2024 Report: Refined Petroleum Products Market to Grow at 4.2% CAGR, Reaching $3246.8B by 2028

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Refined Petroleum Products Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $3246.8 billion In 2028 At A CAGR Of 4.2%:

The refined petroleum products market size has grown steadily in recent years. It will grow from $2629.64 billion in 2023 to $2756.01 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increased number of vehicles on the road, the increased demand from end-users, and the increased population.

The refined petroleum products market size is expected to see steady growth in the next few years. It will grow to $3246.8 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to rising urbanization, growing demand for crude oil and gas, and increase in demand for electricity. Major trends in the forecast period include focusing on new facility expansions and expanding their production capacities, product innovations, increasing investments and mergers and acquisitions.

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Refined Petroleum Products Market Major 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

Key Driver - Carbon Capture And Storage (CCS) In Refineries
Refineries are increasingly adopting Carbon Capture and Storage techniques to reduce CO2 emission levels in the atmosphere. This technique involves trapping CO2 at its emission source and transporting it to a different storage location which is actively monitored and measured. This way CO2 is isolated from the atmosphere, thereby reducing emission levels. For instance, Quest, a partnership venture of Shell, Canada Energy, and Chevron is fully integrated CCS project that captures CO2 produced from refineries and prevents it from entering the atmosphere by storing it in underground formations. Globally there are about 15 large scale projects and 7 under construction projects with the capacity to capture about 40 million tones CO2 per annum, thus indicating the potential of CCS technology in minimizing carbon emissions. For Instance, some of the major companies adopting this technique include ExxonMobil, Port Arthur Refinery, Baytown Refinery, RasTanura Refinery, and Garyville Refinery.

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Prominent Trend - Innovating For Sustainability In The Refined Petroleum Products Market
Major companies operating in the refined petroleum products market are focusing on developing innovative products, such as low-smoke fuel, to sustain their position in the market. Low smoke fuel produces less smoke than regular fuel as they have a lower volatile content, making it less likely to vaporize and burn incompletely, producing low smoke. For instance, in January 2023, Bharat Petroleum Corporation Limited, an Indian-based petroleum refinery company, launched Low Smoke Superior Kerosene Oil for Army operating at a high altitude. It is designed to produce less smoke and emissions, which can be a major health hazard for soldiers operating in high-altitude environments with low oxygen levels. BPCL Low Smoke SKO is produced using a special refining process that removes impurities and reduces the aromatic content of the oil.

Refined Petroleum Products Market Players
Major companies operating in the refined petroleum products market report are 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 Południe S A, Freudenberg & Co. Kommanditgesellschaft, Consumers' Co-operative Refineries Limited, YPF, Shell Deutschland GmbH, 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, Petrobras, 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.

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the refined petroleum products market in 2023. 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

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Refined Petroleum Products Market Report Structure
3. Refined Petroleum Products Market Trends And Strategies
4. Refined Petroleum Products Market - Macro Economic Scenario
5. Refined Petroleum Products Market Size And Growth
…..
27. Refined Petroleum Products Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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