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Petroleum Refining in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Petroleum Refining Market Research Report | NAICS 32411 | Mar 2017

Fueled up: Improving global economic conditions will sustain demand for petroleum products

The Petroleum Refining market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

Report Snapshot
Industry Statistics & Market Size
Annual Growth 12-17
Annual Growth 17-22
Annual Growth
Industry Threats & Opportunities
  • Profit and demand have steadily recovered, while low domestic oil prices bolstered margins
  • Profit margins remain below historical highs, causing operators to reduce refinery output
  • Crude oil prices are anticipated to increase over the next five years
  • ... purchase to read more

Industry Analysis & Industry Trends

Operators in the Petroleum Refining industry experienced volatile conditions over the past five years. Rising crude oil prices powered revenue growth as refiners have passed costs down the distribution line. Furthermore, low domestic crude oil prices, when compared with international crude oil, bolstered the competitiveness of US petroleum exports. This industry is anticipated to recover over the next five years as fuel prices rise and consumption increases. Improving global economic conditions will sustain demand for petroleum products. Capacity upgrades will lead the way as industry players invest in infrastructure that can handle more crude oil. However, environmental regulations stipulating the inclusion of renewable fuels will pose a challenge to operators... ... purchase to read more

Industry Report - Industry Key Buyers Chapter

The Petroleum Refining industry has a moderate level of market share concentration, with the four largest companies accounting for 55.6% of industry revenue in 2017. Due to the high capital costs required to maintain refining facilities, large companies dominate the industry. According to US Census data, 71.9% of industry enterprises have fewer than 500 employees. However, these companies account for only 31.9% of total employment. Large petroleum companies that have more than 500 employees are responsible for the remaining industry employment.

Over the past five years, operators divested assets to pad profit margins, causing market share concentration to fall during the period. Thi.. ... purchase to read more

Additional Insights for the Petroleum Refining Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the Petroleum Refining Industry are

  • Downstream ownership links
  • Guaranteed supply of key inputs
  • Ability to quickly adopt new technology
  • IBISWorld analysts also discuss how external factors such as World price of crude oil and Demand from gasoline and petroleum bulk stations in the Petroleum Refining industry impact industry performance... purchase to read more


    Industry ProductsRelated Reports

    What is the Petroleum Refining Industry?

    Industry operators refine crude oil into petroleum products. Petroleum refining involves one or more of the following activities: fractionation, straight distillation of crude oil and cracking. This industry does not include companies that extract crude oil or retail gasoline.

    Industry Products
    GasolineDiesel fuel oilJet fuelLiquefied petroleum gasesResidual fuel oilOther refined petroleum products
    Industry Activities
    Gasoline productionKerosene productionDistillate fuel oil (diesel fuel) productionAviation fuel productionResidual fuel oil productionLubricant productionProducing aliphatic and aromatic chemicals as byproducts

    Table of Contents
    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • World price of crude oil
  • Demand from gasoline and petroleum bulk stations
  • GDP of mainland China
  • Total vehicle miles
  • Trade-weighted index
  • Current Performance
  • Domestic crude discount disappears
  • Profitability remains stable
  • Trade importance grows
  • Chart: Revenue Growth
  • Industry Outlook
  • Profitability remains stable
  • Exports grow
  • Standards and regulation
  • Table: Petroleum Refining Industry Revenue Outlook
  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Petroleum Refining Industry Lifecycle vs The Economy
  • Products & Markets
    Supply Chains
  • Key Buying Industries
  • Petrochemical Manufacturing
  • Gas Stations with Convenience Stores
  • Gas Stations
  • International Airlines
  • Domestic Airlines
  • Key Selling Industries
  • Gasoline & Petroleum Bulk Stations
  • Gasoline & Petroleum Wholesaling
  • Oil & Gas Pipeline Construction
  • Oil Drilling & Gas Extraction
  • Oil Pipeline Transportation
  • Products & Services
  • Gasoline
  • Diesel fuel oil
  • Other refined petroleum products
  • Liquefied petroleum gases
  • Jet fuel
  • Residual fuel oil
  • Chart: Petroleum Refining Industry Products and Services Segmentation
  • Demand Determinants
    Major Markets
  • Households
  • Industrial sector
  • Exports
  • Commercial sector
  • Other
  • Aviation
  • Chart: Major Market Segmentation for the Petroleum Refining Industry
  • International Trade
    Business Locations
  • Chart: Business Locations by State
  • Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Purchases
  • Wages
  • Depreciation
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Petroleum Refining
  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Petroleum Refining Industry
  • Industry Globalization
    Major Companies
    Exxon Mobil Corp.
    Valero Energy Corporation
    Marathon Petroleum Corp.
    Chevron Corp.
    Phillips 66 Company
    Royal Dutch Shell PLC
    BP PLC
    Tesoro Corporation
  • Table: Exxon Mobil Corp. - financial performance
  • Table: Valero Energy Corporation - financial performance
  • Table: Marathon Petroleum Corp. - financial performance
  • Table: Chevron Corp. - financial performance
  • Table: Phillips 66 Company - financial performance
  • Table: Royal Dutch Shell PLC - financial performance
  • Table: BP PLC - financial performance
  • Table: Tesoro Corporation - financial performance
  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Petroleum Refining Industry
  • Chart: Tools of the Trade: Growth Strategies for Success
  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth
  • Regulation & Policy
    Industry Assistance
    Key Statistics
  • Table: Industry Data for the Petroleum Refining Industry
  • Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Exports (2008-2022)
  • Imports (2008-2022)
  • Wages (2008-2022)
  • World Price of Crude Oil (2008-2022)
  • Table: Annual Percentage Change for Key Industry Data
  • Table: Key Ratios for Industry Key Data
  • Table: Industry Financial Ratios
  • Jargon & Glossary
  • A unit of measure for petroleum products. It is equal to 42 US gallons.
  • Diesel
  • Midrange petroleum product (with a higher boiling point than gasoline) typically used as a fuel for internal combustion engines, particularly for larger vehicles.
  • Distillation Unit
  • Primary crude oil refining unit, which includes a pipe still for vaporizing the crude oil and a fractionation tower for separating it into fractions with different boiling ranges.
  • Ethanol
  • A form of alcohol used as a fuel, which is primarily made from grains such as corn and soybeans. It is considered to be a renewable fuel with fewer pollutants.
  • Gasoline
  • Light liquid petroleum product typically used as a fuel for internal combustion engines.
  • Refining Margin
  • Difference between the value of all the refined petroleum products a refinery is able to produce from a given quantity of crude oil and its cost.
  • Spot Market
  • A commodities or securities market in which goods are sold for cash and delivered immediately. Contracts bought and sold on these markets are immediately effective.

  • Why Buy this Report?
    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Petroleum Refining:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Petroleum Refining market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Petroleum Refining, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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