Global Refining
Market Report
2025
The global refining market size will be USD 1751454.2 million in 2024. Rising demand for refined petroleum products, including gasoline, diesel, jet fuel, and petrochemical feedstock, is expected to boost sales to USD 2464471.945 million by 2031, with a Compound Annual Growth Rate (CAGR) of 5.0% from 2024 to 2031.
The base year for the calculation is 2024 and 2021 to 2024 will be historical period. The year 2025 will be estimated one while the forecasted data will be from year 2025 to 2033. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global refining market size will be USD 1751454.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.
2019 | 2024 | 2025 | 2032 | 2033 | CAGR | |
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Global Refining Market Sales Revenue | 121212 | $ 8541.2 Million | 121212 | 121212 | 121212 | 14.2% |
North America Refining Market Sales Revenue | 121212 | $ 3416.48 Million | 121212 | 121212 | 121212 | 12.4% |
Canada Refining Market Sales Revenue | 121212 | $ 409.98 Million | 121212 | 121212 | 121212 | 13.2% |
United States Refining Market Sales Revenue | 121212 | $ 2695.6 Million | 121212 | 121212 | 121212 | 12.2% |
Mexico Refining Market Sales Revenue | 121212 | $ 310.9 Million | 121212 | 121212 | 121212 | 12.9% |
Europe Refining Market Sales Revenue | 121212 | $ 2562.36 Million | 121212 | 121212 | 121212 | 12.7% |
France Refining Market Sales Revenue | 121212 | $ 235.74 Million | 121212 | 121212 | 121212 | 11.9% |
Spain Refining Market Sales Revenue | 121212 | $ 210.11 Million | 121212 | 121212 | 121212 | 11.8% |
United Kingdom Refining Market Sales Revenue | 121212 | $ 430.48 Million | 121212 | 121212 | 121212 | 13.5% |
Russia Refining Market Sales Revenue | 121212 | $ 397.17 Million | 121212 | 121212 | 121212 | 11.7% |
Italy Refining Market Sales Revenue | 121212 | $ 220.36 Million | 121212 | 121212 | 121212 | 12.1% |
Germany Refining Market Sales Revenue | 121212 | $ 507.35 Million | 121212 | 121212 | 121212 | 12.9% |
Rest of Europe Refining Market Sales Revenue | 121212 | $ 397.17 Million | 121212 | 121212 | 121212 | 11.4% |
Asia Pacific Refining Market Sales Revenue | 121212 | $ 1964.48 Million | 121212 | 121212 | 121212 | 16.2% |
China Refining Market Sales Revenue | 121212 | $ 884.01 Million | 121212 | 121212 | 121212 | 15.7% |
Australia Refining Market Sales Revenue | 121212 | $ 102.15 Million | 121212 | 121212 | 121212 | 15.9% |
India Refining Market Sales Revenue | 121212 | $ 235.74 Million | 121212 | 121212 | 121212 | 18% |
Korea Refining Market Sales Revenue | 121212 | $ 196.45 Million | 121212 | 121212 | 121212 | 15.3% |
Japan Refining Market Sales Revenue | 121212 | $ 271.1 Million | 121212 | 121212 | 121212 | 14.7% |
Rest of APAC Refining Market Sales Revenue | 121212 | $ 139.48 Million | 121212 | 121212 | 121212 | 16% |
South America Refining Market Sales Revenue | 121212 | $ 427.06 Million | 121212 | 121212 | 121212 | 13.6% |
Argentina Refining Market Sales Revenue | 121212 | $ 71.75 Million | 121212 | 121212 | 121212 | 14.5% |
Brazil Refining Market Sales Revenue | 121212 | $ 182.78 Million | 121212 | 121212 | 121212 | 14.2% |
Chile Refining Market Sales Revenue | 121212 | $ 30.75 Million | 121212 | 121212 | 121212 | 13.9% |
Peru Refining Market Sales Revenue | 121212 | $ 35.02 Million | 121212 | 121212 | 121212 | 13.8% |
Colombia Refining Market Sales Revenue | 121212 | $ 38.01 Million | 121212 | 121212 | 121212 | 13.4% |
Rest of South America Refining Market Sales Revenue | 121212 | $ 68.76 Million | 121212 | 121212 | 121212 | 12.7% |
Middle East and Africa Refining Market Sales Revenue | 121212 | $ 170.82 Million | 121212 | 121212 | 121212 | 13.9% |
GCC Countries Refining Market Sales Revenue | 121212 | $ 73.11 Million | 121212 | 121212 | 121212 | 14.7% |
Turkey Refining Market Sales Revenue | 121212 | $ 14.69 Million | 121212 | 121212 | 121212 | 13.4% |
South Africa Refining Market Sales Revenue | 121212 | $ 26.99 Million | 121212 | 121212 | 121212 | 14.9% |
Egypt Refining Market Sales Revenue | 121212 | $ 17.94 Million | 121212 | 121212 | 121212 | 14.2% |
Nigeria Refining Market Sales Revenue | 121212 | $ 17.94 Million | 121212 | 121212 | 121212 | 13% |
Rest of MEA Refining Market Sales Revenue | 121212 | $ 20.16 Million | 121212 | 121212 | 121212 | 12.9% |
Base Year | 2024 |
Historical Data Time Period | 2021-2024 |
Forecast Period | 2025-2033 |
Market Split by Type Outlook: |
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Market Split by Application Outlook: |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Market Trends:
