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Capacity within the global refining market is expected to grow at a steady rate, from 4,661.7 Million Metric Tons Per Annum (MMtpa) in 2011 to 5,516.9 MMtpa in 2017, at an average annual growth rate (AAGR) of 3.1%.
Growth within the global refining market looks set to be driven by demand for cleaner fuels, an increasing use of heavier and dirtier feedstocks and major additions to refining capacity.
This majority of this increase is to come from Middle Eastern countries, which are expected to provide a capacity of 183.7 MMtpa by 2017.
The Middle Eastern region represents a major producer and exporter of crude oil, and is now targeting the petroleum products export market. Countries in the Middle East are working on modernising their existing refineries as well as implementing capacity expansions.
Significant capacity additions are expected to come online during the next five years, with refining industry growth seen most prominently in Iran, Iraq and Saudi Arabia.
The current refinery market has too many refineries in the wrong places producing the wrong fuels, meaning refineries are being hit by a geographical shift in demand from the advanced economies towards emerging markets in Latin America, the Middle East and Asia.
The dramatic collapse of European refiner Petroplus and the decision to sell or close three ageing refineries on the US East Coast is only the first phase of a revolution set to sweep the global refining system over the next decade.
For more information on the global refining market, see the latest research: Global Refining Market Report
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