Press release
Strong Growth Ahead: Refined Petroleum Products Market Size To Grow At Arecord 4.2% Cagr By 2029
Refined Petroleum Products Market Size
What Is the Refined Petroleum Products Market Size and Projected Growth Rate?
In recent times, there has been a stable increase in the market size of refined petroleum products. It's projected that it will rise from $2777.4 billion in 2024 to $2906.39 billion in 2025, achieving a compound annual growth rate (CAGR) of 4.6%. This growth during the historical period is attributable to robust economic expansion in burgeoning markets, augmented vehicle presence, heightened demand from consumers, and population growth.
It is anticipated that the refined petroleum products market will sustain consistent growth in the upcoming years, with predictions suggesting a climb to $3429.93 billion by 2029 at a compound annual growth rate (CAGR) of 4.2%. Factors contributing to this increase during the forecast period include advancing urbanization, escalating demand for crude oil and gas and a rising need for electricity. Prominent trends projected for the forecasted period comprise emphasis on expansion of new facilities and enhancement of production capabilities, product conceptualizations, augmenting investments, and heightened momentum in mergers and acquisitions.
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What Are the Major Segments in the Refined Petroleum Products Market?
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 Are The Driving Refined Petroleum Products Market Evolution?
Carbon Capture and Storage (CCS) techniques are being embraced by refineries globally in response to escalating demands for CO2 emission reduction. This process includes the capture of CO2 at the point of emission and its transportation to another storage site, where it is consistently monitored and measured, effectively isolating it from the atmosphere and consequently lowering emission levels. An example of this is the Quest project, a joint venture between Shell, Canada Energy, and Chevron which fully integrate CCS technology to capture CO2 from refineries and prevent its release into the atmosphere by storing it in subterranean structures. Around the world, there are approximately 15 prominent projects and 7 in-progress constructions capable of capturing around 40 million tones of CO2 each year, highlighting the potential of CCS technology to mitigate carbon emissions. Major companies, for example, ExxonMobil, Port Arthur Refinery, Baytown Refinery, RasTanura Refinery, and Garyville Refinery, are among those adopting this method.
Which Firms Dominate The Refined Petroleum Products Market Segments?
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 Poludnie 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 Major Trends Shaping the Refined Petroleum Products Market?
In an attempt to combat pollution, businesses are turning to gas-to-liquid technology, a process that creates top-quality petroleum goods. This innovative technique involves transforming natural gas into superior grade liquid substances such as naphtha, motor oils, diesel, transportation fuels, and waxes. The technology leverages natural gas, the most environmentally-friendly fossil fuel that is both abundantly available and economical, as an alternative to crude oil. The GTL technology results in by-products that are transparent, scentless, and carry negligible traces of impurities. Companies such as Shell, Chevron, and PetroSA, for example, have implemented this technology to manufacture transportation fuels, oils, and by-products for the creation of plastics, detergents, and cosmetics.
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Which Is The Largest Region 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Refined Petroleum Products Market?
2. What is the CAGR expected in the Refined Petroleum Products Market?
3. What Are the Key Innovations Transforming the Refined Petroleum Products Industry?
4. Which Region Is Leading the Refined Petroleum Products Market?
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