Middle East Refining and Petrochemicals Market Analysis and Forecast, 2019-2028

The Middle East refining and petrochemicals market is a significant market, given the region’s vast oil and gas reserves. According to a recent market report, the market is expected to grow at a CAGR of 3.9% during the forecast period of 2021-2028. The growth of the Middle East refining and petrochemicals market is driven by several factors, including the increasing demand for refined products and petrochemicals, particularly from emerging economies such as China and India. The region’s strategic location as a major hub for global energy trade, as well as its abundant reserves of oil and gas, also contribute to the growth of the market.

Key Segmental and Regional Analysis

Saudi Arabia is expected to be the key region in the Middle East refining and petrochemical market. With intentions to boost local and international production and enhance its exports, Saudi Arabia hopes to become an important player in the global petrochemical industry in the upcoming years. These plans’ implementation will be in line with Saudi Vision 2030, a government initiative to lessen Saudi Arabia’s reliance on oil, diversify its economy, and expand its public service sectors. The plan’s main objective is to foster the growth of the Saudi petrochemical sector and increase its competitiveness on the global stage. The export of Saudi petrochemicals to overseas markets will need to significantly grow in order to meet these objectives.

Market Structure and Competitive Landscape

Some of the prominent players that contribute significantly to the Middle East refining and petrochemical market growth include, Saudi Aramco, Abu Dhabi National Oil Company (ADNOC), Kuwait Petroleum Corporation (KPC), Qatar Petroleum (QP), Bahrain Petroleum Company (BAPCO), Oman Oil Company (OOC), Petrochemical Industries Company (PIC), National Iranian Oil Company (NIOC), Royal Dutch Shell, Total S.A., BP, ExxonMobil, Chevron, Eni S.p.A., Gazprom, Rosneft, Sinopec, China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC), Petronas, etc. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Partnerships and collaborations, and product launches are some of the strategies followed by industry players.

Key Market Segmentation

RationalStat has segmented the Middle East Refining and Petrochemical Market on the basis of type and region.

• By Type
  • Petrochemical
    • Ethylene
    • Propylene
    • Butadiene
    • Benzene
    • Xylene
    • Toluene
    • Methanol
  • Refining
• By Region
  • GCC
  • Iran
  • Iraq
  • Turkey
  • Rest of the Middle East

Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Secondary Sources

• Annual reports, company filings, investor presentations, product catalogs, and company documents
• Industry and market-related documents available in the public domain
• Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
• Whitepapers, research papers, and industry blogs.

Why Buy this Report?

The report is intended for Refining companies, Petrochemical companies, Oil and gas companies, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.