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Oil & Petroleum Refining in China Industry Data and Analysis
Several sectors in China, including the energy, machinery manufacturing, electricity, chemicals and metallurgy sectors, have gradually reached overcapacity in recent years. As a result, demand for crude oil and finished oils, including heating oil and diesel fuel, has fluctuated over the past five years. At the same time, with the improvement of refining capacity, China's domestic refined oil market has gradually oversupply. Crude oil price was largely increase from 2021 to 2023. Industry revenue is expected to increase at an annualized 0.3% over the five years through 2024, to an estimated $717.6 billion. This trend includes a decline of 6.4% in the current year.
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What's included in this industry analysis
IBISWorld's research coverage on the Oil & Petroleum Refining industry in China includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released May 2025.
About this industry
What's this industry report about?
The Oil & Petroleum Refining industry in China operates under the industry code 2511. The industry refines oils and produces petroleum products. Its major products include gasoline, diesel oil, coal oil, fuel oil, lubricating oil, lube oil base stock, naphtha, solvent oil, petroleum asphalt, petroleum coke, gaseous propellant, paraffin and petroleum resin. Related terms covered in the Oil & Petroleum Refining industry in China include asphalt, kerosene, naphtha and paraffin.
What's included in this industry?
Products and services covered in Oil & Petroleum Refining industry in China include Gasoline, Kerosene and Fuel oil.
What companies are included in this industry?
Companies covered in the Oil & Petroleum Refining industry in China include China Petrochemical Corporation , China National Petroleum Corporation and China National Offshore Oil Corporation.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Oil & Petroleum Refining industry in China.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Oil & Petroleum Refining industry in China.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Oil & Petroleum Refining industry in China.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Oil & Petroleum Refining industry in China. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Oil & Petroleum Refining industry in China. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Oil & Petroleum Refining industry in China. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Oil & Petroleum Refining industry in China. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Oil & Petroleum Refining industry in China.
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Frequently Asked Questions
What is the market size of the Oil & Petroleum Refining industry in China in 2026?
The market size of the Oil & Petroleum Refining industry in China is $717.6bn in 2026.
How many businesses are there in the Oil & Petroleum Refining industry in China in 2025?
There are 1,397 businesses in the Oil & Petroleum Refining industry in China, which has grown at a CAGR of 0.5 % between 2020 and 2025.
How may import tariffs affect the Oil & Petroleum Refining industry in China?
The Oil & Petroleum Refining industry in China is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Oil & Petroleum Refining industry in China?
The Oil & Petroleum Refining industry in China is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Oil & Petroleum Refining industry in China grown or declined over the past 5 years?
The market size of the Oil & Petroleum Refining industry in China has been growing at a CAGR of 0.3 % between 2020 and 2025.
What is the forecast growth of the Oil & Petroleum Refining industry in China over the next 5 years?
Over the next five years, the Oil & Petroleum Refining industry in China is expected to grow.
What are the biggest companies in the Oil & Petroleum Refining industry in China?
The biggest companies operating in the Oil & Petroleum Refining industry in China are China Petrochemical Corporation , China National Petroleum Corporation and China National Offshore Oil Corporation
What does the Oil & Petroleum Refining industry in China include?
Diesel oil and Gasoline are part of the Oil & Petroleum Refining industry in China.
Which companies have the highest market share in the Oil & Petroleum Refining industry in China?
The company holding the most market share in the Oil & Petroleum Refining industry in China is China Petrochemical Corporation .
How competitive is the Oil & Petroleum Refining industry in China?
The level of competition is low and increasing in the Oil & Petroleum Refining industry in China.
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