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Refinery Market Size, Share and Forecast 2026-2036

The global refinery market is worth USD 71.8 bn in 2026 and is forecast to reach USD 96.4 bn by 2036, growing at a 3.0% CAGR. China is the largest country market and Process equipment and units is the largest by spend type segment.

USD 71.8 bnMarket size 2026
USD 96.4 bnForecast 2036
3.0%CAGR 2026-2036
ChinaLargest country

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5 segmentation views25 countries2026 to 2036 yearly forecast

Market overview

The global refinery market is worth USD 71.8 bn in 2026 and is forecast to reach USD 96.4 bn by 2036, growing at a 3.0% CAGR. China is the largest country market and Process equipment and units is the largest by spend type segment.

ScopeSpending on refinery assets: process units, catalysts, equipment, engineering and construction, and turnaround services for crude oil refineries.
IndustryOil and Gas
Value 2025USD 70.0 bn
Value 2026USD 71.8 bn
Value 2036USD 96.4 bn
CAGR 2026-20363.0%
Volume 2026707 refineries
Volume 2036819 refineries
Average price 2026USD 101,500,000 per refinerie
Report priceStarts from USD 1,999
PublishedNovember 2026

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Refinery market size and forecast, 2026-2036

Exhibit 1The global refinery market is forecast to grow from USD 71.8 bn in 2026 to USD 96.4 bn by 2036, a rise of 34%Global market value in USD: 2025 base year, 2026 estimate and forecast to 2036. CAGR 2026 to 2036: 3.0%
Refinery market value, 2025 to 2036Market value by year. 2025: USD 70.0 bn; 2026: USD 71.8 bn; 2027: USD 73.9 bn; 2028: USD 76.1 bn; 2029: USD 78.4 bn; 2030: USD 80.8 bn; 2031: USD 83.2 bn; 2032: USD 85.7 bn; 2033: USD 88.2 bn; 2034: USD 90.9 bn; 2035: USD 93.6 bn; 2036: USD 96.4 bn. Compound annual growth rate 2026 to 2036: 3.0%.202571.8 bn202683.2 bn203196.4 bn20363.0% CAGR

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

YearMarket value
2026USD 71.8 bn
2027USD 73.9 bn
2028USD 76.1 bn
2029USD 78.4 bn
2030USD 80.8 bn
2031USD 83.2 bn
2032USD 85.7 bn
2033USD 88.2 bn
2034USD 90.9 bn
2035USD 93.6 bn
2036USD 96.4 bn

Refinery market segmentation

By spend type

Exhibit 2Process equipment and units is the largest segment by spend type, with 34.0% of 2026 revenueEstimated share of 2026 global revenue, by spend type
Refinery market share by spend type, 2026Share of 2026 revenue by spend type. Process equipment and units: 34.0%; Engineering and construction: 28.0%; Catalysts and chemicals: 20.0%; Turnaround and maintenance services: 18.0%.Process equipment and units34.0%Engineering and construction28.0%Catalysts and chemicals20.0%Turnaround and maintenance services18.0%

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Catalysts and chemicals20.0%19.8%USD 14.3 bn2.9%
Process equipment and units34.0%33.7%USD 24.4 bn2.9%
Engineering and construction28.0%27.8%USD 20.1 bn2.9%
Turnaround and maintenance services18.0%18.7%USD 12.9 bn3.4%

By refinery type

Exhibit 3Integrated petrochemical complexes adds the most revenue by refinery type, growing from USD 27.3 bn in 2026 to USD 42.1 bn by 2036Estimated revenue in USD by refinery type, 2026 and 2036 forecast
Refinery market by refinery type, 2026 and 2036Revenue by refinery type in 2026 and 2036. Fuels refineries: USD 39.5 bn in 2026, USD 47.9 bn in 2036, change +21%; Integrated petrochemical complexes: USD 27.3 bn in 2026, USD 42.1 bn in 2036, change +55%; Lubricant and specialty refineries: USD 5.0 bn in 2026, USD 6.4 bn in 2036, change +27%.20262036 forecastChangeFuels refineries+21%39.5 bn47.9 bnIntegrated petrochemical complexes+55%27.3 bn42.1 bnLubricant and specialty refineries+27%5.0 bn6.4 bn