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Report scope is customizable as we have a huge database of Refining industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Refining Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Refining is the industrial process of transforming raw materials, such as crude oil, into valuable products like gasoline, diesel, and other petrochemicals through separation, conversion, and treatment processes. The rising awareness of environmental sustainability increasingly influences the refining market. As consumers and governments prioritize eco-friendly practices, refiners are adapting by investing in cleaner technologies and processes. This shift includes reducing greenhouse gas emissions, enhancing energy efficiency, and adopting renewable energy sources. Companies are also focusing on producing lower-carbon fuels and optimizing waste management practices. This commitment to sustainability not only meets regulatory demands but also appeals to environmentally conscious consumers, positioning refiners for long-term success in a market that is evolving towards greener alternatives.
The refining market is undergoing significant changes driven by increasing global energy consumption, which is projected to rise due to population growth and industrialization. This surge in demand necessitates more efficient refining processes to convert crude oil into usable products like gasoline, diesel, and jet fuel. Refiners are focusing on adopting advanced technologies and optimizing operations to meet stricter environmental regulations while enhancing output. Furthermore, the shift towards sustainable energy sources influences refiners to diversify their operations, integrating biofuels and renewable energy to align with global decarbonization efforts.
The refining market is increasingly driven by a rising focus on research and development (R&D) for innovative refining technologies. As global demand for cleaner and more efficient energy sources grows, companies are investing in advanced refining methods to enhance productivity and reduce environmental impact. R&D initiatives are aimed at developing technologies such as hydrocracking, catalytic reforming, and biorefining, which improve product yields and lower greenhouse gas emissions. This strategic shift not only fosters sustainability but also positions refiners to meet regulatory standards and adapt to evolving market dynamics.
The refining market is significantly influenced by fluctuations in crude oil prices, as these prices determine the cost of raw materials for refineries. When crude oil prices rise, refineries may experience increased operational costs, impacting their profit margins. Conversely, lower crude prices can enhance profitability but may reduce the incentive for exploration and production. Additionally, market dynamics such as geopolitical tensions, supply chain disruptions, and changes in demand for refined products can exacerbate price volatility, leading to unpredictable outcomes for refinery operations and profitability.
The refining market faced significant disruptions due to COVID-19, resulting in reduced demand for fuels and a decline in global oil prices. Lockdowns and travel restrictions led to decreased consumption, forcing refineries to cut production and adjust operations. Many facilities faced financial challenges, with some temporarily closing or reducing capacity. However, the pandemic also accelerated investments in cleaner technologies and diversification of product lines as companies adapted to changing consumer preferences and regulatory pressures for sustainable practices. The recovery hinges on demand resurgence and ongoing shifts toward greener energy.
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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)
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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.
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
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As per the current market study, out of xxxx Million USD global market revenue 2025, North America market holds xx% of the market share. The North America Refining industry grew from xxxx Million USD in 2021 to xxxx Million USD in 2025 and will record xx% growth. In coming future this industry will reach xxxx Million by 2033 with a xx% CAGR. If we look at the percentage market shares of top North America countries for 2025,Canada (xx%), United States (xx%), Mexico (xx%)
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.
