On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

Graph and download economic data for Global price of Palm Oil (PPOILUSDM) from Jan 1990 to Feb 2025 about oil, World, food, and price.

The global Refinery Vacuum Distillation Units (RVDU) market is experiencing robust growth, driven by increasing demand for refined petroleum products and the need for efficient crude oil processing. The market, estimated at $15 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 5% from 2025 to 2033, reaching approximately $23 billion by 2033. This growth is fueled by several key factors, including rising global energy consumption, particularly in developing economies, the expansion of petrochemical industries, and stringent environmental regulations promoting cleaner fuel production. The adoption of advanced technologies, such as modular and mini refineries, is also contributing to market expansion, offering flexibility and cost-effectiveness in diverse geographical locations. The market is segmented by application (mini, modular, hydroskimming, and others) and type (dry and wet segments), with the modular and dry segments expected to witness significant growth due to their scalability and operational efficiency. Key players like Alfa Laval, Axens, and Praj Industries are driving innovation and expansion through strategic partnerships and technological advancements. Despite the positive outlook, the RVDU market faces certain restraints. Fluctuations in crude oil prices, geopolitical instability, and environmental concerns related to refinery emissions pose challenges to market growth. However, the increasing investment in refinery modernization and upgrades, coupled with the rising adoption of energy-efficient technologies, is expected to mitigate these challenges. The regional distribution of the market is geographically diverse, with North America and Asia Pacific representing significant market shares, driven by robust energy demand and substantial refinery capacities. The expansion into emerging markets in Africa and South America is also anticipated to contribute significantly to future growth, as these regions increase their refining capacity to meet growing local demand. The continued adoption of sustainable practices within the refining industry will be a crucial factor in shaping the long-term trajectory of the RVDU market.

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Oil and Gas Refinery Maintenance Services Market Size 2024-2028

The oil and gas refinery maintenance services market size is forecast to increase by USD 897 million at a CAGR of 4.36% between 2023 and 2028.

The market is experiencing significant growth due to several key factors. One of the primary drivers is the surging demand for refined fuel, which necessitates regular maintenance and upkeep of refineries to ensure their optimal performance, including oil and gas storage. 
Another trend influencing the market is the adoption of modular mini refineries, which offer cost-effective and efficient solutions for meeting the increasing demand for oil refining. Furthermore, the presence of stringent health, safety, and environmental (HSE) regulations is compelling refineries to invest in maintenance services to ensure compliance and mitigate risks.

What will be the Size of the Oil and Gas Refinery Maintenance Services Market During the Forecast Period?

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Offshore maintenance and facility management are also integral aspects of the market, as many refineries are located in remote areas with unique logistical challenges. The market is expected to grow as the global demand for refined petroleum products continues to increase. This growth will be fueled by the ongoing need to upgrade and maintain aging infrastructure, as well as the integration of advanced technologies such as artificial intelligence to improve refinery performance and efficiency. Overall, the market is characterized by its focus on process optimization, energy efficiency, and ensuring the highest levels of safety and regulatory compliance.

How is this Oil and Gas Refinery Maintenance Services Industry segmented?

The oil and gas refinery maintenance services industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Small scale refinery
  Medium scale refinery
  Large scale refinery


Type

  Turnaround
  Maintenance and repair


Geography

  APAC

    China
    India
    Japan


  Europe

    UK
    Germany
    France


  North America

    US
    Canada


  Middle East and Africa
  South America

By End-user Insights

The small scale refinery segment is estimated to witness significant growth during the forecast period. Refinery maintenance services are essential for ensuring the safe, efficient, and reliable operation of oil and gas refineries, encompassing small, medium, and large-scale facilities. These services include routine inspections, repairs, replacements, and upgrades. Small-scale refineries, with lower processing capacities and limited resources, may have unique maintenance requirements. They may collaborate with local communities on workforce training, environmental initiatives, and safety practices. Offshore drilling, activity, and investment, as well as offshore wind projects, contribute to the demand for refinery maintenance services.

Smart refineries, automation, and data technology are transforming the refined oil and turnaround maintenance markets, making them more efficient and cost-effective. These sectors are increasingly reliant on modern technologies such as condition monitoring, data analytics, IoT sensors, and predictive algorithms to optimize asset performance. Turnaround services, repair services, routine maintenance, preventive maintenance, and emergency maintenance are all integral components of refinery operations, ensuring continuous productivity and safety. The use of drones and robotic crawlers for inspection and maintenance is also growing, enabling more precise and less intrusive assessments.

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The small scale refinery segment was valued at USD 1.44 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The Asia Pacific (APAC) region dominates the market due to its substantial refining capacity. Countries like India, China, South Korea, and Japan have among the highest refining capacities worldwide and are heavily reliant on imported crude oil. With increasing crude oil imports, there is a growing need to expand refining capacities in APAC. Refining capacity in India, China, and South Korea has been consistently increasing for the past nine years. This expansion drives the demand for refinery maintenance services, as regular maintenance and repair are essential components of refineries' operations. The market i

Movie file showing the mobilization of crude in a miniature packed bed. Optical microscopy was used to visualize the flow of two phases [British Petroleum (BP) oil and an aqueous surfactant phase] in confined space, three-dimensional, transparent, natural porous media. The porous media consisted of water-wet cryolite grains packed inside cylindrical, glass microchannels, thus producing microscopic packed beds. The conditions in the film are: Continuous Phase: 0.001mol/L Tween80 aqueous solution; Frame rate: 24fps; Dispersed phase: Crude oil; Flow rate: 0.01ml/min.Data supporitng PHYSICAL REVIEW E 86, 046313 (2012) "Visualization and quantification of two-phase flow in transparent miniature packed beds" by Peixi Zhu and Kyriakos D. Papadopoulos. DOI: 10.1103/PhysRevE.86.046313.

