Modular Refineries Market to Reach $3.6 Billion, Globally, by 2032 at 5.7% CAGR: Allied Market Research

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Apr 28, 2023, 10:45 ET

PORTLAND, Ore., April 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Modular Refineries Market by type (Crude Oil Distillation Unit, Topping Unit, Hydroskimming Refinery, Full Conversion Refinery, Bitumen Refinery And Carbon Black Refinery), By Capacity (200 – 10000 BPD, 10001 - 20000 BPD and 20001 - 30000 BPD), By End Use (Government Refinery And Private Refinery): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global modular refineries industry generated $2.2 billion in 2022 and is anticipated to generate $3.6 billion by 2032, witnessing a CAGR of 5.7% from 2023 to 2032.

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Prime determinants of growth

The growth of the global modular refineries market is driven by factors such as inclination toward the small scale refinery plant, growth in the petroleum products, and lowering dependency on import and export of fossil fuel. However, fluctuation in crude oil prices restrains the market growth. Moreover, an increase in investment for maintaining the fuel security is an opportunity for modular refineries market. For instance, In Nigeria, government is planning to setup 100 more modular refineries to increase fuel production. Nigeria has a number of modular refineries in Edo, Delta, Imo and other states, while plans are on to increase the number through private sector investments.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$2.2 billion
Market Size in 2032	$3.6 billion
CAGR	5.7 %
No. of Pages in Report	250
Segments Covered	Type, Capacity, End Use, and Region
Drivers	Rise in demand for cost-effective, simple and small-scale refineries Surge in demand for petroleum products in industry sector
Opportunities	Investment incentives to mitigate security of fuel supply Changing environmental legislations in refinery industry
Restraints	Fluctuation in crude oil prices

Covid-19 Scenario

Due to the COVID-19 pandemic and the subsequent global lockdowns, the modular refineries market faced a downturn.
However, as the global situation started to improve, the demand for modular refineries has been restored. This, in turn, presented various growth opportunities for companies operating in the modular refineries market.

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The crude oil distillation unit segment to maintain its leadership status throughout the forecast period

Based on type, the crude oil distillation unit segment held the highest market share in 2022, accounting nearly one-third of the global modular refineries market revenue and is projected to maintain its lead position during the forecast period. This segment is projected to manifest the highest CAGR of 6.5% from 2023 to 2032. There is an increase in the adoption of crude oil distillation unit in the global modular refineries market as unit is affordable, simple to install, and flexible in production capacity. The crude oil distillation unit is the initial unit in the refinery which increases its demand in the modular refineries market.

The 200 – 10000 BPD segment to maintain its lead position during the forecast period

Based on capacity, the 200 – 10000 BPD segment accounted for the largest share in 2022, contributing nearly half of the global modular refineries market revenue and is projected to maintain its lead position during the forecast period. The same segment is expected to portray the highest CAGR of 5.9% from 2023 to 2032. The 200-10000 BPD segment dominated the market as 200-10000 BPD modular refineries are cost effective and occupy less space at oil production site. The small capacity refineries are easy to shift from one place to another which drives the demand for 200 – 10000 BPD capacity modular refineries in the market. Moreover, increase in adoption of small modular refineries at remote site is projected to create opportunity for the 200-10000 BPD refineries segment in the modular refineries market.

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The government refineries segment is expected to grow faster throughout the forecast period.

Based on end use, the government refineries segment accounted for the largest share in 2022, more than three-fifths of the global modular refineries market revenue and is projected to maintain its lead position during the forecast period, as government is focusing on new oil excavation projects and new policies for adoption of small scall refineries. Manufacturers are developing well-designed modular refineries to operate continuously with compact maintenance, which is driving the demand for modular refineries in this segment. The private refinery segment is expected to portray the highest CAGR of 5.9% from 2023 to 2032.

North America to maintain its dominance by 2032.

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global modular refineries market revenue and is projected to maintain its lead position during the forecast period. North America dominated the market owing to increase in number of modular refineries in developing countries. There is a rise in demand for small-scale refineries in North America countries which is expected to be the key factor driving the modular refineries market growth during the forecast period in the region. LAMEA is expected to witness the fastest CAGR of 6.0% from 2023 to 2032. LAMEA region is expected to follow North America region during the projection period. This is owed to several oil excavation projects being planned and enforced in countries like Saudi Arabia. Nigeria, and Iraq.

Leading Market Players: -

Honeywell International Inc.
Pyramid E&C
Peiyang Chemical Equipment Co., Ltd.
Axens
Propak Systems Ltd.
Brahms Oil Refineries Ltd.
VFuels, LLC
Refinery Equipmenr of Texas, LLC
AIPCC Energy Ltd.
Plant Process Group, LLC.

The report provides a detailed analysis of these key players in the global modular refineries market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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