Refining Market Report 2025 (Global Edition)

Global Refining Market Report 2025 Market Size Split by Type Outlook: (Control Valves, Flow Meters), by Application Outlook: (Petroleum Oil Refinery, Natural Gas Processing Plant)

Refining Market Report Description

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Refining Market Insights Video

Competitive Landscape of the Refining Market

In the refining market's competitive landscape, numerous key competitors are driving innovation and growth. Companies focus on expanding their global reach and forming strategic partnerships. Key players focus on sustainability, diversifying product portfolios, and strategic partnerships to adapt to changing consumer demands and regulations.

Top Companies Market Share in Refining Industry: (In no particular order of Rank)

• BP PLC
• Saudi Arabian Oil Co.
• Exxon Mobil Corporation
• Sinopec Corp
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Refining Market

Which Region Dominates the Refining Market in 2024?

According to Cognitive Market Research, North America currently dominates the refining market, and the region is expected to have significant growth during the projected period. This is due to the region's increasing demand for petroleum products, regulatory standards for cleaner fuels, and advancements in refining technologies. Fluctuating crude oil prices, the shift towards renewable energy, and enhanced operational efficiencies also drive the market.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). This is due to rising energy demand, particularly in China and India. Government initiatives for energy security, expanding petrochemical industries, and investments in upgrading refinery infrastructure to produce cleaner fuels further bolster growth. Additionally, increasing vehicle ownership and economic development contribute to the sustained demand for refined petroleum products in the region.

The current report Scope analyzes Refining Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Refining Market Analysis

According to Cognitive Market Research, the global refining market size was estimated at USD 1751454.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 700581.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the refining market with a market size of USD 552758.95 million in 2024 and is projected to grow at a CAGR of 3.0% during the forecast period. The US market's increasing need for sustainable practices.
• The Canada refining market had a market share of USD 84069.80 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. Canada’s development of various technologies.
• The Mexico refining market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 63752.93 million in 2024.

Europe Refining Market Analysis

According to Cognitive Market Research, the global refining market size was estimated at USD 1751454.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 525436.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031.

• The United Kingdom refining market had a market share of USD 88273.29 million in 2024 and is projected to grow at a CAGR of 4.3% during the forecast period. In the UK, refining sales witness an upswing due to the advancements in technology.
• The France refining market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 48340.14 million in 2024.
• According to Cognitive Market Research, the German refining market size was valued at USD 104036.38 million in 2024 and is projected to grow at a CAGR of 3.7% during the forecast period. In Germany, refining surged due to the increased focus on the major market players.
• The Italy refining market is projected to witness growth at a CAGR of 2.9% during the forecast period, with a market size of USD 45187.52 million in 2024.
• The Russia refining market is projected to witness growth at a CAGR of 2.5% during the forecast period, with a market size of USD 81442.62 million in 2024.
• The Spain refining market is projected to witness growth at a CAGR of 2.6% during the forecast period with a market size of USD 43085.77 million in 2024
• The Luxembourg refining market is projected to witness growth at a CAGR of 3.6% during the forecast period, with a market size of USD 16288.52 million in 2024.
• The Portugal refining market is projected to witness growth at a CAGR of 3.3% during the forecast period, with a market size of USD 11034.16 million in 2024.
• The Greece refining market is projected to witness growth at a CAGR of 3.8% during the forecast period, with a market size of USD 6305.24 million in 2024.
• The Rest of Europe's refining market is projected to witness growth at a CAGR of 2.2% during the forecast period, with a market size of USD 81442.62 million in 2024.

Asia Pacific Refining Market Analysis

According to Cognitive Market Research, the global refining market size was estimated at USD 1751454.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 402834.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.

