Establishments primarily engaged in producing gasoline, kerosene, distillate fuel oils, residual fuel oils, and lubricants, through fractionation or straight distillation of crude oil, redistillation of unfinished petroleum derivatives, cracking or other processes. Establishments of this industry also produce aliphatic and aromatic chemicals as by-products. Establishments primarily engaged in producing natural gasoline from natural gas are classified in mining industries. Those manufacturing lubricating oils and greases by blending and compounding purchased materials are included in Industry 2992. Establishments primarily re-refining used lubricating oils are classified in Industry 2992. Establishments primarily engaged in manufacturing cyclic and acyclic organic chemicals are classified in Major Group 28.
The petroleum refining industry (NAICS 2911) is witnessing a significant shift driven by a global emphasis on sustainability and the energy transition. Refineries are increasingly incorporating advanced technologies like artificial intelligence and machine learning to optimize operations, improve efficiency, and reduce emissions. Another notable trend is the growing investment in renewable and alternative fuels, such as biofuels and hydrogen, as part of a broader strategy to reduce carbon footprints.
Environmental, Social, and Governance (ESG) criteria are playing a pivotal role in shaping corporate strategies within the industry. Companies are focusing on reducing greenhouse gas emissions and enhancing their environmental credentials to meet stringent regulatory standards and increasing societal expectations.
In the near future, the industry is expected to see a gradual decline in demand for traditional fossil fuels as electric vehicles (EVs) and renewable energy sources gain market share. This will likely prompt petroleum refiners to diversify their portfolios, invest in cleaner technologies, and form strategic partnerships to stay competitive. Additionally, geopolitical dynamics and evolving trade policies will continue to impact the supply chain and pricing structures, making adaptability and innovation key to long-term success.
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