$104.7bn
$X.Xbn
8,729
11
$XXX.Xm
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. A subsequent price recovery in 2017 after plummet the previous year helped the industry rebound by double-digits during the following two-year period. However, the COVID-19 pandemic and the resulting collapse in oil prices in 2020 drove refinancing revenue down during the year. Following the pandemic peak, high demand, coupled with ongoing supply chain disruptions, led crude oil prices to spike sharply, translating into a industry revenue boom in 2021 and 2022. Overall, industry revenue is forecast to rise at a CAGR of 4.0% to $104.7 billion over the five years to 2023. In 2023, tempering oil prices are forecast to produce a revenue contraction of 12.0% for the industry.Like volatile revenue, the industry's profitability has tracked changes in oil prices. The COVID-19 pandemic placed downward pressure on fuel demand since many people delayed travel. The shift in travel behaviours cause demand to plummet, especially from downstream transportation markets. In 2020, refinery profits hit a five-year low, averaging just 5.7% across the industry. However, the surge in demand that followed has led to an industry-wide profit improvement, even as higher crude oil prices have raised purchase costs. The highly concentrated industry's structure has, meanwhile, remained largely unaltered. The first new domestic refinery in years was opened in Alberta in late 2018.The industry is projected to contract slowly as global oil prices continue to temper. While an expanding domestic economy will prompt increased consumer spending and manufacturing output, refinancing revenue will decline in line with crude oil prices. Accordingly, industry revenue is forecast to contract at a CAGR of 0.3% to $103.2 billion over the five years to 2023. However, volatility is likely to intercede given global upheaval. In 2022, the Canadian government announced a ban on imports of crude oil from Russia in response to that country's invasion of Ukraine. This mirrored President Biden's announced ban on Russian oil imports, which includes Russian oil, liquefied natural gas and coal.
Industry revenue has grown at a CAGR of 4.0 % over the past five years, to reach an estimated $104.7bn in 2023.
Market size is projected to decline over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Imperial Oil | 22,825.8 | 2,867.3 | 12.6 | |
Shell Canada | 13,848.0 | 634.9 | 4.6 | |
Suncor | 12,224.2 | 1,563.4 | 12.8 |
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Industry revenue is measured across several distinct product and services lines, including Gasoline, Diesel fuel and Fuel oils. Gasoline is the largest segment of the Petroleum Refining in Canada.
Conventional gasoline is the most demanded and valuable refined petroleum product
This industry refines crude petroleum through fracking and distillation to produce gasoline, diesel fuels and other fuel oils.
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NAICS 324110 - Petroleum Refining in Canada
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Refining revenue has mirrored volatility in crude oil prices. Following a sharp downturn at the height of the pandemic, the world price of crude oil shot up to new highs.
Learn about an industry's products and services, markets and trends in international trade.
Conventional gasoline is the most demanded petroleum product. Gasoline has many uses, but its primary use is in passenger vehicles.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Alberta is the leading location for refineries. The region is home to most of Canada’s oil sands deposits, which are moved downstream to be processed by refineries.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Price is the main basis of competition in this industry. Refineries compete to obtain inexpensive crude oil, as it is the primary input for all refined petroleum products.
Learn about the performance of the top companies in the industry.
Imperial Oil is the largest company in Canada. Like all the largest players, the company has comprehensive operations across the oil and gas supply chain.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
There is extensive regulation of oil production and refinement in Canada. Environment and Climate Change Canada leverage a number of regulations to ensure air and water quali...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Purchase costs account for the largest share of industry revenue. Crude oil is an essential component of all refined petroleum products. Refiners typically purchase different...
Including values and annual change:
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Key data sources in Canada include:
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These sources include:
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The market size of the Petroleum Refining industry in Canada is $104.7bn in 2024.
There are 11 businesses in the Petroleum Refining industry in Canada, which has grown at a CAGR of 1.9 % between 2018 and 2023.
The market size of the Petroleum Refining industry in Canada has been growing at a CAGR of 4.0 % between 2018 and 2023.
Over the next five years, the Petroleum Refining industry in Canada is expected to decline.
The biggest companies operating in the Petroleum Refining market in Canada are Imperial Oil, Shell Canada and Suncor
Production of gasoline and Production of diesel fuels are part of the Petroleum Refining industry.
The company holding the most market share in Canada is Imperial Oil.
The level of competition is high and steady in the Petroleum Refining industry in Canada.