How Is The Refined Petroleum Products Market Segmented?
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
What Is Driving The Refined Petroleum Products Market? Carbon Capture And Storage (CCS) In Refineries
Refineries are increasingly adopting Carbon Capture and Storage techniques to reduce CO2 emission levels in the atmosphere. This technique involves trapping CO2 at its emission source and transporting IT to a different storage location which is actively monitored and measured. This way CO2 is isolated from the atmosphere, thereby reducing emission levels. For instance, Quest, a partnership venture of Shell, Canada Energy, and Chevron is fully integrated CCS project that captures CO2 produced from refineries and prevents IT from entering the atmosphere by storing IT in underground formations. Globally there are about 15 large scale projects and 7 under construction projects with the capacity to capture about 40 million tones CO2 per annum, thus indicating the potential of CCS technology in minimizing carbon emissions. For Instance, some of the major companies adopting this technique include ExxonMobil, Port Arthur Refinery, Baytown Refinery, RasTanura Refinery, and Garyville Refinery.
What Is Driving The Refined Petroleum Products Market? Rising Crude Oil Demand Fueling Growth In The Refined Petroleum Products Market
The increasing demand for crude oil is expected to propel the growth of the refined petroleum products market going forward. Crude oil is a liquid petroleum stored in different porous rock formations throughout the Earth's crust and retrieved to be burned as fuel or processed into chemical compounds. Crude oil is used to convert refined petroleum products into various products such as fuels for transportation, heating, generating electricity, and feedstocks for chemicals. For instance, in October 2024, according to the U.S. Energy Information Administration, a US-based Federal Statistical System, global production of petroleum and other liquid fuels is projected to rise by 2.0 million barrels per day in 2025, an increase from 0.5 million b/d in 2024, with non-OPEC+ countries expected to contribute 1.4 million b/d and OPEC+ production anticipated to grow by 0.7 million b/d following this year's voluntary cuts of 1.3 million b/d. Therefore, increasing demand for crude oil drives the growth of the refined petroleum products market.
Who Are The Major Players In The Global Refined Petroleum Products Market?
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 Key Trends Of The Global Refined Petroleum Products Market? Transforming Natural Gas Into High-Quality Liquid Products For Cleaner Industry
To reduce the pollution levels, companies have started adopting gas-to-liquid technology, which produces high-quality petroleum products. Gas to liquid technology is the conversion of natural gas to high quality liquid products such as transportation fuels, motor oils, naphtha, diesel, and waxes. This technology uses natural gas as a substitute for crude oil as gas is the cleanest burning fossil fuel and is abundant, versatile, and easily affordable. The by- products obtained by using the GTL technology are colorless, odorless, and contain negligent amounts of impurities. For Instance, Shell, Chevron, and PetroSA have adopted this technology to produce transportation fuels, oils, and by-products to produce plastics, detergents, and cosmetics.
What Are The Key Trends Of The Global Refined Petroleum Products Market? Innovating For Sustainability In The Refined Petroleum Products Market
Major companies operating in the refined petroleum products market are focusing on developing innovative products, such as low-smoke fuel, to sustain their position in the market. Low smoke fuel produces less smoke than regular fuel as they have a lower volatile content, making IT less likely to vaporize and burn incompletely, producing low smoke. For instance, in January 2023, Bharat Petroleum Corporation Limited, an Indian-based petroleum refinery company, launched Low Smoke Superior Kerosene Oil for Army operating at a high altitude. It is designed to produce less smoke and emissions, which can be a major health hazard for soldiers operating in high-altitude environments with low oxygen levels. BPCL Low Smoke SKO is produced using a special refining process that removes impurities and reduces the aromatic content of the oil.
Regional Outlook For The Global 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
The countries covered in the refined petroleum products market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Defines the Refined Petroleum Products Market?
The refined petroleum products market consists of sales of diesel fuel, jet fuel, liquid petroleum gases, asphalt, and asphalt products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Refined Petroleum Products Industry?
The refined petroleum products market research report is one of a series of new reports from The Business Research Company that provides refined petroleum products market statistics, including refined petroleum products industry global market size, regional shares, competitors with a refined petroleum products market share, detailed refined petroleum products market segments, market trends and opportunities, and any further data you may need to thrive in the refined petroleum products industry. This refined petroleum products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
