Oil Refinery Market Advanced technologies & growth opportunities in global Industry by 2023.

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The global oil refinery market is expected to increase due to rising energy demand, evolving technology and new sources of the crude oil explored during the forecast period. In 2013, the global refinery capacity has increased significantly. Apart from Europe, refinery capacity has increased substantially worldwide.

A refinery is a processing facility that consists of various processing units that convert raw materials into different products. Some of the products produced in the refinery may need further processing. A refinery is used to process crude oil into various products and intermediates. Crude oil is transported to the refineries using pipelines. The first processing unit in the refinery is desalination. Crude oil contains various salts and impurities that can be harmful for the other processing units. All the impurities are not removed from the crude oil in desalination unit. After desalination crude oil passes through various preheat trains that increase the temperature of crude oil. The temperature is further increased using a heater before it enters the crude distillation unit (CDU).

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Crude oil is processed into a distillation column and separated into different components on the basis of boiling point. The component with low boiling points goes to the top of the tower and the one with the highest boiling point remains at the bottom of the distillation tower. The products from a crude distillation unit from top to bottom are liquefied petroleum gas (LPG), naphtha, gasoline, kerosene, diesel oils, fuel oil and residue. These products are further processed in various units to remove impurities such as sulfur and nitrogen. Residue from the crude oil is further processed in vacuum distillation unit (VDU). The products obtained from vacuum distillation units are light vaccine gas oil, heavy vacuum gas oil and base oils for manufacturing lubricants.

The global oil refinery market can be segmented on the basis of type of crude processed by the refinery into sweet crude and sour crude. Asia Pacific has the highest refining capacity followed by the North America. The refinery capacity of china has increased significantly. By the end of 2013, China’s refining capacity rose to 12.7 million barrels per day. China is the largest importer of crude oil and the increasing refinery capacity is due to the need to process such large amount of crude oil. China is planning to further increase its refining capacity in the coming year. The world’s largest refinery is owned by Reliance Industries. The refinery is situated in Jamnagar, India and has a capacity of 1.24 million barrels per day. Paraguana is the second largest refinery in the world and has a capacity of 955,000 barrels per day. Some of the factors driving the global oil refinery market are changing economies of developing countries, upgrades or revamps of a refinery to process new crude oil.

Some of the key players in the global oil refinery market are Abu Dhabi Oil Refining Company, Chevron Corporation, China National Petroleum Company, Conoco Phillips, ENI, Exxon Mobil, Hindustan Petroleum Corporation Limited, Total Oil, Kuwait Petroleum International, National Iranian Oil Company, Petroleos de Venezuela SA, National Iranian Oil Company, Essar Oil Limited, Saudi Aramco Lubricating Oil Refining Company and Reliance Industries Ltd.

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