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市场调查报告书
商品编码
1509684
石油精製的全球市场的评估:各类型,各产品,各最终用途产业,各地区,机会,预测(2017年~2031年)Oil Refining Market Assessment, By Type, By Product, By End-use Industry, By Region, Opportunities and Forecast, 2017-2031F |
全球炼油市场规模预计将从 2023 年的 15,364.8 亿美元增至 2031 年的 21,511.4 亿美元,复合年增长率预计为 4.30%。石油精炼的好处是将原油转化为各种有价值的产品,例如燃料、化学品和其他行业的原材料。这个过程可以从原油中生产汽油、柴油和喷射燃料等高价值产品,有助于能源安全和经济成长。石油炼製的成长主要受到石油产品消费增加、原油供应、主要市场参与者对石油炼製的投资活动以及技术快速进步等因素的推动。
由于对汽油、柴油、航空燃油和润滑油等石油精炼产品的需求不断增加,石油精炼的投资活动不断增加。
2023年9月,中国石油化学股份有限公司(以下简称“中石化”)成立新实体“中国石化海外投资控股”,投资海外石化和炼油资产。此举是中石化国际化扩张、利用其资源和经验的努力的一部分。新公司将成为中国石化在中国境外投资、成立和经营炼油厂的唯一机构。此外,中石化也投资了与俄罗斯西布尔公司合作投资100亿美元的东西伯利亚阿穆尔天然气化工联合体、沙乌地阿拉伯延布日产40万桶的Yasref炼油厂等项目。
石油产品需求的持续成长推动市场发展
不断扩大的石油产品需求正在增强石油炼製产业的实力。石油消费的稳定成长需要扩大炼油能力,特别是在亚洲和中东,需求增加和原油供应是主要因素。此外,亚太地区强劲的经济成长促进了工业活动、基础设施发展和商业部门,进一步增加了对精炼石油产品的需求。
例如,2024年1月,印度石油规划与分析小组预测,2024-2025财年该国对精炼石油产品的需求将小幅增加3%。此外,从 4 月 1 日开始的财年,包括航空燃油、柴油和液化石油气在内的石油产品需求预计将达到 2.39 亿吨,而去年为 2.33 亿吨。
炼油专案的开发正在加速市场成长
炼油专案的发展正在透过提高产能来促进炼油,以满足日益增长的成品油需求。建造新的炼油厂对于满足不断增长的需求至关重要,产业对不断变化的需求的适应和对创新技术的投资正在提高炼油的经济效益。
例如,沙乌地阿美公司和阿布达比国家石油公司 (ADNOC) 宣布在印度拉特纳吉里建设耗资 440 亿美元的大型炼油和石化联合体。预计产能为每天120万桶。该项目是印度油气产业的重大飞跃,预计将有效促进该国日益增长的炼油工业的发展。
政府的努力作为催化剂
政府的努力将透过消除小型炼油厂负担的政策、鼓励投资和推动全面的许可改革来帮助恢復美国炼油能力,从而加速炼油增长。此外,政府的支持可以帮助解决该行业面临的课题,例如全球炼油产能下降和能源转型的影响。此外,政府的激励措施和法规在塑造石油和天然气产业的成长、影响生产和石油供应方面发挥关键作用。政府政策可能会支持新炼油厂的建设,主要是在亚洲和中东,以满足对精炼石油产品不断增长的需求。
本报告提供全球石油精製市场相关调查分析,提供市场规模与预测,市场动态,主要企业的形势及预测等资讯。
Global oil refining market is projected to witness a CAGR of 4.30% during the forecast period 2024-2031, growing from USD 1536.48 billion in 2023 to USD 2151.14 billion in 2031. Oil refining offers several benefits, including the conversion of crude oil into various valuable products such as fuels, chemicals, and feedstocks for other industries. The process enables the production of high-value products like gasoline, diesel fuel, and jet fuel from crude oil, contributing to energy security and economic growth. The growth of oil refining is primarily driven by factors such as the increasing consumption of petroleum products, availability of crude oil, investment initiatives by key market players in oil refining, and rapid technological advancements.
Investment initiatives are continuously on the rise for oil refining due to the increasing demand for refined petroleum products, such as gasoline, diesel, jet fuel, and lubricants, which are driving the demand for oil refining.
In September 2023, China Petroleum & Chemical Corporation (Sinopec) established a new unit called Sinopec Overseas Investment Holding to invest in overseas petrochemical and refining assets. The move was a part of Sinopec's efforts to expand internationally and leverage its resources and experience. The new company will serve as Sinopec's only medium for investing, setting up, and running refineries outside China. Moreover, Sinopec has already invested in projects such as the USD 10 billion Amur Gas Chemical Complex in East Siberia, built in partnership with Sibur of Russia, and the 400,000 barrels per day Yasref refinery in Yanbu, Saudi Arabia.
Continuous Growing Demand for Petroleum Products Is Driving the Market Expedition
The continuously growing demand for petroleum products is augmenting the oil refining industry. The steady increase in petroleum consumption necessitated expanded refining capacity, particularly in Asia and Middle East, where growing demand and the availability of crude oil were major factors. Additionally, robust economic growth in Asia-Pacific led to increased industrial activities, infrastructure development, and commercial sectors, further driving the need for refined petroleum products.
For instance, in January 2024, India's Petroleum Planning and Analysis Cell projected that the country's demand for refined oil products will grow by a modest 3% in the upcoming financial year 2024-25. Moreover, the demand for petroleum products, including jet fuel, diesel, and LPG, is expected to reach 239 million tons in the financial year beginning from April 1st, as compared to 233 million tons last year.
