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Petroleum Refining in Canada Industry Data and Analysis
Revenue for the Canadian Petroleum Refining industry has been volatile. Crude oil is the primary input into industry products, and therefore, its price is the primary driver of industry revenue. However, the pandemic's collapse in oil prices in 2020 drove refinancing revenue down. Subsequently, high demand and ongoing supply chain disruptions led crude oil prices to spike sharply, translating into an industry revenue boom in 2021 and 2022. However, tempering oil prices in 2024 and potentially 2025 will depress revenue growth during the period. Overall, industry revenue is forecast to fall at a CAGR of 0.2% to $85.4 billion over the five years to 2025. In 2025, tempering oil prices are forecast to produce a revenue contraction of 4.6% for the industry.
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What's included in this industry analysis
IBISWorld's research coverage on the Petroleum Refining industry in Canada includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released May 2025.
About this industry
What's this industry report about?
The Petroleum Refining industry in Canada operates under the NAICS industry code 32411CA. This industry refines crude petroleum through fracking and distillation to produce gasoline, diesel fuels and other fuel oils. Related terms covered in the Petroleum Refining industry in Canada include in situ, viscosity, refining margin and barrel.
What's included in this industry?
Products and services covered in Petroleum Refining industry in Canada include Gasoline, Diesel fuel and Fuel oils.
What companies are included in this industry?
Companies covered in the Petroleum Refining industry in Canada include Imperial Oil, Shell Canada and Suncor.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Petroleum Refining industry in Canada.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Petroleum Refining industry in Canada.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Petroleum Refining industry in Canada.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Petroleum Refining industry in Canada. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Petroleum Refining industry in Canada. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Petroleum Refining industry in Canada. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Petroleum Refining industry in Canada. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Petroleum Refining industry in Canada.
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Frequently Asked Questions
What is the market size of the Petroleum Refining industry in Canada in 2026?
The market size of the Petroleum Refining industry in Canada is $102.3bn in 2026.
How many businesses are there in the Petroleum Refining industry in Canada in 2025?
There are 11 businesses in the Petroleum Refining industry in Canada, which has declined at a CAGR of 0.0 % between 2020 and 2025.
How may import tariffs affect the Petroleum Refining industry in Canada?
The Petroleum Refining industry in Canada is likely to be impacted by import tariffs with imports accounting for a moderate share of industry revenue.
How may export tariffs affect the Petroleum Refining industry in Canada?
The Petroleum Refining industry in Canada is likely to be significantly impacted by export tariffs with exports accounting for a high share of industry revenue.
Has the Petroleum Refining industry in Canada grown or declined over the past 5 years?
The market size of the Petroleum Refining industry in Canada has been growing at a CAGR of 12.6 % between 2020 and 2025.
What are the biggest companies in the Petroleum Refining industry in Canada?
The biggest companies operating in the Petroleum Refining industry in Canada are Imperial Oil, Shell Canada and Suncor
What does the Petroleum Refining industry in Canada include?
Production of gasoline and Production of diesel fuels are part of the Petroleum Refining industry in Canada.
Which companies have the highest market share in the Petroleum Refining industry in Canada?
The company holding the most market share in the Petroleum Refining industry in Canada is Imperial Oil.
How competitive is the Petroleum Refining industry in Canada?
The level of competition is high and steady in the Petroleum Refining industry in Canada.
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