What Has Been the Growth Trajectory for the Refined Petroleum Products Pipeline Transport Market in Recent Years?
The refined petroleum products pipeline transport market has seen considerable growth due to a variety of factors.
• The market size for pipeline transportation of refined petroleum products has seen considerable expansion in the recent past. Expectations are for it to further escalate from $55.71 billion in 2024 to $59.2 billion in 2025, experiencing a compound annual growth rate (CAGR) of 6.3%. The growth observed during the historical timeframe is due to factors such as an increase in energy consumption, infrastructural advancements, steadiness in oil costs, geopolitical stability, and trends in consumer demand.
How Does the Forecast Look for the Refined Petroleum Products Pipeline Transport Market By 2029?
The Refined Petroleum Products Pipeline Transport market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for pipeline transportation of refined petroleum products is anticipated to experience substantial growth in the coming years, reaching $74.76 billion in 2029 with a compound annual growth rate (CAGR) of 6.0%.
The swelling growth in the prediction period can be ascribed to the ongoing growth in energy demand, eco-friendly transportation protocols, upgrading of the pipeline community, transition to renewable energy, and the implementation of digital solutions. Dominant trends within the forecasting term encompass the digitization of pipeline activities, environment-friendly pipeline strategies, investment in pipeline establishments, remote surveillance and management, and emphasis on cybersecurity.
What Are The Leading Drivers Of Growth In The Refined Petroleum Products Pipeline Transport Market?
The rising need for oil and gas is projected to drive the expansion of the refined petroleum products pipeline transport market. Oil and gas, also known as hydrocarbons, are naturally occurring substances used widely in industries such as transportation fuels, insulation, and automation. Pipeline transportation of oil and gas, a popular method for transporting refined petroleum products from proximate or remote oil wells to oil tankers, is favored for its security and minimal maintenance needs. For example, statistics from the International Energy Agency, an autonomous organization based in France, show that in September 2022, global oil and gas demand increased by 3.2 million barrels per day, which was higher than the expected increase of 2.5 million barrels per day in 2021. Furthermore, the IEA's short-term energy outlook report in March 2023 predicted that the output of U.S. crude oil would exceed the previous record set in 2019, reaching 11.7 million b/d in 2022 and 12.4 million b/d in 2023. Therefore, the surging demand for oil and gas is contributing to the growth of the refined petroleum products pipeline transport market.
How Are The Segments Defined Within The Global Refined Petroleum Products Pipeline Transport Market?
The refined petroleum products pipeline transport market covered in this report is segmented –
1) By Product Type: Diesel, Gasoline, Fuel Oils, Kerosine
2) By Services: Consulting Service, Managed Service, Maintenance And Support
3) By Applications: Onshore, Offshore
Subsegments:
1) By Diesel: Ultra-Low Sulfur Diesel (ULSD), High-Sulfur Diesel
2) By Gasoline: Regular Gasoline, Premium Gasoline, Reformulated Gasoline
3) By Fuel Oils: No. 2 Fuel Oil, No. 4 Fuel Oil, No. 6 Fuel Oil
4) By Kerosine: Jet Fuel (Jet A, Jet A-1), Kerosene For Heating
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How Are New Trends Expected To Influence The Growth Of The Refined Petroleum Products Pipeline Transport Market?
The growth of technology is emerging as a major trend in the refined petroleum products pipeline transport industry. Dominant players in the market are focusing on devising fresh technological innovations to consolidate their industry standing. For example, in August 2024, ArcelorMittal, a steel and mining firm based in Luxembourg, rolled out its HyMatch steel, designed specifically for building hydrogen pipelines and equipped to withstand the intensive transport of pure hydrogen. The HyMatch product line features steel grades with a precise and consistent microstructure, assuring superior cleanliness and reducing the probability of hydrogen brittleness, making it perfectly suited for the burgeoning hydrogen infrastructure. This aligns well with the energy transition and the ambitious renewable hydrogen production goals set by the European Union.
Who Are the Key Players In The Refined Petroleum Products Pipeline Transport Market?
Major companies operating in the refined petroleum products pipeline transport market include:
• Kinder Morgan
• Enbridge Inc.
• TransCanada Corporation
• Williams Companies
• Plains All American Pipeline
• Magellan Midstream Partners
• Buckeye Partners
• Valero Energy Corporation
• Phillips 66
• Enterprise Products Partners
• ONEOK Inc.
• Energy Transfer LP
• Colonial Pipeline Company
• NuStar Energy L.P.
• Western Refining
• Targa Resources
• Vitol Group
• Vopak
• PBF Energy
• TotalEnergies SE
• Sunoco LP
• Southcross Energy Partners
• Cheniere Energy Inc.
What Is The Most Dominant Region In The Refined Petroleum Products Pipeline Transport Market?
North America was the largest region in the refined petroleum products pipeline transport market in 2024. The regions covered in the refined petroleum products pipeline transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
