What Has Been The Historical And Current Growth Of The Refined Petroleum Products Market?
The refined petroleum products market has seen considerable growth due to a variety of factors.
• The market for refined petroleum products has seen consistent growth in previous years, and it's anticipated to expand from $2777.4 billion in 2024 to $2906.39 billion in 2025, marking a compound annual growth rate (CAGR) of 4.6%.
The upward trend in the past was propelled by robust economic advancements in emerging markets, a surge in the number of vehicular traffic, heightened demand from consumers, and population growth.
What are the Market Size and Expected Growth Rates for the Refined Petroleum Products Market?
The refined petroleum products market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for refined petroleum products is predicted to experience consistent expansion in the coming years, reaching a size of $3429.93 billion in 2029 with a compound annual growth rate (CAGR) of 4.2%.
The upward trajectory during the forecast period can be credited to several factors including increasing urbanization, escalating demand for crude oil and gas, and a boosted need for electricity. Key trends projected for this period involve focusing on the expansion of new facilities and enhancing their production capabilities, innovative product development, coupled with a rise in investments, mergers and acquisitions.
What Are The Key Drivers Fueling Growth In The Refined Petroleum Products Market?
Carbon Capture and Storage (CCS) strategies are becoming more prevalent in refineries as a means to mitigate CO2 emissions in the environment. The process secludes CO2 at the point of its generation and moves it for storage elsewhere, where it is continuously observed and quantified. Consequently, it minimizes emissions by preventing CO2 from mingling with the atmosphere. An exemplification of this is Quest, a cooperative initiative by Shell, Canada Energy, and Chevron, which is a fully-fledged CCS project that averts CO2 produced in refineries from contaminating the atmosphere by sequestering it in subsurface geologic formations. With approximately 15 large-scale projects and 7 developments in progress, capable of seizing around 40 million tons of CO2 annually, it illustrates the potential of CCS technology in curbing carbon emissions. To illustrate, key companies like ExxonMobil, Port Arthur Refinery, Baytown Refinery, RasTanura Refinery, and Garyville Refinery are implementing this method.
How Is The Globa Refined Petroleum Products Market Divided Into Key Segments?
The refined petroleum products market covered in this report is segmented –
1) By Type: Diesel, Gasoline, Fuel Oil, Kerosene, Other Refined Petroleum Products
2) By Fraction: Light Distillates, Middle Distillates, Heavy Oils
3) By Refinery Type: Integrated Refined Petroleum Product, Non-Integrated Refined Petroleum Product
4) By Application: Fuel, Chemical, Other Applications
Subsegments:
1) By Diesel: Automotive Diesel, Marine Diesel, Industrial Diesel
2) By Gasoline: Regular Gasoline, Premium Gasoline, Ethanol-Blended Gasoline
3) By Fuel Oil: No. 1 Fuel Oil, No. 2 Fuel Oil, No. 4 Fuel Oil, No. 6 Fuel Oil
4) By Kerosene: Jet Fuel, Heating Kerosene, Lamp Kerosene
5) By Other Refined Petroleum Products: Liquefied Petroleum Gas (LPG), Naphtha, Asphalt, Petrochemical Feedstocks
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What Trends Are Reshaping The Refined Petroleum Products Market?
In a bid to decrease pollution levels, firms are beginning to incorporate gas-to-liquid technology, leading to the production of premium petroleum goods. This technique involves transforming natural gas into high-grade liquid products such as transport fuels, engine oils, naphtha, diesel, and waxes. In this process, natural gas serves as an alternative to crude oil as it's not only the cleanest burning fossil fuel, but also plentiful, adaptable, and reasonably priced. The by-products derived through the application of GTL technology are clear, inodorous, and almost entirely free of impurities. Major corporations like Shell, Chevron, and PetroSA have employed this technology for the creation of transportation fuels, oils, and by-products used in the manufacturing of plastics, detergents and cosmetics.
Who Are the Key Players in the Refined Petroleum Products Market?
Major companies operating in the refined petroleum products market include:
• Saudi Aramco
• Exxon Mobil
• Chevron
• Valero Energy Corp
• Marathon Petroleum Corporation
• Total SA
• PJSC Lukoil
• BP Plc
• Royal Dutch Shell
• Petroleo Brasileiro SA Petrobras
• Orlen Poludnie S A
• Freudenberg & Co. Kommanditgesellschaft
• Consumers' Co-operative Refineries Limited
• YPF
• TechnipFMC
• China National Petroleum Corporation
• Ecopetrol
• Unipec U.K. Co. Limited
• IKO Industries Ltd
• Inpex Corporation
• Sinopec
• GTI Statia Terminals N.V.
• National Iranian Oil Company
• Suncor Energy Inc
• Shaanxi Yanchang Petroleum
• ArcelorMittal Poland S A
• PDVSA
• Sinochem Group
• China National Offshore Oil Corporation
• Kuwait Petroleum Corporation
• Eneos Holdings
• Reliance Petroleum Ltd
• Sasol Oil
• Phillips 66(US)
• PetroSA
• Engen Petroleum
• Baker Hughes
• Indian Oil Corporation Limited
• Abu Dhabi National Oil Company
• Oil and Natural Gas Corporation
• Cenovus Energy Inc
• Astron Energy
• Global Oil Engineering AG
• Polski Koncern Naftowy Orlen S A
• Subsea 7
What are the Regional Insights into the Refined Petroleum Products Market?
Asia-Pacific was the largest region in the refined petroleum products market in 2024. Western Europe was the second largest region in the global petroleum products market. The regions covered in the refined petroleum products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
