£55.5bn
£X.Xbn
8,306
16
£XXX.Xm
A number of petroleum refiners have altered their production to focus on diesel as the new primary fuel. Diesel is more fuel efficient than petrol and until recently was considered more environmentally friendly. Nevertheless, both petrol and diesel face rising competition from alternatively fuelled vehicles due to their reduced emissions, lowering demand for industry products.Industry revenue is expected to grow at a compound annual rate of 2.7% over the five years through 2023-24 to £55.5 billion, including forecast growth of 4.1% in 2023-24. The COVID-19 pandemic led to significant contraction in demand for fuel. Global border and travel restrictions took a toll on both demand and fuel prices, weighing on revenue and profitability for refiners, but this trend was reversed following Russia's invasion of Ukraine. The Russian invasion of Ukraine in February 2022 led to the United Kingdom and other major economies announcing they will wean themselves off Russian oil, leading to a sharp and sustained rise in oil prices. Strong oil price inflation translated into higher value sales for industry players, paving the way for a strong recovery.Industry revenue is forecast to grow at a compound annual rate of 4.8% over the five years through 2028-29 to £70.2 billion. Demand for petrol and diesel fuelled vehicles is set to fall due to government initiatives designed to reduce emissions, including the extension of Clean Air Zones and the banning of new petrol and diesel cars by 2030. Demand for pure electric vehicles will continue to climb, presenting a significant threat to fuel demand.
Industry revenue has grown at a CAGR of 2.7 % over the past five years, to reach an estimated £55.5bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue (£m)
2024 |
---|---|---|
Essar Oil UK Ltd | 10,905.6 | |
Phillips 66 Ltd | 10,502.1 | |
Esso Petroleum Company Ltd | 9,837.2 |
To view the market share and analysis for all 6 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including Petrol, Diesel and Jet fuel. Petrol is the largest segment of the Petroleum Refining in the UK.
Demand for petrol suffers in the face of falling vehicle registrations
Petroleum refining is the process of turning crude oil into more usable products such as petrol. The major oil refineries manufacture petrol, diesel, jet fuel, gas oil and petroleum gas. The refining process also leads to the production of by-products such as naphtha, which can be used as a solvent. Companies in this industry also manufacture a range of petroleum-based products such as petroleum jelly, paraffin wax and white spirit.
Purchase this report to view all 6 major companies in this industry.
SIC 19.20/1 - Petroleum Refining in the UK
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Global events jolt oil prices. The COVID-19 pandemic and Russia's invasion of Ukraine have brought about significant volatility in the oil market, inciting huge fluctuations ...
Learn about an industry's products and services, markets and trends in international trade.
The rise of clean energy hits sales. Government initiatives for clean air, increasing awareness of diesel's health impacts and a surge in the popularity of biodiesel are push...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Yorkshire's attributes magnetise refiners. It provides favourable business conditions, proximity to key markets and the potential for future expansion – especially in biofuel...
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.
When it comes to competition, price reigns supreme. Companies aim to get hold of crude oil as cheaply as possible, as low input costs let them charge lower prices while maint...
Learn about the performance of the top companies in the industry.
Phillips 66 cements its position with a number of new deals. The company's 16-year agreement with CLH Pipeline System and acquisition of NJB Enterprises boosted its presence ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Petroleum refiners receive no public support. However, they can turn to industry group the UK Petroleum Industry Association for representation and lobbying efforts.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Surging oil prices help profit bounce back. The hike in petroleum prices caused by Russia's invasion of Ukraine has compensated for COVID-19 losses, driving strong revenue ga...
Including values and annual change:
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the UK include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Unlock comprehensive answers and precise data upon purchase. View purchase options.
The market size of the Petroleum Refining in the UK industry in United Kingdom is £55.5bn in 2024.
There are 16 businesses in the Petroleum Refining in the UK industry in United Kingdom, which has grown at a CAGR of 4.2 % between 2018 and 2023.
The market size of the Petroleum Refining in the UK industry in United Kingdom has been growing at a CAGR of 2.7 % between 2018 and 2023.
Over the next five years, the Petroleum Refining in the UK industry in United Kingdom is expected to grow.
The biggest companies operating in the Petroleum Refining market in United Kingdom are Essar Oil UK Ltd, Phillips 66 Ltd and Esso Petroleum Company Ltd
Petrol and Diesel are part of the Petroleum Refining in the UK industry.
The company holding the most market share in United Kingdom is Essar Oil UK Ltd.
The level of competition is high and increasing in the Petroleum Refining in the UK industry in United Kingdom.