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Petroleum Refining in Belgium - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

BE-C192 August 2024 Factsheet

Revenue

€56.6bn

2019-2024 3.4 %
2024-2029 X.X %

Employees

5,915

2019-2024 0.2 %
2024-2029 X.X %

Businesses

17

2019-2024 0.1 %
2024-2029 X.X %

Wages

€XXX.Xm

2019-2024 X.X %
2024-2029 X.X %

Petroleum Refining in Belgium market size outlook

Total value and annual change from from 2014-2029. Includes 5-year outlook.

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About Factsheets

Industry Statistics and Rankings

How does this industry perform in Belgium compared to Europe?

Country Benchmarking

Industry Data Belgium

Ranking are out of 37 European countries for which IBISWorld provides country-level factsheets.

Revenue
#4 In Europe
Business
#12 In Europe
Employees
#11 In Europe
Wages
#6 In Europe

View industry report for Europe

Petroleum refiners sell a variety of derivative products with wide usages across many different industries. Despite this strong level of diversification, refineries suffered greatly from global dips in demand for transport following the COVID-19 outbreak. Stay-at-home orders and closures of non-essential business in many European countries led to a sharp drop in demand for petrol, diesel and jet fuel as many car, ship and plane journeys came to a halt. Russia’s invasion of Ukraine led to many European countries announcing they would wean themselves off Russian oil, causing a substantial and sustained rise in oil prices. These strong oil prices paved the way for a significant rebound in revenue for petroleum refiners. Despite this, oil price inflation has raised the operating costs for many downstream businesses, leading to many cutting consumption and switching to renewable sources of energy, as shown by the rising uptake of electric vehicles in countries like Norway and the Netherlands. Over the five years through 2024, European petroleum refineries’ revenue is anticipated to slump at a compound annual rate of 7.2% to €620.3 billion, including a projected contraction of 23.1% in 2024.

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Enterprises
Number of businesses in 2024

Biggest companies in the Petroleum Refining in Belgium

Company
Market Share (%)
2024
Revenue (€m)
2024
Profit (€m)
2024
Profit Margin (%)
2024
BP plc
178,828.9
11,075.0
6.2
TotalEnergies SE
214,981.8
30,744.0
14.3
ExxonMobil Corporation
249,983.2
17,917.1
7.2

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Top Questions Answered in this Report

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What is the market size of the Petroleum Refining industry in Belgium in 2024?

The market size of the Petroleum Refining industry in Belgium is €56.6bn in 2024.

How many businesses are there in the Petroleum Refining in Belgium industry in 2024?

There are 17 businesses in the Petroleum Refining industry in Belgium, which has grown at a CAGR of 0.1 % between 2019 and 2024.

Has the Petroleum Refining industry in Belgium grown or declined over the past 5 years?

The market size of the Petroleum Refining industry in Belgium has been growing at a CAGR of 3.4 % between 2019 and 2024.

What is the forecast growth of the Petroleum Refining industry in Belgium over the next 5 years?

Over the next five years, the Petroleum Refining industry in Belgium is expected to grow.

What are the biggest companies in the Petroleum Refining market in Belgium?

The biggest companies operating in the Petroleum Refining market in Belgium are BP plc, TotalEnergies SE and ExxonMobil Corporation

What does the Petroleum Refining in Belgium include?

Petrol and Diesel are part of the Petroleum Refining industry.

Which companies have the highest market share in the Petroleum Refining in Belgium?

The company holding the most market share in Belgium is BP plc.

How competitive is the Petroleum Refining industry in Belgium?

The level of competition is moderate and steady in the Petroleum Refining industry in Belgium.

Related Industries

This industry is covered in 37 countries

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Table of Contents

About this industry

Industry definition

Petroleum refining is the process of turning crude oil into more usable products such as petrol. The major oil refineries manufacture petrol, diesel, jet fuel, gas oil and petroleum gas. The refining process also leads to the production of byproducts such as naphtha, which can be used as a solvent. Companies in this industry also manufacture a range of petroleum-based products such as petroleum jelly, paraffin wax and white spirit.

Related Terms

Distillation DecarbonisingLiquified Petroleum Gas

What's included in this industry?

PetrolDieselJet fuelBiofuelsLPG

Companies

BP plcTotalEnergies SEExxonMobil Corporation

Industry Code

ISIC 2006

192 - Manufacture of refined petroleum products in Belgium

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Performance

Revenue Highlights

Trends
  • Revenue
  • 2024 Revenue CAGR
  • Revenue Volatility

Employment Highlights

Trends
  • Employees
  • Employees per Business
  • Revenue per Employee

Business Highlights

Trends
  • Businesses
  • Employees per Business
  • Revenue per Business

Profit Highlights

Trends
  • Total Profit
  • Profit Margin
  • Profit per Business

Current Performance

Charts
  • Revenue
  • Employees
  • Business
  • Profit
Analysis

What's driving current industry performance in the Petroleum Refining in Belgium industry?


