$689.7bn
$XX.Xbn
60,924
76
$X.Xbn
The Petroleum Refining industry has experienced volatile conditions in recent years. Crude oil is the primary input cost for refiners in the United States. Attributable to its sensitivity to microeconomic and macroeconomic factors including volatile production, demand and health of global economies, crude oil is a highly volatile commodity. As petroleum refiners pass along these prices to customers, industry returns see similar volatility. With overall rising crude oil prices, over the five years through 2024, industry revenue is expected to have rose at a CAGR of 0.8% to an estimated $689.7 billion, including a projected 1.0% increase in 2024 alone.
Industry revenue has grown at a CAGR of 0.8 % over the past five years, to reach an estimated $689.7bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Marathon Petroleum Corporation | 139,924.4 | 4,569.7 | 3.3 | |
Valero Energy Corp | 106,777.4 | 1,840.7 | 1.7 | |
Exxon Mobil Corporation | 96,858.5 | 2,288.1 | 2.4 |
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Industry revenue is measured across several distinct product and services lines, including Gasoline, Diesel and Jet fuel. Gasoline is the largest segment of the Petroleum Refining in the US.
Conventional gasoline is the most demanded and valuable refined petroleum product
Industry operators refine crude oil into petroleum products. Petroleum refining involves one or more of activities including fractionation, straight distillation of crude oil and cracking. This industry does not include companies that extract crude oil or retail gasoline.
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NAICS 32411 - Petroleum Refining in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Increases in the world price of crude oil have drove industry revenue growth as petroleum refiners have passed along input costs. Rapid increases in demand following the heig...
Learn about an industry's products and services, markets and trends in international trade.
Conventional gasoline is the most demanded and valuable refined petroleum product. Gasoline is the primary fuel source for most passenger cars.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Texas is the leading state for oil refining. Minimal regulation and its geographic location by the Permian Basin make it a lucrative site for 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.
The largest four companies make up over 75.0% of market share. Marathon Petroleum Corporation accounts for over 20.% of the industry alone.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Refineries can treat 50.0% of infrastructure costs as an expense. This is in addition to various tax incentives for infrastructure investments.
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 the US 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:
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The market size of the Petroleum Refining in the US industry in United States is $689.7bn in 2024.
There are 76 businesses in the Petroleum Refining in the US industry in United States, which has declined at a CAGR of 1.7 % between 2019 and 2024.
The market size of the Petroleum Refining in the US industry in United States has been growing at a CAGR of 0.8 % between 2019 and 2024.
Over the next five years, the Petroleum Refining in the US industry in United States is expected to grow.
The biggest companies operating in the Petroleum Refining market in United States are Marathon Petroleum Corporation, Valero Energy Corp and Exxon Mobil Corporation
Gasoline production and Kerosene production are part of the Petroleum Refining in the US industry.
The company holding the most market share in United States is Marathon Petroleum Corporation.
The level of competition is high and steady in the Petroleum Refining in the US industry in United States.