Explore more Categories
Artificial Intelligence involves the science and engineering of developing intelligent machines
The manufacturing world is at a cusp of a new revolution that will redefine conventional business models
IoT will have a major impact on businesses and consumers in the future
The world is creating 2.5 exabytes of data daily
Our research seeks to connect-the-dots across multiple trends
Personal Robots are Set to Be a $19 Billion Market
Strategic Analysis of BREXIT and its Implications to Industries, Economies and Societies
Time for a Digital Revolution in the Women’s Health Market
iFrost is a digital platform for interactive and dynamic reporting of data.
The TOEs are a great source of information which gives corporates critical information on companies to action for their strategic investments either as an open source platform or to collaborate and to develop successful products
Increasing Demand from Developing Regions of the World to Drive Demand for Refinery Investments
save 15 %
* Required Fields
Pay by invoice
The global refining market is characterised by a high demand for petrochemicals and fuels for automobiles, which will keep the market growing for the next decade. Expanding population, increasing affordability, higher automobile penetration, lower oil prices, and increasing investments by companies in the developing regions of the world will aid in new refinery construction and upgrade of old facilities. Increasing automobile penetration will drive the demand for gasoline and diesel, mainly in Asia and Africa, which drives the need to expand refinery capacity to cater to expanding demand.Asia is expected to be the key hub for refinery expansion, as the region invests heavily in new capacities and upgrading old ones to meet domestic demand and take advantage of export opportunities. China and the Middle East are expected to lead the way for refinery expansion, followed by India and Southeast Asia. These regions are expected to drive global growth, as they add more consumers to the market, which will drive demand for oil-based products.Satisfying domestic demand is a key concern for most countries, as demand exceeds supply in many developing regions, especially in the Middle East, where countries and companies are focusing more on downstream activities after years of focus on upstream. Middle Eastern companies are also looking at other geographies to invest in new refinery capacity, as they are keen to tap into growing global demand for petrochemical products. South and Southeast Asia and Africa will be key beneficiaries of such Middle Eastern investments.Africa will see the highest growth in refinery expansion on the back of a low base, as the region tries to move away from imports and be self-sufficient. Many such refinery programs are expected to get strong local government support in Africa. North America will see large expansion and upgrade programs, as it tries to accommodate more shale oil in its refineries and also cater to export markets of Europe and Asia. Russia and CIS are expanding refineries to cater to the main export market of Europe and Asia.The market will see headwinds in the form of increased penetration of electric vehicles (EVs), which will decrease fuel demand as well as pollution concerns, which will see a shift away from diesel and other polluting fuels. Many countries and cities are expected to completely eliminate or limit fossil fuel vehicles and replace them with EVs. The move toward stricter emission requirements for diesel gensets is expected to lead to the installation of more gas-based gensets. Increasing usage of biodiesel and alternative types of fuel will impact oil consumption, as countries move toward more green fuels. Frost & Sullivan expects the market to grow from 99.7 million barrels per day in 2018 to nearly 106.5 million barrels per day in 2023, at a CAGR of 1.3%.
This study addresses the future and present market opportunities across the globe, as well as challenges faced in a rapidly changing environment. It forecasts refinery expansion as well as provides regional splits for refinery growth. Market metrics are provided for the United States and Canada, Latin America, Africa, Europe, Russia and CIS, the Middle East, China, and other APAC countries.
Key Issues Addressed
Analyst: Rasholeen Nakra
Upstream Oil & Gas Start-Up Tracker—Issue 20
Oil and Gas Start-up Companies to Action—Issue 19
Upstream Oil & Gas Start-up Tracker—Issue 18
Upstream Oil & Gas Start-Up Tracker—Issue 16
Global Innovation in Oil and Gas Supply Chain Management, 2019
Blockchain for Oil & Gas Industry
Sustainability Trends Impacting Oil & Gas Industry
Upstream Oil & Gas Start-Up Tracker—Issue 13
Innovation in Refracturing and Restimulation, North America, 2018
Upstream Oil & Gas Start-Up Tracker—Issue 12
medical robots market
glucose monitoring devices market
virtual reality market
consumer electronics market
health supplement market
commercial aviation market
residential energy storage market
power electronics market
Don't have an account? Create One!
Enter your Email Address here to receive a link to change password.
If you are an existing frost.com user, please register using the same email for seamless access
Already have an account? Login!
Use your Linkedin account to login or register within our store.You're just one click away.