• According to Cognitive Market Research, the China refining market size was valued at USD 181275.51 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. Refining surged in China due to the increased focus of the major market players.
• The Japan refining market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 55591.16 million in 2024.
• The India refining market had a market share of USD 48340.14 million in 2024 and is projected to grow at a CAGR of 8.8% during the forecast period. India's innovations in energy efficiency.
• The South Korean refining market is projected to witness growth at a CAGR of 6.1% during the forecast period, with a market size of USD 40283.45 million in 2024.
• The Australian refining market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 20947.39 million in 2024.
• The South East Asia refining market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 27795.58 million in 2024.
• The Rest of Asia Pacific refining market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 28601.25 million in 2024.

South America Refining Market Analysis

According to Cognitive Market Research, the global refining market size was estimated at USD 1751454.2 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 87572.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil refining market size was valued at USD 37481.12 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. Refining flourished in Brazil due to rising awareness of smart home solutions.
• Argentina's refining market had a market share of USD 14712.22 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period. Argentina's increasing demand for petroleum products.
• Colombia refining market is projected to witness growth at a CAGR of 4.2% during the forecast period, with a market size of USD 7793.97 million in 2024.
• Peru refining market is projected to witness growth at a CAGR of 4.6% during the forecast period, with a market size of USD 7180.96 million in 2024.
• Chile refining market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 6305.24 million in 2024.
• The Rest of Latin America's refining market is projected to witness growth at a CAGR of 3.5% during the forecast period, with a market size of USD 14099.21 million in 2024.

Middle East Refining Market Analysis

According to Cognitive Market Research, the global refining market size was estimated at USD 1751454.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 35029.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.

• The GCC Countries' refining market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 14992.45 million in 2024. The refining industry flourishes due to the presence of major market players.
• The Egypt refining market is projected to witness growth at a CAGR of 5.0% during the forecast period, with a market size of USD 3678.05 million in 2024.
• The South Africa refining market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 5534.60 million in 2024. Refining sales flourished in South Africa due to an innovations in refining technologies.
• The Turkey refining market is projected to witness growth at a CAGR of 4.2% during the forecast period, with a market size of USD 3012.50 million in 2024.
• The Nigeria refining market is projected to witness growth at a CAGR of 3.8% during the forecast period, with a market size of USD 3678.05 million in 2024.
• The Rest of the MEA refining market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 4133.43 million in 2024.

Refining Market Analysis

Refining Market Type Segment Analysis

According to Cognitive Market Research, the flow meters segment holds the largest share of the market due to the increased need for enhanced operational efficiency, regulatory compliance, and safety standards. Technological advancements in flow meters, such as improved accuracy and real-time data analytics, further propel their adoption in the refining industry.

In the refining market, control valves have been expanding at a rapid pace due to the rising need for precise flow regulation, enhanced safety, and efficient process management in oil and gas operations. With increasing global energy demand, strict environmental regulations, and the push for automation, refineries are investing in advanced control valves to optimize production, reduce emissions, and ensure operational reliability.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Refining Industry. Request a Free Sample PDF!

Refining Market Application Segment Analysis

According to Cognitive Market Research, the petroleum oil refinery segment holds the largest share of the market due to technological advancements in refining processes, stringent environmental regulations, and the rising adoption of cleaner fuels. Additionally, fluctuating crude oil prices and geopolitical tensions influence refining capacities and investments, shaping the market's competitive landscape.

In the refining market, natural gas processing plants have been expanding at a rapid pace due to rising global energy demand, increasing industrialization, and the shift toward cleaner energy sources. Enhanced extraction technologies and growing investments in infrastructure further fuel market growth. Environmental regulations and advancements in carbon capture and storage (CCS) also play crucial roles in shaping the market dynamics.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Ashwini Moharir

Research Analyst at Cognitive Market Research

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Profile

Enthusiastic and analytical market research professional with 2 years of hands-on experience in tracking market trends, evaluating consumer behavior, and supporting strategic decision-making. Proficient in designing surveys, conducting interviews, and synthesizing insights from both primary and secondary sources. Successfully contributed to research projects across sectors such as retail, personal care, and industrial markets. Brings a keen eye for detail, strong data interpretation skills, and a passion for uncovering what drives markets forward. Comfortable working in fast-paced environments and collaborating across departments to deliver clear, actionable findings.

Author's Conclusion