Corn decreased 3.39 USd/BU or 0.74% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Corn - values, historical data, forecasts and news - updated on March of 2025.

The data consists of daily data on 15 firms in the U.S., Oil & Gas Exploration & Production sub-sector. The data consists of a list of 19 items that correspond to 15 firms and 4 additional indices. The names of the firms are in 'ticker' format. The additional 4 indices correspond to data on: Crude oil, S&P 500 Mini, MSCI World stock market index, Natural Gas. For each item, the relevant daily data are: 1) Dates 2) RV - realized volatility 3) OPEN - opening price 4) CLOSE - closing price 5) LOW - lowest price 6) HIGH - highest price All data were calculated from high-frequency data which are however not available for free.

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The hydraulic fluids market has the potential to grow by USD 580.98 million during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 1.68%.

This hydraulic fluids market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (construction machinery, mining machinery, agricultural machinery, oil and gas machinery, and others) and geography (APAC, North America, Europe, MEA, and South America). The hydraulic fluids market report also offers information on several market vendors, including AB SKF, BP Plc, Chevron Corp., China National Petroleum Corp., Exxon Mobil Corp., NYCO group, PJSC LUKOIL, Royal Dutch Shell Plc, Schaeffer Manufacturing Co., and TotalEnergies SE among others.

What will the Hydraulic Fluids Market Size be in 2021?

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Hydraulic Fluids Market: Key Drivers and Trends

The mechanization of agriculture and growth in the agriculture machinery market is notably driving the hydraulic fluids market growth, although factors such as unpredictability in oil and gas prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hydraulic fluids industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

      The mechanization of agriculture and growth in the agriculture machinery market will fuel the growth of the hydraulic fluids market size.
      The need for higher TFP will increase the need for mechanization in various agricultural practices, which will consequently increase the rate of adoption of various mechanical devices, such as tractors, automatic seed dispensers, and harvesting machines.
      The growth of agricultural machinery is driven by technological innovations, the growing demand for advanced agricultural machinery, a rise in the mechanization of farming operations, the increased per capita income of farmers in developed economies, and global food demand. These factors are expected to boost the sales of farm machinery across the world.
      The growing demand for agricultural machinery will generate the demand for hydraulic agriculture equipment, which will directly contribute to the growth of the hydraulic fluid market during the forecast period. 




      The growth in the global construction machinery market will drive the hydraulic fluids market growth during the forecast period.
      Developed countries and emerging markets are expected to double their investment in construction projects in the next ten years, which will fuel the demand for the construction of smart cities and infrastructure that will dominate the demand for construction machinery during the forecast period. These construction activities will increase the demand for construction machinery during the forecast period.
      The increase in the demand for construction machinery will primarily include the growing demand for earth-moving machineries, such as wheeled loaders, crawler excavators, mini excavators, material handling machinery such as cranes conveyors and forklifts, and concrete and road construction machinery.
      With the increasing demand for construction machinery, there will be growth in the hydraulic fluid market, as these machines require hydraulic fluid for efficient functioning. 

This hydraulic fluids market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Hydraulic Fluids Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

AB SKF
BP Plc
Chevron Corp.
China National Petroleum Corp.
Exxon Mobil Corp.
NYCO group
PJSC LUKOIL
Royal Dutch Shell Plc
Schaeffer Manufacturing Co.
TotalEnergies SE

This statistical study of the hydraulic fluids market encompasses successful business strategies deployed by the key vendors. The hydraulic fluids market is fragmented and the vendors are deploying growth strategies such as M&As to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The hydraulic fluids market forecast report offers in-depth insights into key vendor profiles. The profiles

Project Final Report-08123-07-The goal of this project is to investigate a new, "mini-waterflood" strategy for enhancing oil recovery from small, mature fields. The project combines reservoir simulation and core displacement studies to evaluate the feasibility of the mini-flood concept. The broader objective is to provide small producers with knowledge and tools needed to improve recovery and extend the life of small, depleted oil fields.

This report summarizes the progress made on the development of the KENTORT II process during the period of October 1, 1986 through December 31, 1986. The KENTORT II development program is being conducted under Cooperative Agreement No.: DE-FC21-86LC11086 between the Kentucky Energy Cabinet and the Laramie Project Office of the Morgantown Energy Technology Center, US Dept. of Energy. KENTORT II is a multiple fluidized bed process which is designed to optimally utilize the carbonaceous material in eastern US oil shale as an energy source and to reduce the environmental problems associated with such shale processing. The process includes separate stages of pyrolysis, gasification, and combustion with combined solid and gas heat transfer among the stages. During this quarter, a cold-flow model of the pyrolysis and gasification stages of the mini-pilot plant reactor system was constructed and tested. The design of the reactor system was found to be basically sound, and with minor modifications stable operation of the model throughout the range of design conditions was achieved. An aerated solids feeding device was developed which effectively controls the shale recirculation rate. Additionally, an independent method was developed to measure the recirculation rate of the solids. Continuous, stable recirculation of shale char between the two fluidized beds was demonstrated for an 18 hour period. Also during the quarter, the bench-scale fluidized bed reactor was modified for the gasification kinetics investigation of oil shale char. Initial shakedown runs indicated proper operation of the unit throughout the range of operating conditions to be studied. 10 refs., 13 figs., 1 tab.

515 Global export shipment records of Palm Oil with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.