Refined Petroleum Products Market Key Trends And Competitor Analysis Report 2023-2032

As per The Business Research Company's Refined Petroleum Products Opportunities And Strategies Market Report 2023, The global refined petroleum market reached a value of nearly $2,518.45 billion in 2022, having grown at a compound annual growth rate (CAGR) of 6.1% since 2017. The market is expected to grow from $2,518.45 billion in 2022 to $3,120.30 billion in 2027 at a rate of 4.4%. The market is then expected to grow at a CAGR of 4.0% from 2027 and reach $3,795.85 billion in 2032.

Growing demand for crude oil and gas is expected to contribute to the growth of the refined petroleum products market during the forecast period. Refineries produce high-value products such as gasoline, diesel fuel, and jet fuel from light crude oil with simple distillation. For example, according to the India Brand Equity Foundation, an India-based resource center, crude oil consumption is expected to grow at a CAGR of 5.14% to 500 million tons by FY40 from 202.7 million tons in FY22. Natural gas consumption is forecast to increase at a CAGR of 12.2% to 550 MCMPD (million cubic meters per day) by 2030 from 174 MCMPD in 2021. Therefore, growing demand of crude oil and gas is expected to positively impact the growth of the refined petroleum products market during the forecast period.

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Refined petroleum products manufacturers are focusing on product innovations and developing new product solutions to strengthen their position in the market. For example, in March 2022, Renewable Energy Group Inc, a US-based biodiesel production company, announced the introduction of a line of branded fuel solutions, EnDura Fuels™. This branded product launch supports Renewable Energy Group's ongoing efforts to help the transport industry meet its sustainability and business growth objectives, while strengthening the Company's position in the marketplace. The EnDura Fuels™ line consists of five bio-based diesel fuels including Renewable Energy Group's newest product, PuriD™, a next-generation biodiesel. It exceeds industry quality standards and enables customers to blend PuriD™ into renewable diesel at virtually any level and utilize higher biodiesel blends with petroleum diesel year-round. These solutions are helping the trucking, rail, marine, aviation and other industries meet their sustainability targets through cleaner burning, lower emission fuels.

Opportunities -The top opportunities in the refined petroleum products market segmented by type will arise in the diesel segment, which will gain $263.21 million of global annual sales by 2027. The top opportunities in the refined petroleum products market segmented by fraction will arise in the middle distillates segment, which will gain $337.63 million of global annual sales by 2027. The top opportunities in the refined petroleum products market segmented by refinery type will arise in the integrated refined petroleum refineries segment, which will gain $461.55 million of global annual sales by 2027. The top opportunities in the refined petroleum products market segmented by application will arise in the fuel segment, which will gain $486.67 million of global annual sales by 2027. The refined petroleum products market size will gain the most in the UK at $41.41 million.

Refined Petroleum Products Market Segmentation:

The Refined Petroleum Products market is segmented

By Fraction -
The refined petroleum products market is segmented by fraction into:
a) Light Distillates
b) Middle Distillates
c) Heavy Oils.

By Refinery Type -
The refined petroleum products market is segmented by refinery type into:
a) Integrated Refined Petroleum Refineries
b) Non-Integrated Refined Petroleum Refineries.

By Application -
The refined petroleum products market is segmented by application into:
a) Fuel
b) Chemicals
c) Other Applications

Major players in the Refined Petroleum Products market include Saudi Aramco, Exxon Mobil, Chevron, Valero Energy Corp, Marathon Petroleum Corporation

The regions covered in the global Refined Petroleum Products market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Refined Petroleum Products Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Refined Petroleum Products Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
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16. Western Europe Market
17. Eastern Europe Market
18. North America Market
19. South America Market
20. Middle East Market

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