Posted On: 2020-11-10
LSHS and Ethylene are anticipated to grow at the fastest pace in the overall India Refinery market during the forecast period– 6Wresearch
As the Indian economy continues to remain heavily reliant on fossil fuels for its day to day functioning, the market of refinery products is anticipated to witness sustained growth. Additionally, the resilient oil consumption levels in the country’s market for refining is likely to remain afloat. However, with the emergence of the COVID pandemic, the end-user consumption of industries and transportation is likely to remain low which in turn is expected to cause a downfall in the market as the refineries in the country continue to operate below their capacity.
According to 6Wresearch, the India Refinery Market size is projected to grow at a CAGR of 4.7% during 2020-26F. Steadily growing oil consumption levels combined with the strict government regulations to develop cleaner fuels is likely to drive the growth in the industry over the forecast period. The frequent up-gradation of auto fuels and Basel norms have led to the growing demand for cleaner refining products
According to Akshay Thakur, Senior Research Analyst, Research and Consulting, 6Wresearch, “The growth in the industry is largely fueled by factors such as up-gradation of auto fuels, rapidly growing plastic and chemical industry and massive prevalence of fossil fuels in the transportation and industries. Furthermore, oil consumption levels in the country are likely to grow in the coming years, thus creating a need for the presence of large refining requirements across the nation.”
According to Sahil Sharma, Research Analyst, Research and Consulting, 6Wresearch, “By product type, fuels such as LSHS are likely to grow rapidly as these newer and cleaner fuels are becoming increasingly popular among end-users. Additionally, products such as Ethylene & Propylene are anticipated to witness steady growth over the coming years owing to its growing usage in plastic and chemical industry.”
Some of the major companies in the India refinery market include Reliance, IOL, HPCL, and BPCL.
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