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Petroleum Refining in Ontario

Author.Name IBISWorld Canada Last Updated: March 2025 NAICS ON32411CA

Petroleum Refining in Ontario industry analysis

Revenue for the Petroleum Refining industry in Ontario is expected to grow an annualized x.x% to $x.x billion over the five years to 2025, while revenue for the national industry will likely grow at x.x% during the same period. The number of industry establishments has stagnated an annualized x% to x locations over the past five years. Industry employment has increased an annualized x.x% to xxx workers during the period, while industry wages have increased an annualized x% to $x.x million.

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About the Petroleum Refining in Ontario Market Research Report

What’s Included in the Petroleum Refining in Ontario Market Research Report

Definition of the Petroleum Refining in Ontario?

This industry refines crude petroleum through fracking and distillation to produce gasoline, diesel fuels and other fuel oils.

What’s included in the Petroleum Refining in Ontario?

The Petroleum Refining in Ontario includes production of gasoline, production of diesel fuels, production of fuel oil, production of aviation fuel, production of heating oil and production of liquefied petroleum gases. Related terms covered in the Petroleum Refining in Ontario industry report includes an oil sand extraction technique where steam or solvents are injected into oil sand reserves to lower viscosity, permitting oil to flow into wells, the thickness of crude oil and petroleum products. low viscosity crude oil typically has lower refining costs, the difference between the value of refined petroleum products and cost of crude oil inputs. profit margin for petroleum refineries and a unit of measure for crude oil and petroleum products. one cubic metre is equal to about 6.3 barrels.

Industry Performance of the Petroleum Refining industry in Ontario

Benchmark the Petroleum Refining in Ontario industry performance with all ON Census Metropolitan Area and national performance.

Petroleum Refining in Ontario

#2 in Highest Revenue 18.1% of province's GDP
Revenue (2025)
Annual Growth (2020-25)
Annual Growth ()

Petroleum Refining in Canada


Revenue (2025)
Annual Growth (2020-25)
Annual Growth ()

For the full list of industry drivers, see report purchase options.

Key Drivers of the Petroleum Refining industry in Ontario

See how key industry drivers, such as gross domestic product, private investment in non-residential construction, bachelorsed, world price of crude oil, us gross domestic product (gdp) and canadian effective exchange rate index are impacting Petroleum Refining in Ontario

Ontario Economic Indicators

Gross Domestic Product
Private Investment in Non-Residential Construction
BachelorsEd

View more economic information in ON State Economic profile

Canada Key External Drivers

World price of crude oil
US Gross domestic product (GDP)
Canadian effective exchange rate index

For the full list of industry drivers, see report purchase options.

Census Metropolitan Area Data of the Petroleum Refining industry in Ontario

Access proprietary data on Census Metropolitan Area in the Petroleum Refining in Ontario, such as Sarnia, Toronto and St. Catharines - Niagara. Data includes figures on revenue, establishments, employees and wages by Census Metropolitan Areas.

Key Statistics of the Petroleum Refining industry in Ontario

Download 17 years of historical data and 5 years of projected performance.

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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 Ontario in 2025?

The market size of the Petroleum Refining industry in Ontario is $18.5bn in 2025.

How many businesses are there in the Petroleum Refining industry in Ontario in 2025?

There are 3 businesses in the Petroleum Refining industry in Ontario, which has been declining at an average annual rate of 0.0% from 2020 to 2025.

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

The market size of the Petroleum Refining industry in Ontario has been growing at an average annual rate of 10.3% from 2020 to 2025.

How many employees in the Petroleum Refining industry in Ontario in 2025?

There are 593 employees in the Petroleum Refining industry in Ontario, which has been growing at an average annual rate of 3.6% from 2020 to 2025.