Press release
Global Oil Downstream Products Market to Reach $3827.78 Billion by 2029, Growing at 4.4% CAGR
Oil Downstream Products
Political unrest and extremism leading to oil supply disruptions in various markets was a significant element obstructing the growth of the worldwide market for downstream oil products. Political instability and terrorist attacks were leading to disruption in oil supplies from major crude oil exporters like Libya, Iraq, Nigeria, and Columbia, thereby influencing the market's growth. As an illustration, the Russia-Ukraine conflict in April 2024 severely impacted the global oil supplies as reported by J.P. Morgan Wealth Management, a US-based company. This resulted in a price hike and disrupted supply chains, particularly in Europe, in 2022. In a similar vein, concerns about the stability of oil supplies rose due to the Israel-Hamas conflict in October 2023, given the Middle East's pivotal role in oil production. These geopolitical conflicts underscore the adverse effects political instability and extremism can have on the global market for downstream oil products. Such disruptions not only impact the immediate areas, but also alter global supply chains and market dynamics significantly.
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What is the projected compound annual growth rate (CAGR) of the oil downstream products market from 2025 to 2034, and what factors influence it?
The market size for oil downstream products has seen consistent growth in the past few years. This growth is predicted to rise from $3075.34 billion in 2024 to $3225.08 billion in 2025, achieving a compound annual growth rate (CAGR) of 4.9%. The reasons behind the growth during the historical period can be traced back to the expansion of the economy, industrialization, demand from the automotive industry, growth in the petrochemical industry, infrastructure development, and global trade and transportation.
Expectations are for the oil downstream products market size to experience consistent growth in the coming years. It's projected to expand to $3827.78 billion by 2029, reflecting a compound annual growth rate (CAGR) of 4.4%. An array of factors are driving this expected growth during the forecast period, including electric vehicle (EV) adoption, a transition towards renewable energy, carbon capture and utilization, and energy efficiency initiatives, as well as shifts in global trade dynamics. Other noteworthy trends influencing the forecast period include the increasing prevalence of biofuels and alternative fuels, petrochemical investments, a push for cleaner fuels, expanding refining capacities, and downstream operations adopting digital transformation, in addition to strategic alliances and partnerships.
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What new trends are reshaping the oil downstream products market and its opportunities?
Initiatives are being taken by corporations to decrease emission amounts, by employing gas to liquid technology which yields high-grade petroleum items. Gas to liquid technology essentially transmutes natural gas into superior liquid derivatives like transportation gasoline, engine lubricants, naphtha, diesel, and waxes. This methodology utilizes natural gas instead of crude oil, as it is the purest combustible fossil fuel and comes in abundance, multifaceted, and is easily accessible. The derivatives obtained from employing GTL technology are devoid of color, smell, and contain negligible traces of contaminants. For example, Shell, Chevron, and PetroSA have embraced this technology to manufacture transportation gasoline, lubricants, and by-products used in plastic, detergent, and cosmetic production.
What major market segments define the scope and growth of the oil downstream products market?
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:
1) By Refined Petroleum Products: Gasoline, Diesel, Jet Fuel, Kerosene, Heating Oil, Petrochemical Feedstocks
2) By Asphalt: Hot Mix Asphalt, Cutback Asphalt, Emulsified Asphalt, Other Asphalt Products
3) By Lubricating Oil And Grease: Engine Oils, Industrial Lubricants, Hydraulic Fluids, Gear Oils, Greases, Specialty Lubricants
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Which region dominates the oil downstream products market?
Asia-Pacific was the largest region in the oil downstream products market in 2024. North America was the second largest region in the oil downstream products market. The regions covered in the oil downstream products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the oil downstream products industry growth?
Major companies operating in the oil downstream products market include 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
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What Is Covered In The Oil Downstream Products Global Market Report?
•Market Size Forecast: Examine the oil downstream products market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the oil downstream products market for a structured understanding.
•Key Players Overview: Analyze major players in the oil downstream products market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the oil downstream products market.
•Segment Contributions: Evaluate how different segments drive overall growth in the oil downstream products market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the oil downstream products market.
•Industry Challenges: Identify potential risks and obstacles affecting the oil downstream products market.
•Competitive Landscape: Review strategic developments in the oil downstream products market, including expansions, agreements, and new product launches.
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