Oil Refining Market is expected to register a CAGR of over 1% during 2021-2027. The COVID-19 pandemic has had a negative impact on the market due to reduced consumption of refined petroleum products and slower economic development in major countries in the world. The COVID-19 pandemic, along with high volatility in crude oil prices, has delayed many oil refining projects around the world. The increase in refining capacity is expected to be driven by growing demand for petroleum products over the next few years. However, the refining market is constrained by factors such as lack of funding, delays in commissioning of projects, land acquisitions, and increasing adoption of electric vehicles in developed and developing countries around the world.
A full report of Oil Refining Market available at: https://www.orionmarketreports.com/oil-refining-market/10640/
Oil Refining Market- Segmentation
• By Product (Light distillate oil refining market, Topping oil refining market )
• By Application (Transportation and Petrochemical Industries, Electricity generation)
• By Fuel (Gasoline oil refining market)
Major Players
• Exxon Mobil Corporation
• Royal Dutch Shell Plc
• BP plc
• Sinopec Corp.
• Saudi Arabian Oil Co
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