This Class consists of firms mainly engaged in refining crude oil or condensate to produce petrol, fuel oils, lubricating oil or grease base stock, petroleum gases or other products from crude petroleum and conversion of methanol to synthetic petrol. Essentially, firms produce a range of refined petroleum products from crude oil inputs. These products are then marketed by wholesalers and retailers, who may also be owned by firms operating refineries.
The Industry C2510 - Petroleum Refining in Australia ranks 77 out of 496 by industry turnover and its life cycle is in a growth phase, which means that the industry is generally growing at faster than the economy.
Capital/labour intensity is high and the uptake of new technology is medium. The industry's globalisation level is high and the trend is steady.
The industry has a medium level of exports, which means exports generate between 5% and 25% of the industry's turnover. The industry has a medium level of imports, which means imports generate between 5% and 25% of the industry's domestic demand.
The trend for exports is decreasing and for imports it's increasing. The level of regulation is heavy and increasing and government assistance is low and steady.
This industry is forecast to have a strong average annualised growth rate over the next five years. A full analysis of each of the above conditions and more is available in every IBISWorld industry report!
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