Market Size of Africa Oil Refining Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Africa Oil Refining Market Analysis
The African oil refining market is expected to register a CAGR of around 2.5% during the forecast period. The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.
Over the short term, the African oil refining market is expected to grow due to the increasing investments in developing countries, such as Nigeria, Algeria, Tunisia, and Angola. On the other hand, the rising fuel prices in the region can hinder the growth of the market studied in the coming years.
Nevertheless, the high LPG demand in many African countries creates ample opportunities for the market. In many parts of West Africa, a huge population uses pollutive fuels, such as biomass, firewood, charcoal, etc., for cooking and lighting. In Ghana, more than 60% of total energy consumption comes from biomass and dirty sources, as many people are deprived of clean fuels, such as LPG. Egypt is expected to dominate the market due to the government's efforts to develop the refining sector of the country.
Africa Oil Refining Industry Segmentation
The oil refining market includes the manufacturing and selling of petroleum products, such as gasoline, diesel, naphtha, LPG, petrochemical products, etc.
The African oil refining market is segmented by geography. The report covers the market size and forecasts for the oil refining market across the major countries, including Nigeria, Algeria, Egypt, South Africa, and Rest of Africa. The market sizing and forecasts for the segment are provided based on refining capacity (in a million barrels per day).
| Geography | |
| Nigeria | |
| Algeria | |
| Egypt | |
| South Africa | |
| Rest of Africa |
Africa Oil Refining Market Size Summary
The African oil refining market is poised for growth, driven by increasing investments in countries like Nigeria, Algeria, Tunisia, and Angola. Despite the challenges posed by rising fuel prices, the demand for LPG presents significant opportunities, particularly in regions where traditional fuels like biomass and charcoal are still prevalent. Egypt stands out as a dominant player in the market, with a robust refining sector supported by government initiatives and private investments. The country's efforts to expand its refining capacity through various projects, such as the upgradation of the Assuit Refinery and the construction of a gas oil complex, are expected to enhance its position in the African oil refining landscape.
The market is characterized by a fragmented structure with key players including the Egyptian Refining Company, Nigerian National Petroleum Corporation, and others. Nigeria's refining sector, despite past challenges due to poor infrastructure and low utilization rates, is witnessing renewed interest from private companies, which is anticipated to drive growth. Notable projects, such as the Dangote refinery in Lagos, are set to significantly boost the country's refining capacity. These developments, alongside ongoing projects in other African nations, underscore the region's potential for expansion in the oil refining industry over the forecast period.
Africa Oil Refining Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in million barrels per day, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Geography
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2.1.1 Nigeria
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2.1.2 Algeria
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2.1.3 Egypt
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2.1.4 South Africa
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2.1.5 Rest of Africa
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Africa Oil Refining Market Size FAQs
What is the current Africa Oil Refining Market size?
The Africa Oil Refining Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)
Who are the key players in Africa Oil Refining Market?
Egyptian Refining Company (ERC), Nigerian National Petroleum Corporation (NNPC), KBR Inc., Midoil Refining & Petrochemicals Company Ltd. and Engen Petroleum Ltd. are the major companies operating in the Africa Oil Refining Market.
