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Refined Petroleum Products Pipeline Transport Market Size to Reach $101.9 Billion by 2029 | Growth at 6.6% CAGR Forecast
Refined Petroleum Products Pipeline Transport
What is the Projected Market Size of the Refined Petroleum Products Pipeline Transport Industry?
The market size for the transportation of refined petroleum products through pipelines has seen substantial growth lately. The market is expected to expand from $74.06 billion in 2024 to $78.99 billion in 2025, with a compound annual growth rate (CAGR) of 6.7%. Factors that contributed to the growth in the past include increased energy demand, infrastructure advancements, stable oil prices, geopolitical stability, and consumer demand trends.
What Will Be the Size of the Refined Petroleum Products Pipeline Transport Market by 2029?
The market size for refined petroleum products pipeline transport is projected to experience robust growth in the upcoming years, reaching a value of $101.9 billion in 2029 with a compound annual growth rate (CAGR) of 6.6%. This expansion during the forecast period can be credited to the consistent surge in energy demand, sustainable transportation methods, pipeline infrastructure advancements, transition towards renewable energy, and the implementation of digital solutions. Prominent trends during this forecast period encompass pipeline operations' digitalization, eco-friendly pipeline operations, investment in pipeline systems, remote supervision and management, with an emphasis on cybersecurity.
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What Are the Key Drivers Accelerating Growth in the Refined Petroleum Products Pipeline Transport Market?
The refined petroleum products pipeline transport market is anticipated to grow due to the rising demand for oil and gas. Hydrocarbons, naturally occurring resources also known as oil and gas, are used in multiple sectors such as transportation fuels, insulation, and automation. Pipeline transportation is a prevalent method for transporting refined petroleum products from oil wells to oil tankers because it is safe and needs minimal maintenance. For example, the International Energy Agency, an autonomous intergovernmental organization based in France, noted in September 2022 that the global demand for oil and gas had increased by 3.2 million barrels per day in 2022, a rise from the projected increase of 2.5 million barrels per day in 2021. Furthermore, in March 2023, the IEA's short-term energy outlook report projected that U.S. crude oil production would exceed its 2019 record high by reaching 11.7 million b/d in 2022 and 12.4 million b/d in 2023. Consequently, the surge in demand for oil and gas serves as a propellant for the growth of the refined petroleum products pipeline transport market.
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How Is the Refined Petroleum Products Pipeline Transport Market Segmented by Type, Application, and Region?
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
What Are the Key Trends Driving Growth in the Refined Petroleum Products Pipeline Transport Market?
The trend of technological innovation is becoming increasingly prominent in the refined petroleum products pipeline transport market. Major market participants are focusing on the development of novel technologies to consolidate their market position. For example, ArcelorMittal, a steel and mining company based in Luxembourg, introduced HyMatch steel in August 2024, designed specifically for the construction of hydrogen pipelines. This product can withstand the high-pressure transport of pure hydrogen. The steel grades in the HyMatch range have a fine and uniform microstructure which ensures superior cleanliness and reduces the chances of hydrogen embrittlement. This makes HyMatch an attractive option for the emerging hydrogen infrastructure, tying in with the energy transition and renewable hydrogen production goals set by the European Union.
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Who Are the Leading Companies Driving Growth 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.
Which Is the Leading Region in the Global 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
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