ResearchandMarkets report: Global refining market to reach 106.5mbpd by 2023, driven by expanding populations

ResearchandMarkets report: Global refining market to reach 106.5mbpd by 2023, driven by expanding populations

The global refining market is forecast to grow from 99.7 million barrels per day (mbpd) in 2018 to nearly 106.5mbpd in 2023, at a CAGR of 1.3%, according to a new report.. The global refining market is characterised by a high demand for petrochemicals and fuels for automobiles, which will keep the market growing for the next decade, according to the 'Opportunities and Trends in the Global Refining Market, Forecast to 2023' study from ResearchandMarkets.com.. China and the Middle East are expected to lead the way for refinery expansion, followed by India and Southeast Asia..