Press release
Oil Downstream Products Market Analysis, Share, Size, Trends, Leading Players And Forecast To 2033
Oil Downstream Products Market
The oil downstream products market size is expected to see steady growth in the next few years. It will grow to $3609.01 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to electric vehicle (ev) adoption, transition to renewable energy, carbon capture and utilization, energy efficiency initiatives, global trade dynamics. Major trends in the forecast period include rise of biofuels and alternative fuels, investments in petrochemicals, focus on cleaner fuels, expansion of refining capacities, digital transformation in downstream operations, strategic alliances and partnerships.
Market Overview -
The oil downstream products are used for providing post extraction activities for crude oil and natural gas, including refined petroleum products manufacturing and asphalt, lubricating oil, and grease manufacturing.
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Impact Of Political Instability And Extremism On The Global Oil Downstream Products Market
Disruption in the supply of oil in certain markets due to political instability and extremism was one of the major factors affecting the growth of global oil downstream products market. Oil supplies from major crude oil exporters such as Libya, Iraq, Nigeria, and Columbia were getting disrupted due to political instability and terrorist attacks on oil and gas wells and refineries, thus affecting the growth of the market. For instance, in May 2021, in a terrorist attack, explosives were used to set fire to two wells in a small oilfield in northern Iraq, thereby causing significant disruption to oil and gas supplies.
Competitive Landscape -
Major companies operating in the oil downstream products market report are 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
Innovative Products In The Oil Downstream Industry
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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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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