Industry Statistics and Trends
Petroleum Refining in Europe key trends
Downstream demand has been hit heavily recently.
The COVID-19 pandemic and subsequent drop in passenger-kilometres hit sales of petrol, diesel and kerosene, which are major products for petroleum refineries.
The green transition will hit demand for petroleum derivatives.
Rising investment in renewable energy technologies will aid the green transition and draw demand away from petroleum-based products.
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Petroleum Refining in Europe
Industry Revenue
Total value and annual change from 2011-2029. Includes 5-year outlook.
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Petroleum Refining in Europe market size (2019-2024)
Industry revenue has declined at a CAGR of 7.2 % over the past five years, to reach an estimated €620.3bn in 2024.
Trends and Insights
The COVID-19 pandemic crippled fuel demand
- COVID-19-induced government orders forced people to stay at home and for non-essential businesses to close. Oil prices tumbled as a result, with West Texas Intermediate futures trading below zero in April 2020.
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Petroleum Refining in Europe outlook (2024-2029)
Market size is projected to grow over the next five years.
The green transition poses a severe threat to petroleum refineries
- Petroleum refineries face surging competition from renewable energy generation companies as investment surges as countries aim to meet their net-zero ambitions.
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Revenue
€620.3bn
Employees
250k
Wages
€XX.Xbn
European Leaders & Laggards
* CAGR values are for the years 2019-2024.
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Biggest companies in the Petroleum Refining in Europe
| Company | Market Share (%)
2024 | Revenue (€m)
2024 | Profit (€m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
BP plc | 184,562.8 | 13,830.1 | 7.5 | |
TotalEnergies SE | 197,782.3 | 22,183.8 | 11.2 | |
ExxonMobil Corporation | 249,983.2 | 17,917.1 | 7.2 |
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Petroleum Refining in Europe
Products & Services Segmentation
Industry revenue broken down by key product and services lines.
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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 Europe in 2024?
The market size of the Petroleum Refining industry in Europe is €620.3bn in 2024.
How many businesses are there in the Petroleum Refining in Europe industry in 2024?
There are 1,833 businesses in the Petroleum Refining industry in Europe, which has declined at a CAGR of 2.7 % between 2019 and 2024.
Has the Petroleum Refining industry in Europe grown or declined over the past 5 years?
The market size of the Petroleum Refining industry in Europe has been declining at a CAGR of 7.2 % between 2019 and 2024.
What is the forecast growth of the Petroleum Refining industry in Europe over the next 5 years?
Over the next five years, the Petroleum Refining industry in Europe is expected to grow.
What does the Petroleum Refining in Europe include?
Petrol and Diesel are part of the Petroleum Refining industry.
Which countries have the most businesses in the Petroleum Refining industry in Europe?
The European country with the most businesses in the Petroleum Refining industry is Russia.
How competitive is the Petroleum Refining industry in Europe?
The level of competition is high and steady in the Petroleum Refining industry in Europe.
Related Industries
This industry is covered in 37 countries
- Petroleum Refining in Portugal
- Petroleum Refining in the Netherlands
- Petroleum Refining in Serbia
- Petroleum Refining in Belgium
- Petroleum Refining in Italy
- Petroleum Refining in Denmark
- Petroleum Refining in Latvia
- Petroleum Refining in Bosnia & Herzegovina
- Petroleum Refining in the UK
- Petroleum Refining in Germany
- Petroleum Refining in Spain
- Petroleum Refining in France
- Petroleum Refining in Lithuania
- Petroleum Refining in Hungary
- Petroleum Refining in the UK
- Petroleum Refining in Germany
- Petroleum Refining in Finland
- Petroleum Refining in Croatia
- Petroleum Refining in Austria
- Petroleum Refining in Romania
- Petroleum Refining in Norway
- Petroleum Refining in Switzerland
- Petroleum Refining in Poland
- Petroleum Refining in Slovenia
- Petroleum Refining in Bulgaria
- Petroleum Refining in Iceland
- Petroleum Refining in Greece
- Petroleum Refining in Russia
- Petroleum Refining in Czechia
- Petroleum Refining in Sweden
- Petroleum Refining in Turkey
- Petroleum Refining in Cyprus
- Petroleum Refining in Estonia
- Petroleum Refining in Europe
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 GasWhat's included in this industry?
PetrolDieselJet fuelBiofuelsLPGCompanies
BP plcTotalEnergies SEExxonMobil CorporationIndustry Code
192 - Manufacture of refined petroleum products in Europe
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Performance
Key Takeaways
The COVID-19 pandemic crippled fuel demand
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Revenue Highlights
Trends
- Revenue
- 2024 Revenue Growth
- 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 in the Petroleum Refining in Europe industry (2011 -2029)
- Employees in the Petroleum Refining in Europe industry (2011 -2029)
- Business in the Petroleum Refining in Europe industry (2011 -2029)
- Profit in the Petroleum Refining in Europe industry (2011 -2029)
Analysis
What's driving current industry performance in the Petroleum Refining in Europe industry?
Outlook
Analysis
What's driving the Petroleum Refining in Europe industry outlook?
Volatility
Analysis
What influences volatility in the Petroleum Refining in Europe industry?
Charts
- Industry Volatility vs. Revenue Growth Matrix
Life Cycle
Analysis
What determines the industry life cycle stage in the Petroleum Refining in Europe 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.
Products and Services
Charts
- Products and Services Segmentation
Analysis
How are the Petroleum Refining in Europe industry's products and services performing?
Analysis
What are innovations in the Petroleum Refining in Europe industry's products and services?
Major Markets
Charts
- Major Market Segmentation
Analysis
What influences demand in the Petroleum Refining in Europe industry?
International Trade
Highlights
- Largest Importer
- Smallest Importer
- Total Imports into Europe
- Largest Exporter
- Smallest Exporter
- Total Exports into Europe
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)
Geographic Breakdown
Business Locations
Heat maps
- Share of Total Industry Revenue by Region (2024)
- Share of Total Industry Enterprises by Region (2024)
- Share of Total Industry Employment by Region (2024)
- Share of Total Industry Wages by Region (2024)
Industry Geographic Breakdown
Data Tables
Values and annual change provided for 37 European countries:
- Revenue (2024)
- IVA (2024)
- Enterprises (2024)
- Employment (2024)
- Exports (2024)
- Imports (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.
Supply Chain
Charts
Buyer and supply industries
Companies
Market Share
Charts
- Industry Market Share by Company (2019-2024)
Companies
Data Tables
Top 10 companies by market share:
- Market share (2024)
- Revenue (2024)
- Profit (2024)
- Profit Margin (2024)
Data Tables
- Countries of operation for BP plc
- Countries of operation for TotalEnergies SE
- Countries of operation for ExxonMobil Corporation
- Countries of operation for PJSC Lukoil
- Countries of operation for Shell plc
- Countries of operation for Eni SpA
- Countries of operation for Repsol SA
- Countries of operation for Turkiye Petrol Rafineri AS
- Countries of operation for PJSC Rosneft Oil Company
- Countries of operation for The Phillips 66 Company
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.
External Drivers
Analysis
What demographic and macroeconomic factors impact the Petroleum Refining in Europe 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.
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 Europe 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?
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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.
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