Gas up: A plummeting world price of oil resulted in significant declines in industry revenue

Revenue for the Petroleum Refining industry in Canada has been volatile over the five years to 2019. Crude oil is the primary input into industry products and therefore its price is the primary driver of industry revenue. There have been minimal changes to the overall industry operating structure in recent years, although two refineries did close in the years leading up to the reporting period. Over the five years to 2024, an expanding domestic economy will prompt increased consumer spending and manufacturing output...read more.

Industry Statistics & Market Size
Revenue
$74bn
Annual Growth 14-19
-3.3%
Forecast Growth 19-24
Profit
Employment
8,291
Businesses
11

Industry Threats & Opportunities

  • The world price of crude oil will only grow marginally, limitting industry growth
  • The weakening dollar made imports more expensive in comparison with domestic goods
  • Industrial production will increase as the economy gains momentum
  • Industry Report - Industry Locations Chapter

    The Petroleum Refining industry in Canada is mostly concentrated in three regions, which include Edmonton, AB, Montreal and Sarnia, ON. Edmonton is home to Suncor Energy Inc.'s largest refinery, although it's facility in Montreal is a comparable size. Imperial Oil Ltd. operates three domestic refineries, including two in Ontario and one in Alberta, and combined these three give it the largest share of domestic refining capacity. Its facility in Alberta is the third-largest facility in the country. The newest refinery in the country was opened in Alberta in 2018, this is the first significant new opening in decades.The country's largest petroleum refinery, operated by Irving Oil Ltd., is located in Saint John, NB. In ...purchase to read more.

    Additional Insights for the Petroleum Refining Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Petroleum Refining Industry are

  • Access to crude oil supplies
  • Directly operate retail and wholesale stations
  • Access to efficient and environmentally friendly technology
  • IBISWorld analysts also discuss how external factors such as World price of crude oil and Canadian effective exchange rate index in the Petroleum Refining industry impact industry performance..

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    What's in this report

    What is the Petroleum Refining Industry?

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

    Industry Products
  • Gasoline
  • Diesel fuel
  • Fuel oils
  • Aviation fuel
  • Other petroleum products
  • Industry Activities
  • gasoline
  • diesel fuels
  • fuel oil
  • aviation fuel
  • heating oil
  • liquefied petroleum gases
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • World price of crude oil
  • Canadian effective exchange rate index
  • US Gross domestic product (GDP)
  • Demand from truck transportation
  • New vehicle sales

  • Current Performance
  • Price fluctuations and industry structure
  • Rising demand
  • International trade expands
  • Infrastructure and industry participation
  • Chart: Revenue Growth

  • Industry Outlook
  • Positive downstream demand conditions
  • Capacity and participation
  • International trade
  • Table: Petroleum Refining Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Petroleum Refining Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Petrochemical Manufacturing in Canada
  • Gasoline & Petroleum Bulk Stations in Canada
  • Gas Stations with Convenience Stores in Canada
  • International Airlines in Canada
  • Scheduled Air Transportation in Canada

  • Key Selling Industries
  • Electric Power Transmission in Canada
  • Gasoline & Petroleum Bulk Stations in Canada
  • Oil & Gas Pipeline Construction in Canada
  • Oil Drilling & Gas Extraction in Canada
  • Oil Pipeline Transportation in Canada

  • Products & Services
  • Gasoline
  • Diesel fuel
  • Other petroleum products
  • Fuel oils
  • Aviation fuel
  • Chart: Petroleum Refining Industry Products and Services Segmentation

  • Demand Determinants
  • Domestic demand
  • International demand

  • Major Markets
  • Industrial
  • Exports
  • Consumers
  • Commercial
  • Aviation
  • Chart: Major Market Segmentation for the Petroleum Refining Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitPurchasesRent and utilitiesWagesDepreciationOther
  • Chart: Cost Structure Benchmarking – Sector vs Petroleum Refining

  • Basis of Competition
  • Internal Competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Petroleum Refining Industry

  • Industry Globalization
    Imperial Oil Ltd., Suncor Energy Inc., Irving Oil Ltd., Shell Canada Ltd., Federated Co-operatives Limited,
  • Table: Imperial Oil Ltd. - financial performance
  • Table: Suncor Energy Inc. - financial performance
  • Table: Irving Oil Ltd. - financial performance
  • Table: Shell Canada Ltd. - financial performance
  • Table: Federated Co-operatives Limited - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Petroleum Refining Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Petroleum Refining Industry
    Includes:
  • Industry Revenue (2010-2024)
  • Industry Gross Product (2010-2024)
  • Establishments (2010-2024)
  • Businesses (2010-2024)
  • Employment (2010-2024)
  • Exports (2010-2024)
  • Imports (2010-2024)
  • Wages (2010-2024)
  • World Price of Crude Oil (2010-2024)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Barrel
  • A unit of measure for crude oil and petroleum products. One cubic metre is equal to about 6.3 barrels.
  • In Situ
  • An oil sand extraction technique where steam or solvents are injected into oil sand reserves to lower viscosity, permitting oil to flow into wells.
  • Refining Margin
  • The difference between the value of refined petroleum products and cost of crude oil inputs. Profit margin for petroleum refineries.
  • Viscosity
  • The "thickness" of crude oil and petroleum products. Low viscosity crude oil typically has lower refining costs.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Petroleum Refining market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Petroleum Refining:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Petroleum Refining market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Petroleum Refining, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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