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Fuels refineries55.0%49.7%USD 39.5 bn1.9%
Lubricant and specialty refineries7.0%6.6%USD 5.0 bn2.5%
Integrated petrochemical complexes38.0%43.7%USD 27.3 bn4.5%

By project type

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
New refineries24.0%22.9%USD 17.2 bn2.5%
Expansion and upgrades46.0%43.9%USD 33.0 bn2.5%
Revamps and efficiency projects30.0%33.2%USD 21.5 bn4.0%

By processing unit

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Crude distillation26.0%22.0%USD 18.7 bn1.3%
Hydrocracking and hydrotreating34.0%38.7%USD 24.4 bn4.3%
Fluid catalytic cracking and coking28.0%27.5%USD 20.1 bn2.8%
Reforming and isomerisation12.0%11.8%USD 8.6 bn2.8%

By owner

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
National oil companies46.0%52.0%USD 33.0 bn4.3%
International oil companies34.0%28.5%USD 24.4 bn1.2%
Independent refiners20.0%19.5%USD 14.3 bn2.7%

Top 25 countries for refinery by revenue

Countries are ranked by revenue earned from sales in the country, not by where the product is made. The ten largest hold 76.0% of 2026 revenue and the 25 countries below together hold 92.8%.

Exhibit 4China is the largest country market at USD 14.3 bn in 2026, and the three largest countries hold 48.0% of global revenueEstimated 2026 revenue in USD and share of the global market, ten largest countries
Refinery market, ten largest countries in 2026Ten largest countries by 2026 revenue. China: USD 14.3 bn, 20.0%; United States: USD 13.6 bn, 19.0%; India: USD 6.5 bn, 9.0%; Saudi Arabia: USD 4.3 bn, 6.0%; Russia: USD 3.6 bn, 5.0%; Japan: USD 2.9 bn, 4.0%; South Korea: USD 2.9 bn, 4.0%; Iran: USD 2.2 bn, 3.0%; Kuwait: USD 2.2 bn, 3.0%; United Arab Emirates: USD 2.2 bn, 3.0%.China14.3 bn 20.0%United States13.6 bn 19.0%India6.5 bn 9.0%Saudi Arabia4.3 bn 6.0%Russia3.6 bn 5.0%Japan2.9 bn 4.0%South Korea2.9 bn 4.0%Iran2.2 bn 3.0%Kuwait2.2 bn 3.0%United Arab Emirates2.2 bn 3.0%

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

#CountryValue 2026Share 2026Value 2036CAGR 2026-36
1ChinaUSD 14.3 bn20.0%USD 19.3 bn3.0%
2United StatesUSD 13.6 bn19.0%USD 16.6 bn2.0%
3IndiaUSD 6.5 bn9.0%USD 11.0 bn5.5%
4Saudi ArabiaUSD 4.3 bn6.0%USD 6.4 bn4.0%
5RussiaUSD 3.6 bn5.0%USD 4.1 bn1.5%
6JapanUSD 2.9 bn4.0%USD 3.2 bn1.0%
7South KoreaUSD 2.9 bn4.0%USD 3.7 bn2.5%
8IranUSD 2.2 bn3.0%USD 2.9 bn3.0%
9KuwaitUSD 2.2 bn3.0%USD 3.0 bn3.3%
10United Arab EmiratesUSD 2.2 bn3.0%USD 3.2 bn4.0%
11BrazilUSD 2.0 bn2.8%USD 2.7 bn3.0%
12GermanyUSD 1.4 bn1.9%USD 1.9 bn3.0%
13ItalyUSD 1.1 bn1.5%USD 1.5 bn3.0%
14CanadaUSD 947 mn1.3%USD 1.3 bn2.9%
15SingaporeUSD 839 mn1.2%USD 1.1 bn2.9%
16MexicoUSD 753 mn1.1%USD 1.0 bn3.0%
17SpainUSD 696 mn1.0%USD 935 mn3.0%
18FranceUSD 646 mn0.9%USD 868 mn3.0%
19TurkeyUSD 603 mn0.8%USD 810 mn3.0%
20NetherlandsUSD 574 mn0.8%USD 762 mn2.9%
21IndonesiaUSD 545 mn0.8%USD 723 mn2.9%
22ThailandUSD 517 mn0.7%USD 694 mn3.0%
23TaiwanUSD 495 mn0.7%USD 665 mn3.0%
24United KingdomUSD 474 mn0.7%USD 636 mn3.0%
25NigeriaUSD 459 mn0.6%USD 656 mn3.6%
Rest of worldUSD 5.2 bn7.2%USD 6.9 bn3.0%
Exhibit 5China and India account for 38% of the USD 24.7 bn the market is forecast to add by 2036Forecast revenue added between 2026 and 2036 by country, in USD
Refinery market, where the growth to 2036 comes fromRevenue added between 2026 and 2036. Market value 2026: USD 71.8 bn. China: +USD 4.9 bn; India: +USD 4.5 bn; United States: +USD 3.0 bn; Saudi Arabia: +USD 2.1 bn; United Arab Emirates: +USD 1.0 bn; 20 other countries: +USD 7.4 bn; Rest of world: +USD 1.8 bn. Market value 2036: USD 96.4 bn.Market value 202671.8 bnChina+4.9 bnIndia+4.5 bnUnited States+3.0 bnSaudi Arabia+2.1 bnUnited Arab Emirates+1.0 bn20 other countries+7.4 bnRest of world+1.8 bnMarket value 203696.4 bn

