Press release
Refined Petroleum Products Market: Insights into Market Size, Growth Rate, and Key Drivers
Refined Petroleum Products Market
What Is The Projected Market Size Of The Global Refined Petroleum Products Market And Its Growth Rate?
The global refined petroleum products market has been demonstrating steady growth trends. Key statistics include:
•The market size was at $2777.4 billion in 2024 and will grow to $2906.39 billion in 2025, with a compound annual growth rate (CAGR) of 4.6%.
•Significant factors contributing to this growth include rising economic development in emerging markets, an increase in the number of vehicles, and rising end-user demand.
•By 2029, the market size is predicted to reach $3429.93 billion with a CAGR of 4.2%.
•Growth drivers for this period include urbanization, growing demand for crude oil and gas, and increased electricity consumption.
What Is Driving The Growth In The Refined Petroleum Products Market?
The rising adoption of Carbon Capture and Storage (CCS) techniques by refineries is a significant factor driving the growth of the refined petroleum products market. These techniques involve trapping CO2 at its emission source and transferring it to a storage location that is actively monitored, thus reducing atmospheric CO2 levels. Notably, the venture of Shell, Canada Energy, and Chevron, named ""Quest"", perfectly exemplifies a fully-integrated CCS project. Other key players including ExxonMobil, Port Arthur Refinery, Baytown Refinery, RasTanura Refinery, and Garyville Refinery are also adopting this technology, which clearly indicates its potential in minimizing carbon emissions.
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Who Are the Key Players Driving Refined Petroleum Products Market Growth?
The following key players are driving the growth of the Refined Petroleum Market:
•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
•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
•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
What Are The Key Trends In The Refined Petroleum Products Market?
Key trends in the Refined Petroleum Products Market include:
•New facility expansions and enhancement of production capacities.
•Innovation in petroleum products.
•Increasing investments and merges and acquisitions.
What Are The Segments Of The Global Refined Petroleum Products Market?
The global refined petroleum products market is segmented into:
1) By Type: Diesel, Gasoline, Fuel Oil, Kerosene, and Other Refined Petroleum Products
2) By Fraction: Light Distillates, Middle Distillates, and Heavy Oils
3) By Refinery Type: Integrated Refined Petroleum Product and Non-Integrated Refined Petroleum Product
4) By Application: Fuel, Chemical, and Other Applications
Which Region Leads The Refined Petroleum Products Market?
Asia-Pacific region led the refined petroleum products market in 2024, followed by Western Europe as the second largest market. Other regions analyzed within the report include Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Refined Petroleum Products Market Global Market Report?
- Market Size Analysis: Analyze the Refined Petroleum Products Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Refined Petroleum Products Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Refined Petroleum Products Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Refined Petroleum Products Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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