Global Oil Refining Market Size & Outlook, 2026-2033

The global oil refining market size was estimated at USD 624,857.0 million in 2025 and is projected to reach USD 773,231.6 million by 2033, growing at a CAGR of 2.8% from 2026 to 2033.
Revenue, 2025 (US$M)
$624,857.0
Forecast, 2033 (US$M)
$773,231.6
CAGR, 2026 - 2033
2.8%
Report Coverage
Worldwide

Global oil refining market, 2021-2033 (US$M)

To keep accessing Horizon, please sign in or register for a free account

  • Access to global market statistics
  • Access to company profiles
  • Free use-cases & research insights

No credit card required*

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 2025USD 624,857.0 million
Market revenue in 2033USD 773,231.6 million
Growth rate2.8% (CAGR from 2026 to 2033)
Largest segmentFuel oil
Fastest growing segmentFuel Oil
Historical data covered2021 - 2024
Base year for estimation2025
Forecast period covered2026 - 2033
Quantitative unitsRevenue in USD million
Market segmentationFuel Oil

Other key industry trends

  • In terms of revenue, the North America accounted for 21.1% of the global oil refining market in 2025.

No credit card required*

Horizon in a snapshot

  • 30K+ Global Market Reports
  • 120K+ Country Reports
  • 1.2M+ Market Statistics
  • 200K+ Company Profiles
  • Industry insights and more

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

Reasons to subscribe to Global oil refining market databook:

  • Access to comprehensive data: Horizon Databook provides over 1 million market statistics and 20,000+ reports, offering extensive coverage across various industries and regions.
  • Informed decision making: Subscribers gain insights into market trends, customer preferences, and competitor strategies, empowering informed business decisions.
  • Cost-Effective solution: It's recognized as the world's most cost-effective market research database, offering high ROI through its vast repository of data and reports.
  • Customizable reports: Tailored reports and analytics allow companies to drill down into specific markets, demographics, or product segments, adapting to unique business needs.
  • Strategic advantage: By staying updated with the latest market intelligence, companies can stay ahead of competitors, anticipate industry shifts, and capitalize on emerging opportunities.

Target buyers of Global oil refining market databook

  • Our clientele includes a mix of oil refining market companies, investment firms, advisory firms & academic institutions.
  • 30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
  • Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
  • The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.

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.

Partial client list

  • logo

Global oil refining market size, by regions, 2021-2033 (US$M)

Sign up - it's easy, and free!

Sign up and get instant basic access to databook, upgrade
when ready, or enjoy our free plan indefinitely.

Explore all plans

Included in Horizon account

  • 30K+ Global Market Reports
  • 120K+ Country Reports
  • 1.2M+ Market Statistics
  • 200K+ Company Profiles
  • Industry insights and more
Chat with us
Research Assistance
Online