Refined Petroleum Products Market- Global Industry Analysis and Forecast (2024-2028)

Refined Petroleum Products Market

Strategic investments in petroleum reserves and increased approval of oil trade agreements drive market growth in the forecast period.

TechSci Research’s report, Refined Petroleum Products Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018–2028F,” projects growth fueled by petroleum products used in petrochemical production.

North America’s surge in oil product exports presents manufacturing opportunities for refined crude oil products. Recent mergers, like Holly Energy Partners LP acquiring Sinclair Transportation Co. and Sinclair Oil Corp., enhance the regional landscape.

Refineries are increasingly adopting Carbon Capture and Storage (CCS) systems to reduce CO2 emissions. Projects like Quest, a joint venture of Shell, Canada Energy, and Chevron, demonstrate CCS effectiveness, with approximately 15 large-scale projects globally and 7 under construction capable of collecting around 40 million tons of CO2 annually, showcasing CCS’s potential in emissions reduction.

Browse over XX market data Figures spread through 80 Pages and an in-depth TOC on the Refined Petroleum Products Market

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The Global Refined Petroleum Products Market is categorized by well type, service, location, application, and region, including North America, Asia-Pacific, Europe, South America, and the Middle East.

In Europe, significant expansion is expected as large firms increase manufacturing capacity to meet energy demands, with some countries relying on oil imports. Refinery expansion will address rising energy needs.

In the Asia Pacific region, oil remains a major contributor to electrical supply, leading to increased output rates in regional refineries. For instance, in October 2021, Indian Oil Corp ran its nine refineries at about 90% utilization.

Product-wise, diesel leads due to its wide usage in marine fuels, automotive, and aviation industries. Gasoline and heating oils will see growth with increasing gasoline-powered autos and air travel.

Fuel dominates the application segment, especially in automotive and industrial sectors. Transportation sector consumes a significant portion of refined crude oil products.

Fraction-wise, middle distillates have been dominant, containing kerosene, jet fuels, and diesel. Light distillates include gasoline and LPG, likely to rise with the expanding automobile sector. Heavy fuel oil (HFO) usage, particularly in West Africa, is expected to grow due to increased demand from power plants.

Major market players in the Global Refined Petroleum Products Market: –

  • Exxon Mobil Corporation
  • Sinopec Limited
  • Royal Dutch Shell
  • BP Oil International Limited
  • Chevron Corp
  • Saudi Aramco
  • Marathon Petroleum Corporation
  • TotalEnergies SE
  • Valero Energy
  • NK Rosneft, Pao.

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According to Mr. Karan Chechi, Research Director at TechSci Research, increasing demand for crude oil and gas drives market growth in the forecast period. The market holds significant growth potential due to the development and commercialization of domestic non-associated natural gas reserves,”

The report, “Refined Petroleum Products Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028,” assesses the future growth potential of the global market and provides insights on size, structure, and growth. It aims to offer valuable market intelligence for investment decisions, identifying emerging trends, drivers, challenges, and opportunities in the global refined petroleum products market.

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