Petroleum Refining in Canada - Industry Market Research Report

Highly Refined: An Expanding Domestic Economy Will Likely Prompt Increased Manufacturing Output

Revenue for the Canadian Petroleum Refining industry has been volatile. Crude oil is the primary input into industry products, and therefore, its price is the primary driver of industry revenue. A subsequent price recovery in 2017 after plummet the previous year helped the industry rebound by double-digits during the following two-year period. However, the COVID-19 pandemic and the resulting collapse in oil prices in 2020 drove refinancing revenue down during the year. Following the pandemic peak, high demand, coupled with ongoing supply chain disruptions, led crude oil prices to spike sharply, translating into a industry revenue boom in 2021 and 2022. Overall, industry revenue is forecast to rise at a CAGR of 4.0% to $104.7 billion over the five years to 2023. In 2023, tempering oil prices are forecast to produce a revenue contraction of 12.0% for the industry.

This industry refines crude petroleum through fracking and distillation to produce gasoline, diesel fuels and other fuel oils.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.