Press release
Global Refined Petroleum Products Pipeline Transport Market to Reach $74.76 Billion by 2029, Growing at 6% CAGR
The rising need for oil and gas is projected to drive the expansion of the refined petroleum products pipeline transport market. Oil and gas, also known as hydrocarbons, are naturally occurring substances used widely in industries such as transportation fuels, insulation, and automation. Pipeline transportation of oil and gas, a popular method for transporting refined petroleum products from proximate or remote oil wells to oil tankers, is favored for its security and minimal maintenance needs. For example, statistics from the International Energy Agency, an autonomous organization based in France, show that in September 2022, global oil and gas demand increased by 3.2 million barrels per day, which was higher than the expected increase of 2.5 million barrels per day in 2021. Furthermore, the IEA's short-term energy outlook report in March 2023 predicted that the output of U.S. crude oil would exceed the previous record set in 2019, reaching 11.7 million b/d in 2022 and 12.4 million b/d in 2023. Therefore, the surging demand for oil and gas is contributing to the growth of the refined petroleum products pipeline transport market.
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What growth opportunities are expected to drive the refined petroleum products pipeline transport market's CAGR through 2034?
The market size for pipeline transportation of refined petroleum products has seen considerable expansion in the recent past. Expectations are for it to further escalate from $55.71 billion in 2024 to $59.2 billion in 2025, experiencing a compound annual growth rate (CAGR) of 6.3%. The growth observed during the historical timeframe is due to factors such as an increase in energy consumption, infrastructural advancements, steadiness in oil costs, geopolitical stability, and trends in consumer demand.
The market size for pipeline transportation of refined petroleum products is anticipated to experience substantial growth in the coming years, reaching $74.76 billion in 2029 with a compound annual growth rate (CAGR) of 6.0%. The swelling growth in the prediction period can be ascribed to the ongoing growth in energy demand, eco-friendly transportation protocols, upgrading of the pipeline community, transition to renewable energy, and the implementation of digital solutions. Dominant trends within the forecasting term encompass the digitization of pipeline activities, environment-friendly pipeline strategies, investment in pipeline establishments, remote surveillance and management, and emphasis on cybersecurity.
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What are the emerging trends shaping the future of the refined petroleum products pipeline transport market?
The growth of technology is emerging as a major trend in the refined petroleum products pipeline transport industry. Dominant players in the market are focusing on devising fresh technological innovations to consolidate their industry standing. For example, in August 2024, ArcelorMittal, a steel and mining firm based in Luxembourg, rolled out its HyMatch steel, designed specifically for building hydrogen pipelines and equipped to withstand the intensive transport of pure hydrogen. The HyMatch product line features steel grades with a precise and consistent microstructure, assuring superior cleanliness and reducing the probability of hydrogen brittleness, making it perfectly suited for the burgeoning hydrogen infrastructure. This aligns well with the energy transition and the ambitious renewable hydrogen production goals set by the European Union.
Which growth-oriented segments of the refined petroleum products pipeline transport market are leading the industry's development?
The refined petroleum products pipeline transport market covered in this report is segmented -
1) By Product Type: Diesel, Gasoline, Fuel Oils, Kerosine
2) By Services: Consulting Service, Managed Service, Maintenance And Support
3) By Applications: Onshore, Offshore
Subsegments:
1) By Diesel: Ultra-Low Sulfur Diesel (ULSD), High-Sulfur Diesel
2) By Gasoline: Regular Gasoline, Premium Gasoline, Reformulated Gasoline
3) By Fuel Oils: No. 2 Fuel Oil, No. 4 Fuel Oil, No. 6 Fuel Oil
4) By Kerosine: Jet Fuel (Jet A, Jet A-1), Kerosene For Heating
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What regions are leading the charge in the refined petroleum products pipeline transport market?
North America was the largest region in the refined petroleum products pipeline transport market in 2024. The regions covered in the refined petroleum products pipeline transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the refined petroleum products pipeline transport market?
Major companies operating in the refined petroleum products pipeline transport market include Kinder Morgan, Enbridge Inc., TransCanada Corporation, Williams Companies, Plains All American Pipeline, Magellan Midstream Partners, Buckeye Partners, Valero Energy Corporation, Phillips 66, Enterprise Products Partners, ONEOK Inc., Energy Transfer LP, Colonial Pipeline Company, NuStar Energy L.P., Western Refining, Targa Resources, Vitol Group, Vopak, PBF Energy, TotalEnergies SE, Sunoco LP, Southcross Energy Partners, Cheniere Energy Inc.
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What Is Covered In The Refined Petroleum Products Pipeline Transport Global Market Report?
• Market Size Forecast: Examine the refined petroleum products pipeline transport market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the refined petroleum products pipeline transport market for a structured understanding.
• Key Players Overview: Analyze major players in the refined petroleum products pipeline transport market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the refined petroleum products pipeline transport market.
• Segment Contributions: Evaluate how different segments drive overall growth in the refined petroleum products pipeline transport market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the refined petroleum products pipeline transport market.
• Industry Challenges: Identify potential risks and obstacles affecting the refined petroleum products pipeline transport market.
• Competitive Landscape: Review strategic developments in the refined petroleum products pipeline transport market, including expansions, agreements, and new product launches.
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