Sellbyville, DE -- (SBWIRE) -- 03/06/2019 -- Oil refining market will witness an appreciable growth on account of rapid industrialization and economic transformation. Changing demographics, growing population and improvement in living standards across developing nations are some of factors positively influencing the industry landscape. Moreover, increasing disposable income owing to rapid urbanization will further fortify the affordability and accessibility of refined products. According to World Health Organization, the global urban population is predicted to grow over 1.5% annually by 2020.

The significant increase in exploration of oil and gas resources elevated the oil refining market to a valuation of more than USD 6 trillion in 2017, with vast investments being done to match the refinery and oil extraction capacities. A stability in the prices of crude oil is being observed globally, renewing a sense of positivity in the marketplace post the 2013-14 slump, which had nearly devastated the oil refining companies. Continuous growth of the oil and gas sector owing to reinvigorated oil prices has attracted several industry giants to commission new oil processing plants, substantially boosting the oil refining industry.

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Conversion oil refining market will witness growth on account of its ability to eliminate the production of residual fuels. Permit the economic use of sour crude oils, maximize yields of transportation fuels and provide operating flexibility for light product output in the face of normal fluctuations in crude oil quality are some of its benefits which will make its adoption preferable.

Deep conversion segment is anticipated to reach over 40 million barrels per day by 2024. Introduction of several regulations pertaining to product quality specifications will fuel the business growth. For instance, according to IMO from January 2020 fuel oil used on ship boards should not consist of more than 0.50% m/m (mass by mass) of Sulphur.

Increasing investment toward the refurbishment, upgradation and expansion of existing refinery facilities will propel the oil refining market growth. In April 2018, Saudi Aramco announced an investment of USD 44 billion to construct integrated refinery and petrochemical complex in India. Rising concern to reduce the dependency on import of petroleum product will further escalate the industry share.

Growing concerns regarding environmental degradation and global warming has put major communities into high gears for implementing control on the release of greenhouse gases (GHGs) arising from the transportation sector. Oil and gas consumers are expressing the need for producing more refined products that have lower carbon emissions, driving the technological and chemical innovations in the oil refining industry. Since emissions are still amplifying despite better efficiency of new vehicles, a European Union legislation aimed at improving the fuel quality requires that the GHG emissions from on road vehicle fuels should be cut by 10% by 2020, demonstrating a prolific future for the oil refining market.

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The oil refining industry is indeed replete with many such investments that are anticipated to enhance the business outlook over the forthcoming years. Just few months back, Saudi Aramco, one of the phenomenal oil industry giants made its way to the frontpage with its announcement of investing around USD 44 billion in constructing integrated refinery complex in India. Citing yet another instance, Kuwait government has recently announced an investment of USD 17 billion in Mina Abdullah and Mina Al-Ahmadi refineries for upgradation purposes.

Major industry participants across the oil refining market are S-OIL Corporation, Saudi Aramco, Kuwait Petroleum Corporation, ADNOC Group, BP, Chevron, Shell, ExxonMobil, Sinopec, PBF Energy, Phillips 66.