The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Oil Refining Market.
It was estimated prior to this unanticipated outbreak that the Oil Refining Market will reach CAGR of 4.3 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Oil Refining Market Insights
Oil refining market is likely to witness a healthy CAGR of 4.3% during the forecast period. The prime factors contributing to the demand for oil refining are rapid industrialization, growing population, changing demographics, and improving living standards. There is an increased investment on construction and upgradation of refineries to fulfill petroleum product demand.
Market Share Analysis
Oil Refinin
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