Development of Oil Refinery Projects is Accelerating Market Growth
The development of oil refinery projects is expediting oil refining by increasing the capacity to meet the rising demand for refined oil products. The construction of new refineries is essential to cope with the growing demand, and the industry's adaptation to changing demand and investment in innovative technologies are improving the economics of refining.
For instance, Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) have announced a USD 44 billion joint venture to build a mega refinery and petrochemicals complex in Ratnagiri, India, with an expected production capacity of 1.2 million barrels per day. The project is a significant leap in India's oil and gas sector and is expected to contribute effectively to the country's advancements in the country's growing refining industry.
Government Initiatives Acting as Catalyst
Government initiatives are expediting the growth of oil refining by empowering the revival of American refining capacity through the removal of policies that strain small-scale refineries, facilitating investment, and pursuing comprehensive permitting reform. Additionally, the government's support can help address challenges faced by the industry, such as the decline in global refinery capacity and the impact of the energy transition. Furthermore, government incentives and regulations play a significant role in shaping the growth of oil and gas industry, influencing production, and impacting the supply of oil. Government policies can empower the construction of new refineries, mainly in Asia and Middle East, to meet the growing demand for refined oil products.
For instance, in 2023, the United States government took significant initiatives to boost the oil refining industry by removing policies that strain small-scale refineries, facilitating investment, and pursuing comprehensive permitting reform. The Energy Policy Act authorizes to enter a refinery permitting cooperative agreement with the state and Congress taking steps to address the issue.
Utilization Of Crude Oil in Transportation Industry
The frequent utilization of crude oil in the transportation sector is propelling the market growth extensively. The transportation sector is a significant consumer of refined petroleum products, and the increasing demand for these products necessitates the expansion of refining capacity to meet the growing demand.
For example, in June 2023, Mitsubishi UFJ Financial Group (MUFG) attributed its decision in financing the East African Crude Oil Pipeline (EACOP) to the exceptionally high level of interest in the project, which can be credited to the dedicated efforts of activists from the StopEACOP coalition, 350 Japan, and other campaigners from Japan to Uganda and Tanzania. The proposed EACOP pipeline would be the world's largest heated crude oil pipeline, spanning about 1,443 kilometers.
Asia-Pacific Dominates Oil Refining Market
Asia-Pacific led oil refining due to the region's growing demand for refined oil products, driven by improving economies in developing regions. The availability of crude oil is a major factor of the region's dominance in the refining industry. Moreover, the region is expected to provide 90% of global demand growth between 2019-26, according to the IEA's recent analysis and forecast for oil.
For instance, in October 2023, China announced that it will capitalize its crude oil refining capacity at 1 billion metric tons by 2025 to streamline its vast oil processing sector and align with environmental goals. Refineries with an annual capacity of at least 10 million metric tons will account for 55% of facilities by 2025, and any new refineries established after the announcement must have capacities of at least 10 million metric tons. The National Development and Reform Commission (NDRC) will promote energy efficiency and better carbon emission management in the refining sector. The NDRC plans to conduct audits of key facilities to assess production capacities, crude oil sources, and energy efficiency levels.
Future Market Scenario (2024 - 2031F)
It is expected that there will be a growing emphasis on addressing the concerns and desires of consumers, communities, investors, and other stakeholders in all aspects of refining, which in turn will lead to many opportunities for market growth in the future.
Strategic consolidation of size, number, and ownership of facilities and companies will continue, with new partnerships forming among customers, competitors, and suppliers, which in turn is expected to contribute effectively to boost the market growth in future.
The industry is anticipated to witness an increased demand for refined products, driven by improving economies in developing regions. The energy landscape will continue to be shaped by geopolitical factors, macroeconomic variables, policies and regulations, and the emergence of new technologies.
Furthermore, a continuous rise in expenditure towards R&D by the government along with the launching of new oil refinery projects at various parts of the globe will contribute extensively to the market expedition over the upcoming years.
Key Players Landscape and Outlook
Key participants in the oil refining market include Abu Dhabi Oil Refining Company, Saudi Aramco Total Refining and Petrochemical Company (SATORP), Hindustan Petroleum Corporation Limited (HPCL), and Kuwait Integrated Petroleum Industries Company (KIPIC). These players are actively participating in various collaborations for introducing new oil refining projects owing to the continuous rise in demand for refined oil. These partnerships, in turn, are expected to cater to a plethora of demand for market growth in future.
In May 2023, Kuwait Integrated Petroleum Industries Company (KIPIC) announcing the successful operation of the third and final unit of Al-Zour Refinery, increasing the country's maximum refining capacity to 615,000 barrels per day. The refinery, located approximately 90 kilometers south of Kuwait City, is one of the largest refineries built in one phase and is designed to process a wide range of Kuwait domestic crude, including Kuwait export crude and Kuwait heavy crude. The refinery is configured to produce low sulfur fuel oil, ultra-low sulfur jet fuel, kerosene for export, and naphtha feedstock for local petrochemical plants.
In March 2023, Aramco JV HAPCO commenced construction of a major refinery and petrochemical complex in China, with a 300,000 barrels per day (bpd) refinery and a 1.65 million tonnes steam cracker. The project is expected to become fully operational by 2026 and will be located in the city of Panjin, Liaoning Province, China. Aramco would supply up to 210,000 bpd of crude oil feedstock to the complex. It will play an important role in deepening economic and trade cooperation between China and Saudi Arabia, thereby achieving common development and prosperity.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.