進了工業活動、基礎設施發展和商業部門,進一步增加了對精煉石油產品的需求。
例如,2024年1月,印度石油規劃與分析小組預測,2024-2025財年該國對精煉石油產品的需求將小幅增加3%。此外,從 4 月 1 日開始的財年,包括航空燃油、柴油和液化石油氣在內的石油產品需求預計將達到 2.39 億噸,而去年為 2.33 億噸。
煉油專案的開發正在加速市場成長
煉油專案的發展正在透過提高產能來促進煉油,以滿足日益增長的成品油需求。建造新的煉油廠對於滿足不斷增長的需求至關重要,產業對不斷變化的需求的適應和對創新技術的投資正在提高煉油的經濟效益。
例如,沙烏地阿美公司和阿布達比國家石油公司 (ADNOC) 宣佈在印度拉特納吉里建設耗資 440 億美元的大型煉油和石化聯合體。預計產能為每天120萬桶。該項目是印度油氣產業的重大飛躍,預計將有效促進該國日益增長的煉油工業的發展。
政府的努力作為催化劑
政府的努力將透過消除小型煉油廠負擔的政策、鼓勵投資和推動全面的許可改革來幫助恢復美國煉油能力,從而加速煉油增長。此外,政府的支持可以幫助解決該行業面臨的課題,例如全球煉油產能下降和能源轉型的影響。此外,政府的激勵措施和法規在塑造石油和天然氣產業的成長、影響生產和石油供應方面發揮關鍵作用。政府政策可能會支持新煉油廠的建設,主要是在亞洲和中東,以滿足對精煉石油產品不斷增長的需求。
本報告提供全球石油精製市場相關調查分析,提供市場規模與預測,市場動態,主要企業的形勢及預測等資訊。
Global oil refining market is projected to witness a CAGR of 4.30% during the forecast period 2024-2031, growing from USD 1536.48 billion in 2023 to USD 2151.14 billion in 2031. Oil refining offers several benefits, including the conversion of crude oil into various valuable products such as fuels, chemicals, and feedstocks for other industries. The process enables the production of high-value products like gasoline, diesel fuel, and jet fuel from crude oil, contributing to energy security and economic growth. The growth of oil refining is primarily driven by factors such as the increasing consumption of petroleum products, availability of crude oil, investment initiatives by key market players in oil refining, and rapid technological advancements.
Investment initiatives are continuously on the rise for oil refining due to the increasing demand for refined petroleum products, such as gasoline, diesel, jet fuel, and lubricants, which are driving the demand for oil refining.
In September 2023, China Petroleum & Chemical Corporation (Sinopec) established a new unit called Sinopec Overseas Investment Holding to invest in overseas petrochemical and refining assets. The move was a part of Sinopec's efforts to expand internationally and leverage its resources and experience. The new company will serve as Sinopec's only medium for investing, setting up, and running refineries outside China. Moreover, Sinopec has already invested in projects such as the USD 10 billion Amur Gas Chemical Complex in East Siberia, built in partnership with Sibur of Russia, and the 400,000 barrels per day Yasref refinery in Yanbu, Saudi Arabia.
Continuous Growing Demand for Petroleum Products Is Driving the Market Expedition
The continuously growing demand for petroleum products is augmenting the oil refining industry. The steady increase in petroleum consumption necessitated expanded refining capacity, particularly in Asia and Middle East, where growing demand and the availability of crude oil were major factors. Additionally, robust economic growth in Asia-Pacific led to increased industrial activities, infrastructure development, and commercial sectors, further driving the need for refined petroleum products.
For instance, in January 2024, India's Petroleum Planning and Analysis Cell projected that the country's demand for refined oil products will grow by a modest 3% in the upcoming financial year 2024-25. Moreover, the demand for petroleum products, including jet fuel, diesel, and LPG, is expected to reach 239 million tons in the financial year beginning from April 1st, as compared to 233 million tons last year.
Development of Oil Refinery Projects is Accelerating Market Growth
The development of oil refinery projects is expediting oil refining by increasing the capacity to meet the rising demand for refined oil products. The construction of new refineries is essential to cope with the growing demand, and the industry's adaptation to changing demand and investment in innovative technologies are improving the economics of refining.
For instance, Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) have announced a USD 44 billion joint venture to build a mega refinery and petrochemicals complex in Ratnagiri, India, with an expected production capacity of 1.2 million barrels per day. The project is a significant leap in India's oil and gas sector and is expected to contribute effectively to the country's advancements in the country's growing refining industry.
