The Oil Refining Market is set to experience significant growth, with an anticipated increase of USD 106.6 billion and a CAGR of 1.23% from 2023 to 2028. Key drivers of this expansion include the increasing demand for refined fuels, which are crucial for numerous sectors, such as transportation, industry, and home usage. The aviation industry, in particular, plays a vital role, necessitating a large supply of jet fuel to accommodate the rising volume of air travel and freight transport. Additionally, heightened investments within the construction sector are propelling the need for refined oil products, including asphalt for roadways and lubricants for various machinery. Together, these factors highlight the pivotal importance of the oil refining industry in satisfying global energy needs and fostering economic growth across diverse sectors. Furthermore, ongoing advancements in refining technologies and the strategic enhancement of refinery capacities promise to further support the market’s growth outlook.

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