Refined Petroleum Products Market- Global Industry Analysis and Forecast (2024-2030)

Refined Petroleum Products Market was valued at US$ 675.95 Bn. in 2023. Global Refined Petroleum Products Market size is expected to grow at a CAGR of 5.1 % through the forecast period.
Refined Petroleum Products Market Overview:
Refined petroleum products are made from crude petroleum. All refined petroleum products are sold, including gasoline, naphtha, diesel fuel, & liquefied petroleum gas. Gasoline is a liquid engine fuel made from crude oil & other liquids that is used in automobiles. Refined petroleum products have two uses: fuel & chemicals. Carbon capture & storage technology is increasingly being used by refineries to minimize CO2 emissions in the atmosphere. Quest, a joint venture between Shell, Canada Energy, and Chevron, is one project that harvests CO2 & stores it underground.To know about the Research Methodology :- Request Free Sample Report

2023 is considered as a base year to forecast the market from 2024 to 2030. 2023’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2030. 2023 is a year of exception and analysis especially with the impact of lockdown by region.
Refined Petroleum Product Market Dynamics:
Covid-19 effect:

The COVID-19 outbreak had a substantial impact on the global oil & gas industry, causing a storage shortage. The oil & gas industry's supply chain disruption has harmed the most countries with a big share of global crude oil extraction & production, as well as exporters. Large oil and gas private producers have been forced to reorganise their operations and adjust their year-to-date spending as a result of this circumstance. There was a substantial decline in planned investment during the pandemic, resulting in market growth that was postponed. To address the pandemic threat, countries all over the world are imposing severe containment measures, such as physical or social distancing, which have previously resulted in restrictive practises.

Driving Factors:

Automative PLG is also known as autogas.Autogas is the most widely used non-blend alternative to conventional oil-based transport fuels such as gasoline & diesel in terms of fleet size. The autogas market is well developed in several countries. Autogas consumption has continuously climbed over the last two decades, reaching a new high of 27.2 Mn tonnes in 2023, up 1% from the last year.

Diesel, gasoline, kerosene, & other products made from refined oil are only a few examples. The automated sector has grown significantly, and marine duties have become more complex. With the increase in air traffic, the aviation industry has advanced, and LPG utilized as a petrochemical feedstock in the chemical industry has progressed with the launch of new products.

Restraining Factors:

The growing use of renewable energy sources is a major element influencing the market growth. As a result, certain industrial sectors that use petroleum products and are considered significant contributors to global warming have closed. Emissions of carbon-based gases and the development of hazardous waste from oil refining and treatment plants have restricted market expansion. To address this, a small number of countries are focusing on reducing CO2 emissions through carbon capture and capacity strategies.
Refined Petroleum Market Products Segment Analysis:
Based on Type, the Refined Petroleum Product Market is segmented into gasoline, kerosene, gas oil, & others.

Because of its cheaper price & the growing worldwide fleet of passenger vehicles, gasoline accounted for a significant market share in the year 2023. According to the International Council on Motor Vehicles, the worldwide passenger car fleet would rise from 39.8 Mn in 1999 to 55.8 Mn in the year 2023, representing a 40.2 % increase in manufacturing. As a result, global gasoline demand has increased dramatically, which is likely to fuel the growth of the oil refining industry.

Based on the Application, the Refined Petroleum product Market is segmented into fuel, chemical, and others. Fuel is expected to leading application in the automobile and industrial sectors. Again fuel is classified as automobile and power generation segment. Another hand these refined petroleum products are used to produce fertilizers, plastic, synthetic rubber, and drugs.

Chemicals are chosen based on the type of activity & the length of time spent in the oilfield. Oilfield chemicals are utilized in a variety of stages, including drilling, cementing, & well stimulation, and may end up as residues in crude oil. During the production phase, when scales, wax hydrates, & asphaltenes can form, the outflow of crude oil from the well must be monitored. During the extraction of oil, it is separated from gas & water. The chemicals employed in the post-production phase serve to prevent the formation of hydrogen sulphide, bacteria, scale, wax deposition, hydrate formation, and asphalting precipitation. These compounds keep petroleum stable throughout transportation to the refinery, where it will be converted into petroleum products.
Regional Overview:
The APAC region dominated the market with 30 % share in the year 2023. The APAC region is expected to witness significant growth at a CAGR of 6.9% through the forecast period. As demand in the APAC has grown, refineries in the area have raised production rates. In November 2021, Indian Oil Corp., the country's largest refiner, ran its nine refineries at nearly full capacity in October. In September, the average run rate for its refineries was around 82 %, down from 83 % a year earlier.

The European market will grow due to production capacity expansion by several major players. Several European countries rely on imported oil to meet their energy requirements. The refinery will be expanded in response to rising energy demand. Due to expanding production capacity from major players & increasing reliance on oil imports, Europe will provide a large market share. Increased efforts by major firms to expand organically & inorganically will expand the market's presence. The North American region has created a huge potential for refined crude oil product production due to the recent spike in oil product exports. Furthermore, merger activity in the region improves the prospects for the region. For example, in August 2021, Holly Energy Partners LP & Holly Frontier Corp. signed formal agreements to buy Sinclair Transportation Co. and Sinclair Oil Corp. for $1.8 Bn in a deal valued at $758 Mn.

The objective of the report is to present a comprehensive analysis of the global Refined Petroleum Product Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Refined Petroleum Product Market dynamic, structure by analyzing the market segments and projecting the Refined Petroleum Product Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Refined Petroleum Product Market make the report investor’s guide.
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Refined Petroleum Product Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US$ 675.95 Bn.


Forecast Period 2024 to 2030 CAGR:
5.1%
Market Size in 2030:
US$ 957.48 Bn.


 Segments Covered:
by Type
Diesel
Gasoline
Kerosene
Other


by Fraction
Light Distillate
Middle Distillate
Heavy Oils


by Application
Fuel
Chemical
Other



Refined Petroleum Product Market by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Refined Petroleum Product Market Key Players
1. Royal Dutch Shell
2. BP plc
3. Exxon Mobil
4. PJSC Lukoil
5. Chevron
6. Total SA
7. Marathon Petroleum Corporation
8. Valero Energy Corp
9. Saudi Aramco
10. Bharat Petroleum Corp Ltd
11. Vitol Group
12. Monjasa Holding AS
13. Fuelsupply
14. Oryx Energies

Frequently Asked Questions:

1. Which region has the largest share in Global Refined Petroleum Products Market?
Ans: Asia Pacific region held the highest share in 2023.

2. What is the growth rate of Global Refined Petroleum Products Market?
Ans: The Global market is growing at a CAGR of 5.1% during forecasting period 2024-2030.

3. What is scope of the Global Refined Petroleum Products market report?
Ans: Global market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Refined Petroleum Products market?
Ans: The important key players in the Global market are – Royal Dutch Shell, BP plc, Exxon Mobil, PJSC Lukoil, Chevron, Total SA, Marathon Petroleum Corporation, Valero Energy Corp, Saudi Aramco, Bharat Petroleum Corp Ltd, Vitol Group, Monjasa Holding AS, Fuelsupply, and Oryx Energies

5. What is the study period of this market?
Ans: The Global market is studied from 2023 to 2030.