Press release
Key Influencer in the Refined Petroleum Products Market 2025: Carbon Capture And Storage (CCS) In Refineries Driver
Refined Petroleum Products
There is a growing trend among refineries to employ Carbon Capture and Storage (CCS) methods aimed at decreasing CO2 emissions into the atmosphere. This process consists of capturing CO2 at the point of emission and transferring it to another monitored and measured storage area. Therefore, we are able to prevent CO2 from permeating the atmosphere, thus curtailing emission levels. An exemplification of this is Quest, a collaborative effort between Shell, Canada Energy, and Chevron, which is a comprehensive CCS project that captures CO2 generated from refineries and prevents it from mixing with atmospheric air by storing it in subterranean formations. There are approximately 15 large projects worldwide and 7 projects underway with the capability of capturing around 40 million tonnes of CO2 annually, thereby highlighting the potential of CCS technology in carbon emission reduction. Key players such as ExxonMobil, Port Arthur Refinery, Baytown Refinery, RasTanura Refinery, and Garyville Refinery are among some of the major companies employing these techniques.
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What growth opportunities are expected to drive the refined petroleum products market's CAGR through 2034?
The market size for refined petroleum products has been experiencing stable growth in the past few years. It is predicted to increase from $2777.4 billion in 2024 to $2906.39 billion in 2025, showcasing a compound annual growth rate (CAGR) of 4.6%. Factors contributing to this growth during the historical period include powerful economic progress in developing markets, a rise in the quantity of vehicles on the road, greater demand from final consumers, and population growth.
The market size of refined petroleum products is forecasted to experience consistent growth in the succeeding years, reaching $3429.93 billion by 2029 with a 4.2% compound annual growth rate (CAGR). This anticipated expansion during the forecast period can be credited to elevated urbanization, escalating demand for crude oil and gas, and an upswing in the need for electricity. During this predicted growth phase, the primary trends would be centered around the advancement of new facilities and production capacity enlargement, product innovation, and an uptick in investments and consolidations and acquisitions.
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What are the most significant trends transforming the refined petroleum products market today?
Faced with escalating pollution challenges, corporations have embraced the gas-to-liquid technology which generates superior petroleum goods. This technology is essentially the transformation of natural gas into premium liquid commodities such as fuels for transport, motor lubricants, naphtha, diesel, and wax. The approach opts for natural gas as an alternative to crude oil since gas, as the cleanest burning fossil fuel, is abundant, highly adaptable, and economically feasible. The by-products from the GTL process are distinctively colorless and odorless with barely any impurities. Big players like Shell, Chevron, and PetroSA have integrated this technology to manufacture transportation fuels, oils, and additional by-products for crafting plastic, detergents, and cosmetics.
Which growth-oriented segments of the refined petroleum products market are leading the industry's development?
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
Subsegments:
1) By Diesel: Automotive Diesel, Marine Diesel, Industrial Diesel
2) By Gasoline: Regular Gasoline, Premium Gasoline, Ethanol-Blended Gasoline
3) By Fuel Oil: No. 1 Fuel Oil, No. 2 Fuel Oil, No. 4 Fuel Oil, No. 6 Fuel Oil
4) By Kerosene: Jet Fuel, Heating Kerosene, Lamp Kerosene
5) By Other Refined Petroleum Products: Liquefied Petroleum Gas (LPG), Naphtha, Asphalt, Petrochemical Feedstocks
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What regions are leading the charge in the refined petroleum products market?
Asia-Pacific was the largest region in the refined petroleum products market in 2024. 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
What companies are at the forefront of innovation in the refined petroleum products market?
Major companies operating in the refined petroleum products market include 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
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What Is Covered In The Refined Petroleum Products Global Market Report?
• Market Size Forecast: Examine the refined petroleum products market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the refined petroleum products market for a structured understanding.
• Key Players Overview: Analyze major players in the refined petroleum products market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the refined petroleum products market.
• Segment Contributions: Evaluate how different segments drive overall growth in the refined petroleum products market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the refined petroleum products market.
• Industry Challenges: Identify potential risks and obstacles affecting the refined petroleum products market.
• Competitive Landscape: Review strategic developments in the refined petroleum products market, including expansions, agreements, and new product launches.
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