Global Oil Refining Market Size & Outlook, 2026-2033
Global oil refining market, 2021-2033 (US$M)
Global oil refining market highlights
- The global oil refining market generated a revenue of USD 624,857.0 million in 2025 and is expected to reach USD 773,231.6 million by 2033.
- The market is expected to grow at a CAGR (2026 - 2033) of 2.8% by 2033.
- In terms of segment, fuel oil accounted for a revenue of USD 637,354.1 million in 2025.
- Fuel Oil is the most lucrative product segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2025.
Global data book summary
| Market revenue in 2025 | USD 624,857.0 million |
| Market revenue in 2033 | USD 773,231.6 million |
| Growth rate | 2.8% (CAGR from 2026 to 2033) |
| Largest segment | Fuel oil |
| Fastest growing segment | Fuel Oil |
| Historical data covered | 2021 - 2024 |
| Base year for estimation | 2025 |
| Forecast period covered | 2026 - 2033 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Fuel Oil |
Other key industry trends
- In terms of revenue, the North America accounted for 21.1% of the global oil refining market in 2025.
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Oil Refining Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Saudi Arabian Oil Co. | View profile | - | - | - |
| Sinopec Group | View profile | 10001+ | Beijing, Beijing, China, Asia | http://www.sinopecgroup.com/group/en/ |
| BP PLC | View profile | 87800 | 1 St James's Square, London, United Kingdom, SW1Y 4PD | https://www.bp.com |
| Exxon Mobil Corp | View profile | 61500 | 22777 Springwoods Village Parkway, Spring, TX, United States, 77389-1425 | https://www.exxonmobil.com |
Global oil refining market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to oil refining market will help companies and investors design strategic landscapes.
Fuel oil was the largest segment with a revenue share of 102% in 2025. Horizon Databook has segmented the Global oil refining market based on fuel oil covering the revenue growth of each sub-segment from 2021 to 2033.
- Global Oil Refining Product Outlook (Revenue, USD Million, 2021-2033)
- Fuel Oil
- Light Distillates
- Middle Distillates
- Other Products
- Global Oil Refining Type Outlook (Revenue, USD Million, 2021-2033)
- Gasoline
- Kerosene
- Liquefied Petroleum Gas
- Gasoil
- Other Fuels
- Global Oil Refining Complexity Outlook (Revenue, USD Million, 2021-2033)
- Hydro-skimming
- Topping
- Conversion
- Deep Conversion
- Global Oil Refining End Use Outlook (Revenue, USD Million, 2021-2033)
- Marine Bunker
- Transportation
- Aviation
- Petrochemical
- Agriculture
- Electricity
- Residential & Commercial
- Rail & Domestic Waterways
- Other End Uses
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Target buyers of Global oil refining market databook
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Our clientele includes a mix of oil refining market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of global-level data and insights on the Global oil refining market , including forecasts for subscribers. This global databook contains high-level insights into Global oil refining market from 2021 to 2033, including revenue numbers, major trends, and company profiles.
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Global oil refining market size, by regions, 2021-2033 (US$M)
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