As per the current market study, out of xxxx Million USD global market revenue 2025, Europe market holds xx% of the market share. The Europe Refining industry grew from xxxx Million USD in 2021 to xxxx Million USD in 2025 and will record xx% growth. In coming future this industry will reach xxxx Million by 2033 with a xx% CAGR. If we look at the percentage market shares of top Europe countries for 2025,France (xx%), Spain (xx%), United Kingdom (xx%), Russia (xx%), Italy (xx%), Germany (xx%), Rest of Europe (xx%)
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.
As per the current market study, out of xxxx Million USD global market revenue 2025, Asia Pacific market holds xx% of the market share. The Asia Pacific Refining industry grew from xxxx Million USD in 2021 to xxxx Million USD in 2025 and will record xx% growth. In coming future this industry will reach xxxx Million by 2033 with a xx% CAGR. If we look at the percentage market shares of top Asia Pacific countries for 2025,China (xx%), Australia (xx%), India (xx%), Korea (xx%), Japan (xx%), Rest of APAC (xx%)
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.
As per the current market study, out of xxxx Million USD global market revenue 2025, South America market holds xx% of the market share. The South America Refining industry grew from xxxx Million USD in 2021 to xxxx Million USD in 2025 and will record xx% growth. In coming future this industry will reach xxxx Million by 2033 with a xx% CAGR. If we look at the percentage market shares of top South America countries for 2025,Argentina (xx%), Brazil (xx%), Chile (xx%), Peru (xx%), Colombia (xx%), Rest of South America (xx%)
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.
As per the current market study, out of xxxx Million USD global market revenue 2025, Middle East and Africa market holds xx% of the market share. The Middle East and Africa Refining industry grew from xxxx Million USD in 2021 to xxxx Million USD in 2025 and will record xx% growth. In coming future this industry will reach xxxx Million by 2033 with a xx% CAGR. If we look at the percentage market shares of top Middle East and Africa countries for 2025,GCC Countries (xx%), Turkey (xx%), South Africa (xx%), Egypt (xx%), Nigeria (xx%), Rest of MEA (xx%)
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.
Global Refining Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Refining Industry growth. Refining market has been segmented with the help of its Type Outlook:, Application Outlook: , and others. Refining market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
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.
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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.
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Conclusion
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Type Outlook: | Control Valves, Flow Meters |
Application Outlook: | Petroleum Oil Refinery, Natural Gas Processing Plant |
List of Competitors | BP PLC, Saudi Arabian Oil Co., Exxon Mobil Corporation, Sinopec Corp |
This chapter will help you gain GLOBAL Market Analysis of Refining. Further deep in this chapter, you will be able to review Global Refining Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
This chapter will help you gain North America Market Analysis of Refining. Further deep in this chapter, you will be able to review North America Refining Market Split by various segments and Country Split.
Chapter 2 North America Market Analysis
This chapter will help you gain Europe Market Analysis of Refining. Further deep in this chapter, you will be able to review Europe Refining Market Split by various segments and Country Split.
Chapter 3 Europe Market Analysis
This chapter will help you gain Asia Pacific Market Analysis of Refining. Further deep in this chapter, you will be able to review Asia Pacific Refining Market Split by various segments and Country Split.
Chapter 4 Asia Pacific Market Analysis
This chapter will help you gain South America Market Analysis of Refining. Further deep in this chapter, you will be able to review South America Refining Market Split by various segments and Country Split.
Chapter 5 South America Market Analysis
This chapter will help you gain Middle East and Africa Market Analysis of Refining. Further deep in this chapter, you will be able to review Middle East and Africa Refining Market Split by various segments and Country Split.
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
This chapter provides an in-depth analysis of the market share among key competitors of Refining. The analysis highlights each competitor's position in the market, growth trends, and financial performance, offering insights into competitive dynamics, and emerging players.
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
This chapter would comprehensively cover market drivers, trends, restraints, opportunities, and various in-depth analyses like industrial chain, PESTEL, Porter’s Five Forces, and ESG, among others. It would also include product life cycle, technological advancements, and patent insights.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Outlook: Analysis 2019 -2031, will provide market size split by Type Outlook:. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Outlook: Analysis 2021 - 2033
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Outlook: Analysis 2021 - 2033
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Refining market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Control Valves have a significant impact on Refining market? |
What are the key factors affecting the Control Valves and Flow Meters of Refining Market? |
What is the CAGR/Growth Rate of Petroleum Oil Refinery during the forecast period? |
By type, which segment accounted for largest share of the global Refining Market? |
Which region is expected to dominate the global Refining Market within the forecast period? |
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