Refinery Turnaround Services - Major: Market Size & Forecast 2026

The global refinery turnaround services market sits at approximately USD 25 billion in 2025 (base year), expanding at roughly 4.0% CAGR to USD 32.9 billion by 2032 in our base case. Refinery turnarounds are non-discretionary, periodic, multi-week shutdown events that absorb 15-25% of a typical refinery's annual opex envelope and frequently cost USD 20M-200M per event. Pricing is anchored to craft labour hours and specialty-rental equipment days, not to a per-tonne commodity benchmark. > **Analyst Take.** Our view: the 2026 outage calendar is the single most consequential supply event in downstream over the next five years, and the consensus 5%+ CAGR we see in some third-party estimates looks aggressive given that base-period pricing is already elevated by post-pandemic catch-up work. The right sequence is to lock craft-labour reservations and rental-equipment blocks by Q3 2026, resist ex

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