According to Cognitive Market Research, the global refining market size was USD 1751454.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.
North America held the major market share for 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.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 525436.26 million.
Asia Pacific held a 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.
Latin America had a market share of more than 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.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at 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 petroleum oil refinery category is the fastest growing segment of the refining industry
