Pune, India, March 30, 2023 (GLOBE NEWSWIRE) — The refined petroleum products market size was USD 586.27 billion in 2020. The market is projected to grow from USD 611.94 billion 2021 to USD 863.19 billion in 2028 at a CAGR of 5.0% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Refined Petroleum Products Market, 2021-2028.” Transforming crude petroleum products into useful by-products, such as diesel fuel, gasoline, liquefied petroleum gas, naphtha, and others, will boost the market growth during the forecast period. Additionally, growing investments for SPR and rising oil trade between emerging countries will increase the footprint of the market.
Industry Development:
November 2021: Sinopec Corp. secured a contract with U.S.-based Venture Global LNG for buying 4 million tons of liquefied natural gas (LNG) for a period of 20 years. Under the phase one of the agreement, the organization will increase energy imports, including crude oil, refined products, LNG, and coal by USD 52.4 billion over two years.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 5.0% |
| 2028 Value Projection | USD 863.19 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 586.27 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 190 |
| Segments covered | Refined Petroleum Products Market Size, Share & COVID-19 Impact Analysis, By Product Type (Diesel, Gasoline, Fuel Oils, Kerosene, and Others), By Application (Fuel {Automobile, Power Generation}, Chemical, and Others), By Fraction (Light Distillates, Middle Distillates, and Heavy Oils) And Regional |
| Growth Drivers | Rising Demand for Energy to Augment Growth |
| Prominent Players to Focus on Rising Brand Value and Project Collaborations to Expand Market Value |
Market Drivers & Restraints:
Rising Demand for Energy to Augment Growth
Factors such as increasing population and rapid urbanization will lead to an increasing demand for energy, thereby driving the refined petroleum products market growth during the forecast period. Also, rising utilization of refined petroleum products such as diesel, gasoline, aviation fuel, kerosene, and others will fuel the growth of the market. Additionally, expanding automotive and aviation sectors along with rising demand for diesel, petrol, lubricants, and others will increase the footprint of the market.
However, growing adoption of renewable energy sources will limit the growth of the market during the forecast period.
COVID-19 Impact:
Disruptions in Supply Chains & Fluctuations in International Crude Oil Prices to Indicate Market Decline
The COVID-19 pandemic has affected several sectors across the globe. The pandemic caused severe economic backlashes to the market due to faltering crude prices and disruptions in the global supply chain. Constant lockdowns and restrictions on the movement of the general population forced dominant players operating in the market to function at less than the optimal workforce. A gradual decline has been observed at refineries in terms of onshore and offshore activities.
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Report Coverage:
The market report of refined petroleum products consists of a detailed analysis of the market along with providing critical aspects by evaluating leading companies, product types, and leading applications of the products. Additionally, the study provides insights into the ongoing market trends and highlights various aspects of future developments in the market. The study also tends to provide factors that will affect the market simultaneously during the forecast period to provide a comprehensive read for our consumers.
Segmentation of Market:
Product Type, Application, Fraction, and Region are studied for the Market
By product type, the market is divided into gasoline, diesel, fuel oils, kerosene, and others.
On the basis of application, the market is segmented across fuel, chemical, and others.
With respect to fraction, the market is fragmented into light distillates, middle distillates, and heavy oils.
In terms of geography, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Market Insights:
Asia Pacific to Hold Largest Market Share due to Rising Demand for Energy & Refined Crude Oil Products
Asia Pacific will witness the largest refined petroleum products market share during the forecast period, owing to rising demand from emerging China and India along with improving run rates of refineries. Additionally, increasing presence of dominant players in the region and growing oil & gas exploration activities will boost the market growth.
Europe will contribute a significant market share due to rising production capacities from prominent players and increasing dependency on oil imports. Rising efforts by prominent players for increasing organic and inorganic expansions will proliferate the footprint of the market.
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Competitive Landscape:
Prominent Players to Focus on Rising Brand Value and Project Collaborations to Expand Market Value
Dominant market players in the market, such as Royal Dutch Shell and Exxon Mobil Corporation, occupy a majority of the market share. These players primarily operate in Europe, North America, and Asia Pacific and are constantly operating for integrating maximum revenue. For example, in October 2021, Worley secured a contract for allowing low-value refinery residue into higher-value products, including jet fuel, gasoline, ultra-low sulfur diesel, and others. Under the contract, Worley will offer front-end engineering design (FEED), early front-end engineering design (pre-FEED), and project management services.
A List of Key Manufacturers Operating in the Global Market:
- Exxon Mobil Corporation (U.S.)
- Sinopec Limited (China)
- Royal Dutch Shell (Netherlands)
- BP Plc (U.K.)
- Chevron (U.S.)
- Saudi Aramco (UAE)
- Marathon Petroleum Corporation (U.S.)
- Total Energies (France)
- Valero Energy (U.S.)
- Rosneft (Russia)
- Petrobras (Brazil)
- China National Petroleum Corporation (China)
Refined Petroleum Products Market Segmentation:
By Product Type:
- Diesel
- Gasoline
- Fuel Oils
- Kerosene
- Others
By Application:
- Fuel
- Automobile
- Power Generation
- Chemical
- Others
By Fraction:
- Light Distillates
- Middle Distillates
- Heavy Oils
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porter’s Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Refined Petroleum Products Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Refined Petroleum Products Market Analysis (USD Billion), Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Product Type
6.2.1. Diesel
6.2.2. Gasoline
6.2.3. Fuel Oils
6.2.4. Kerosene
6.2.5. Others
6.3. Market Analysis, Insights and Forecast – By Application
6.3.1. Fuel
6.3.1.1. Automobile
6.3.1.2. Power Generation
6.3.2. Chemical
6.3.3. Others
6.4. Market Analysis, Insights and Forecast – By Fraction
6.4.1. Light Distillates
6.4.2. Middle Distillates
6.4.3. Heavy Oils
6.5. Market Analysis, Insights and Forecast – By Region
6.5.1. North America
6.5.2. Latin America
6.5.3. Europe
6.5.4. Asia Pacific
6.5.5. Middle East and Africa
Continued….
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- Refined Petroleum Products Market Share