Government Initiatives Acting as Catalyst
Government initiatives are expediting the growth of oil refining by empowering the revival of American refining capacity through the removal of policies that strain small-scale refineries, facilitating investment, and pursuing comprehensive permitting reform. Additionally, the government's support can help address challenges faced by the industry, such as the decline in global refinery capacity and the impact of the energy transition. Furthermore, government incentives and regulations play a significant role in shaping the growth of oil and gas industry, influencing production, and impacting the supply of oil. Government policies can empower the construction of new refineries, mainly in Asia and Middle East, to meet the growing demand for refined oil products.
For instance, in 2023, the United States government took significant initiatives to boost the oil refining industry by removing policies that strain small-scale refineries, facilitating investment, and pursuing comprehensive permitting reform. The Energy Policy Act authorizes to enter a refinery permitting cooperative agreement with the state and Congress taking steps to address the issue.
Utilization Of Crude Oil in Transportation Industry
The frequent utilization of crude oil in the transportation sector is propelling the market growth extensively. The transportation sector is a significant consumer of refined petroleum products, and the increasing demand for these products necessitates the expansion of refining capacity to meet the growing demand.
For example, in June 2023, Mitsubishi UFJ Financial Group (MUFG) attributed its decision in financing the East African Crude Oil Pipeline (EACOP) to the exceptionally high level of interest in the project, which can be credited to the dedicated efforts of activists from the StopEACOP coalition, 350 Japan, and other campaigners from Japan to Uganda and Tanzania. The proposed EACOP pipeline would be the world's largest heated crude oil pipeline, spanning about 1,443 kilometers.
Asia-Pacific Dominates Oil Refining Market
Asia-Pacific led oil refining due to the region's growing demand for refined oil products, driven by improving economies in developing regions. The availability of crude oil is a major factor of the region's dominance in the refining industry. Moreover, the region is expected to provide 90% of global demand growth between 2019-26, according to the IEA's recent analysis and forecast for oil.
For instance, in October 2023, China announced that it will capitalize its crude oil refining capacity at 1 billion metric tons by 2025 to streamline its vast oil processing sector and align with environmental goals. Refineries with an annual capacity of at least 10 million metric tons will account for 55% of facilities by 2025, and any new refineries established after the announcement must have capacities of at least 10 million metric tons. The National Development and Reform Commission (NDRC) will promote energy efficiency and better carbon emission management in the refining sector. The NDRC plans to conduct audits of key facilities to assess production capacities, crude oil sources, and energy efficiency levels.
Future Market Scenario (2024 - 2031F)
It is expected that there will be a growing emphasis on addressing the concerns and desires of consumers, communities, investors, and other stakeholders in all aspects of refining, which in turn will lead to many opportunities for market growth in the future.
Strategic consolidation of size, number, and ownership of facilities and companies will continue, with new partnerships forming among customers, competitors, and suppliers, which in turn is expected to contribute effectively to boost the market growth in future.
The industry is anticipated to witness an increased demand for refined products, driven by improving economies in developing regions. The energy landscape will continue to be shaped by geopolitical factors, macroeconomic variables, policies and regulations, and the emergence of new technologies.
Furthermore, a continuous rise in expenditure towards R&D by the government along with the launching of new oil refinery projects at various parts of the globe will contribute extensively to the market expedition over the upcoming years.
Key Players Landscape and Outlook
Key participants in the oil refining market include Abu Dhabi Oil Refining Company, Saudi Aramco Total Refining and Petrochemical Company (SATORP), Hindustan Petroleum Corporation Limited (HPCL), and Kuwait Integrated Petroleum Industries Company (KIPIC). These players are actively participating in various collaborations for introducing new oil refining projects owing to the continuous rise in demand for refined oil. These partnerships, in turn, are expected to cater to a plethora of demand for market growth in future.
In May 2023, Kuwait Integrated Petroleum Industries Company (KIPIC) announcing the successful operation of the third and final unit of Al-Zour Refinery, increasing the country's maximum refining capacity to 615,000 barrels per day. The refinery, located approximately 90 kilometers south of Kuwait City, is one of the largest refineries built in one phase and is designed to process a wide range of Kuwait domestic crude, including Kuwait export crude and Kuwait heavy crude. The refinery is configured to produce low sulfur fuel oil, ultra-low sulfur jet fuel, kerosene for export, and naphtha feedstock for local petrochemical plants.
In March 2023, Aramco JV HAPCO commenced construction of a major refinery and petrochemical complex in China, with a 300,000 barrels per day (bpd) refinery and a 1.65 million tonnes steam cracker. The project is expected to become fully operational by 2026 and will be located in the city of Panjin, Liaoning Province, China. Aramco would supply up to 210,000 bpd of crude oil feedstock to the complex. It will play an important role in deepening economic and trade cooperation between China and Saudi Arabia, thereby achieving common development and prosperity.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.