Outlook

Analysis

What's driving the Petroleum Refining in Belgium industry outlook?


Volatility

Analysis

What influences volatility in the Petroleum Refining in Belgium industry?

Charts
  • Industry Volatility vs. Revenue Growth Matrix

Life Cycle

Analysis

What determines the industry life cycle stage in the Petroleum Refining in Belgium industry?

Charts
  • Industry Life Cycle Matrix

Products and Markets

Highlights

Trends
  • Largest Market
  • Product Innovation

Key Takeaways

Vehicle fuels face rising competition from low-carbon alternatives. Demand for diesel, particularly, is dropping as fleet operators and individuals increasingly switch to electric vehicles.

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Products and Services

Charts
  • Products and Services Segmentation
Analysis

How are the Petroleum Refining in Belgium industry's products and services performing?

Analysis

What are innovations in the Petroleum Refining in Belgium industry's products and services?


Major Markets

Charts
  • Major Market Segmentation
Analysis

What influences demand in the Petroleum Refining in Belgium industry?


International Trade

Highlights

  • Total Imports into Belgium
  • Total Exports into Belgium
Heat maps
  • Industry Concentration of Imports by Country
  • Industry Concentration of Exports by Country
Data Tables

Value and annual change (%) included

  • Number of Imports and Exports by European Country (2024)

Competitive Forces

Highlights

Trends
  • Concentration
  • Competition
  • Barriers to Entry
  • Substitutes
  • Buyer Power
  • Supplier Power

Key Takeaways

The European petroleum refining industry is fairly concentrated. A handful of companies in each country dominate the refining scene, with acquisitions of smaller players common.

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Supply Chain

Charts

Buyer and supply industries

Geographic Breakdown

Business Locations

Heat maps
  • Share of Total Industry Establishments by Region (2024)
Data Tables
  • Number of Establishments by Region (2024)
Charts
  • Share of Establishments vs. Population of Each Region
Analysis

What regions are businesses in the Petroleum Refining in Belgium located?

Companies

Data Tables

Top 10 companies by market share:

  • Market share (2024)
  • Revenue (2024)
  • Profit (2024)
  • Profit margin (2024)

External Environment

Highlights

Trends
  • Regulation & Policy
  • Assistance

Key Takeaways

Refineries operate under a complex web of regulations. The regulatory scene is intense, with refineries forced to comply with emission limits, fuel quality standards and waste and water treatment.

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External Drivers

Analysis

What demographic and macroeconomic factors impact the Petroleum Refining in Belgium industry?

Financial Benchmarks

Highlights

Trends
  • Profit Margin
  • Average Wage
  • Largest Cost

Key Takeaways

Profitability is insulated by passing on cost increases. Refineries can protect their margin by passing on crude oil price rises to their customers due to the limited number of alternatives.

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Cost Structure

Charts
  • Share of Economy vs. Investment Matrix
  • Industry Cost Structure Benchmarks:
    • Marketing
    • Depreciation
    • Profit
    • Purchases
    • Wages
    • Rent
    • Utilities
    • Other
Analysis

What trends impact cost in the Petroleum Refining in Belgium industry?


Key Ratios

Data tables
  • IVA/Revenue (2014-2029)
  • Imports/Demand (2014-2029)
  • Exports/Revenue (2014-2029)
  • Revenue per Employee (2014-2029)
  • Wages/Revenue (2014-2029)
  • Employees per Establishment (2014-2029)
  • Average Wage (2014-2029)

Country Benchmarks

European Leaders & Laggards

Data Tables

Top and boottom five countries listed for each:

  • Revenue Growth (2024)
  • Business Growth (2024)
  • Job Growth (2024)

European Country Performance

Data Tables

Rankings available for 37 countries. Statistics ranked include:

  • IVA/Revenue (2024)
  • Imports/Demand (2024)
  • Exports/Revenue (2024)
  • Revenue per Employee (2024)
  • Wages/Revenue (2024)
  • Employees per Establishment (2024)
  • Average Wage (2024)

Structural Comparison

Data Tables

Trends in 37 countries benchmarked against trends in Europe

  • Concentration
  • Competition
  • Barriers to Entry
  • Buyer Power
  • Supplier Power
  • Volatility
  • Capital Intensity
  • Innovation
  • Life Cycle

Key Statistics

Industry Data

Data Tables

Including values and annual change:

  • Revenue (2014-2029)
  • IVA (2014-2029)
  • Establishments (2014-2029)
  • Enterprises (2014-2029)
  • Employment (2014-2029)
  • Exports (2014-2029)
  • Imports (2014-2029)
  • Wages (2014-2029)

Methodology

Where does IBISWorld source its data?

IBISWorld is a world-leading provider of business information, with reports on 5,000+ industries in Australia, New Zealand, North America, Europe and China. Our expert industry analysts start with official, verified and publicly available sources of data to build an accurate picture of each industry.

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights. 

IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools.

To learn more about specific data sources used by IBISWorld's analysts globally, including how industry data forecasts are produced, visit our Help Center.