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

Competitive landscape

Group 1: Global leaders

  • Honeywell UOP
  • Technip Energies
  • Axens
  • Albemarle
  • W. R. Grace
  • Lummus Technology
  • Shell Catalysts and Technologies

Group 2: Regional and specialist players

  • Worley
  • KBR
  • Sinopec Engineering
  • Larsen & Toubro
  • Chiyoda
  • JGC
  • Hyundai Engineering
  • Samsung E&A
  • Tecnicas Reunidas

Group 3: Emerging and niche players

  • Haldor Topsoe
  • Engineers India Limited
  • Kinetics Technology

Research methodology

Every figure on this page comes from the research framework that we apply to all of the markets we cover. The 2025 base for the refinery market is built from the volume sold and the price that buyers pay, and is cross-checked against the size of the wider industry the market belongs to. Where a market can be sized in more than one way, the routes are compared before a figure is set.

The forecast runs year by year from the 2025 base to 2036. Growth in each year reflects demand from the industries that buy the product, adoption of new technology, pricing, regulation and replacement cycles. Volume and price are modelled together, so revenue in each year equals volume multiplied by average price. The 2026 to 2036 compound annual growth rate of 3.0% is calculated from the resulting values.

The market is divided by spend type, by refinery type, by project type, by processing unit, by owner. The 25 largest countries are ranked by revenue earned from sales to buyers in each country, not by where the product is made. Segment values and country values add up to the market total in every year, and every report is checked for consistency before it is published.

Companies are placed in three groups: global leaders, regional and specialist players, and emerging and niche players. The groups describe how companies compete in the market. They are not a ranking and they are not market shares.

Our analysts also carry out primary research. Customized reports add interviews with key opinion leaders, such as senior executives, technical specialists and buyers, to test the assumptions behind the numbers for the question being asked.

Read the full research methodology

Frequently asked questions

How big is the refinery market?

The global refinery market is estimated at USD 70.0 bn in 2025 and USD 71.8 bn in 2026.

How fast will the refinery market grow?

It is forecast to reach USD 96.4 bn by 2036, a compound annual growth rate of 3.0% from 2026, an increase of USD 24.7 bn.

Which country is the largest market for refinery?

China is the largest market by revenue at USD 14.3 bn in 2026, 20.0% of the global total. The three largest countries together hold 48.0%.

Which country is growing fastest?

Among the ten largest markets, India is growing fastest at 5.5% a year from 2026 to 2036.

Which refinery segment is largest?

In the by spend type split, Process equipment and units is the largest segment with 34.0% of 2026 revenue.

Who are the leading refinery companies?

Global leaders include Honeywell UOP, Technip Energies, Axens, Albemarle.

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