Refined Petroleum Products Global Market To Reach Value Of About $2.7 Trillion In 2025
19 Apr, 2021
The refined petroleum products market consists of sales of refined petroleum products by entities (organizations, sole traders or partnerships) that convert crude petroleum to refined petroleum products such as gasoline, naphtha, diesel fuel and liquefied petroleum gas and then sell these refined products. Petroleum refineries are large industrial complexes with extensive pipeline networks carrying crude oil and refined petroleum products between sub processing units. Revenues in this market represent the value of the different refined petroleum products.
Global Refined Petroleum Products Market Size And Drivers:
The global refined petroleum products market is expected to grow from $1.78 trillion in 2020 to $2.22 trillion in 2021 at a compound annual growth rate (CAGR) of 24.5%. The market is expected to reach $2.74 trillion in 2025 at a CAGR of 5%.
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Trends In The Global Refined Petroleum Products Market
To reduce the pollution levels, companies have started adopting the gas to liquid technology which produces high quality petroleum products. The gas to liquid technology is the conversion of natural gas to high quality liquid products such as transportation fuels, motor oils, naphtha, diesel and waxes. This technology uses natural gas as a substitute to crude oil as gas is considered to be the cleanest burning fossil fuel and is abundant, versatile and easily affordable. The by- products obtained by using the GTL technology are colorless, odorless and contain negligent amounts of impurities.
Global Refined Petroleum Products Market Segments:
The global refined petroleum products market is further segmented based on type, fraction, refinery type, application and geography.
By Type: Diesel, Gasoline, Fuel Oil, Kerosene, Other Refined Petroleum Products.
By Fraction: Light Distillates, Middle Distillates, Heavy Oils.
By Refinery Type: Integrated Refined Petroleum Product, Non-Integrated Refined Petroleum Product.
By Application: Fuel, Chemical, Others.
By Geography: The global refined petroleum products market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, Asia Pacific is the largest region in the global refined petroleum products market, accounting for 30% of the total market.
Read More On The Report For The Global Refined Petroleum Products Market At:https://www.thebusinessresearchcompany.com/report/refined-petroleum-products-global-market-report-2020-30-covid-19-impact-and-recovery
Refined Petroleum Products Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides refined petroleum products market overviews, analyzes and forecasts market size and growth for the global refined petroleum products market, refined petroleum products market share, refined petroleum products market players, refined petroleum products market segments and geographies, refined petroleum products market’s leading competitors’ revenues, profiles and market shares. The refined petroleum products market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.