The oil downstream products market has grown steadily, from $2903.24 billion in 2023 to $3046.83 billion in 2024, at a CAGR of 4.9%. Economic expansion, automotive demand, and global trade have driven this growth. By 2028, the market is expected to reach $3609.01 billion at a CAGR of 4.3%. The adoption of EVs, renewable energy, and carbon capture are key drivers. Trends include the rise of biofuels, cleaner fuels, and digital transformation in operations.
Major Driver In The Oil Downstream Products Market
Disruptions in oil supply chains due to political instability and extremism have significantly impacted the global oil downstream products market. Major crude oil exporters like Libya, Iraq, Nigeria, and Colombia have experienced supply disruptions stemming from political instability and terrorist attacks on oil infrastructure. For instance, a terrorist attack in May 2021 caused explosions and fires at two wells in northern Iraq, disrupting oil and gas supplies. Such geopolitical challenges continue to pose risks to oil supply chains, influencing market dynamics and contributing to fluctuations in global oil downstream products.
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Oil Downstream Products Market Competitive Landscape
Saudi Arabian Oil Company, PetroChina Company Limited, Exxon Mobil Corporation, China National Petroleum Corporation, China Petroleum & Chemical Corporation (Sinopec), Shell Chemical LP, Royal Dutch Shell, TotalEnergies SE, BP p.l.c., Chevron Corporation, Marathon Petroleum Corporation, Valero Energy Corporation, Phillips 66, Indian Oil Corporation Limited, Rosneft Oil Company, Reliance Industries Limited, Gazprom Neft, Bharat Petroleum Corporation Limited, The Dow Chemical Company, LyondellBasell Industries N.V., Hindustan Petroleum Corporation Limited, LUKOIL, HollyFrontier Corporation, PBF Energy Inc., Mangalore Refinery and Petrochemicals Limited, Chennai Petroleum Corporation Limited, Essar Oil Limited, Numaligarh Refinery Limited, Nayara Energy Limited, Bharat Oman Refineries Limited, Braskem S.A., Sasol Limited
Key Oil Downstream Products Market Trend
Major companies operating in the oil downstream products market are focusing on developing innovative products, such as epoxy intumescent coating, to provide reliable service to customers. Epoxy intumescent coatings are fire-resistant, made of epoxy resin and intumescent fillers that expand during heat exposure, forming a thick, insulating char layer. For instance, in June 2022, Hempel Group, a Denmark-based provider of coatings and paints, launched Hempafire XTR 100, a hydrocarbon passive fire protection of oil and gas downstream assets. It is a lightweight coating with low dry film thicknesses, which is UL 1709-certified hydrocarbon passive fire protection and provides customers with considerable safety and project benefits. Hempafire XTR 100 insulates steel during a hydrocarbon pool fire, increasing the steel's ability to support weight for up to four hours. This allows more time for the safe evacuation of workers and the safeguarding of priceless property and equipment while firefighting crews put out the fire.
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Oil Downstream Products Market Segmentation
The oil downstream products market covered in this report is segmented –
1) By Type: Refined Petroleum Products, Asphalt, Lubricating Oil And Grease
2) By Fraction: Light Distillates, Middle Distillates, Heavy Oils
3) By Application: Fuel, Chemical, Other Applications
Subsegments Covered: Diesel, Gasoline, Fuel Oil, Kerosene, Other Refined Petroleum Products, Asphalt, Other Petroleum Products
By Geography:The regions covered in the oil downstream products market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the oil downstream products market in 2023.
The Oil Downstream Products Global Market Report 2024 furnishes information about the global oil downstream products market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
