Refined Petroleum Products Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Refined Petroleum Products Market
The Refined Petroleum Products Market size was valued at USD 586.27 billion in 2020. The market is projected to grow from USD 611.94 billion in 2021 to USD 863.19 billion in 2028 at a CAGR of 5.0% during the forecast period of 2024-2032.
The COVID-19 pandemic substantially impacted the refined petroleum products marketplace due to tremendous tour restrictions and reduced commercial sports. The global demand for gasoline merchandise together with gasoline, diesel, and jet gasoline dropped sharply as lockdowns restrained transportation and halted air tour. This led to a deliver glut, with refineries scaling back production to deal with reduced intake. Although demand started recuperating as economies reopened, the marketplace confronted lingering challenges, which include fluctuating oil prices and renewed pandemic waves in positive areas, slowing the recovery system and affecting ordinary marketplace stability.
A great trend within the subtle petroleum products marketplace is the growing consciousness on cleanser fuels and decarbonization. With increasing environmental worries, there may be a shift closer to generating low-sulfur fuels and opportunity biofuels that lessen greenhouse gasoline emissions. Refineries are making an investment in technologies to enhance performance and lower the carbon footprint in their products. Additionally, governments are imposing stricter policies on emissions, pushing refineries to adopt extra sustainable practices. This fashion is reshaping the industry landscape as organizations innovate to satisfy new standards and cater to the evolving demand for greener electricity solutions.
One of the primary riding factors within the subtle petroleum products marketplace is the speedy industrialization and urbanization in developing economies. Countries in Asia-Pacific, including India and China, are witnessing significant increase in production, transportation, and production sectors, leading to accelerated demand for diesel, fuel, and different refined products. Additionally, growing disposable earning and expanding car possession in these areas are fueling consumption, further boosting market boom. As these economies hold to increase, the call for for refined petroleum products is predicted to upward thrust, supporting the enlargement of refining capacities to fulfill this growing need.
Comprehensive Analysis of Refined Petroleum Products Market
The Refined Petroleum Products Market growth is rising at an exponential rate due to its marketplace segmentation. This market expansion correctly affords a detailed local assessments thinking about the dominant supply and call for forces that effect the enterprise. These segmentations are methodically segregated by product type, by application. By Product Type include Diesel, Gasoline, Fuel Oils, Kerosene, Others. By Application include Fuel , Chemical ,Others.
The Asia Pacific location lead the Refined Petroleum Products Market share percentage via benefitting a marketplace size of USD 187.74 billion Energy consumption and demand for refined petroleum products has surged significantly across India and China..
The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, Google LLC (Alphabet, Inc.), Magic Leap, Inc., ReWalk Robotics, SAMSUNG, B-Temia, Panasonic Holdings Corporation, NVIDIA Corporation, Microsoft, Ekso Bionics, Vuzix,these market players provide a level-playing competitive landscape.
October 2021: Ceylon Petroleum Corporation, Sri Lanka’s nation-run giant, secured contracts to supply 1.8 million barrels of diesel and 1.4 barrels of diesel from January 2022 to August 2022 to Vitol Pte Limited. The settlement to supply 1,137,500 +10/-5% barrels of Diesel will run from 01.01.2022 to 31.08. 2022 and 1,341,000+10/-five% barrels of petrol will run for eight months.
Segmentation Table
ATTRIBUTE
DETAILS
Study Period
2017-2028
Base Year
2020
Estimated Year
2021
Forecast Period
2021-2028
Historical Period
2017-2019
Unit
Value (USD billion)
Segmentation
By Product Type, By Application, By Fraction, and By Region
By Product Type
Diesel
Gasoline
Fuel Oils
Kerosene
Others
By Application
Fuel
- Automobile
- Power Generation
Others
By Fraction
Light Distillates
Middle Distillates
Heavy Oils
By Geography
North America (By Product Type, By Application, By Fraction, By Country)
- U.S. (By Fraction)
- Canada (By Fraction)
- U.K. (By Fraction)
- Germany (By Fraction)
- France (By Fraction)
- Italy (By Fraction)
- Spain (By Fraction)
- Russia (By Fraction)
- Rest of Europe (By Fraction)
- China (By Fraction)
- India (By Fraction)
- Japan (By Fraction)
- South Korea (By Fraction)
- Southeast Asia (By Fraction)
- Rest of Asia Pacific (By Fraction)
- Brazil (By Fraction)
- Mexico (By Fraction)
- Rest of Latin America (By Fraction)
- GCC (By Fraction)
- South Africa (By Fraction)
- Rest of Middle East and Africa (By Fraction)
- 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
- 7. North America Refined Petroleum Products Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Product Type
- 7.2.1. Diesel
- 7.2.2. Gasoline
- 7.2.3. Fuel Oils
- 7.2.4. Kerosene
- 7.2.5. Others
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Fuel
- 7.3.1.1. Automobile
- 7.3.1.2. Power Generation
- 7.3.2. Chemical
- 7.3.3. Others
- 7.4. Market Analysis, Insights and Forecast – By Fraction
- 7.4.1. Light Distillates
- 7.4.2. Middle Distillates
- 7.4.3. Heavy Oils
- 7.5. Market Analysis, Insights and Forecast – By Country
- 7.5.1. U.S. Market Analysis, Insights and Forecast – By Fraction
- 7.5.1.1. Light Distillates
- 7.5.1.2. Middle Distillates
- 7.5.1.3. Heavy Oils
- 7.5.2. Canada Market Analysis, Insights and Forecast – By Fraction
- 7.5.2.1. Light Distillates
- 7.5.2.2. Middle Distillates
- 7.5.2.3. Heavy Oils
- 8. Europe Refined Petroleum Products Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Product Type
- 8.2.1. Diesel
- 8.2.2. Gasoline
- 8.2.3. Fuel Oils
- 8.2.4. Kerosene
- 8.2.5. Others
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Fuel
- 8.3.1.1. Automobile
- 8.3.1.2. Power Generation
- 8.3.2. Chemical
- 8.3.3. Others
- 8.4. Market Analysis, Insights and Forecast – By Fraction
- 8.4.1. Light Distillates
- 8.4.2. Middle Distillates
- 8.4.3. Heavy Oils
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. UK Market Analysis, Insights and Forecast – By Fraction
- 8.5.1.1. Light Distillates
- 8.5.1.2. Middle Distillates
- 8.5.1.3. Heavy Oils
- 8.5.2. Germany Market Analysis, Insights and Forecast – By Fraction
- 8.5.2.1. Light Distillates
- 8.5.2.2. Middle Distillates
- 8.5.2.3. Heavy Oils
- 8.5.3. France Market Analysis, Insights and Forecast – By Fraction
- 8.5.3.1. Light Distillates
- 8.5.3.2. Middle Distillates
- 8.5.3.3. Heavy Oils
- 8.5.4. Italy Market Analysis, Insights and Forecast – By Fraction
- 8.5.4.1. Light Distillates
- 8.5.4.2. Middle Distillates
- 8.5.4.3. Heavy Oils
- 8.5.5. Spain Market Analysis, Insights and Forecast – By Fraction
- 8.5.5.1. Light Distillates
- 8.5.5.2. Middle Distillates
- 8.5.5.3. Heavy Oils
- 8.5.6. Russia Market Analysis, Insights and Forecast – By Fraction
- 8.5.6.1. Light Distillates
- 8.5.6.2. Middle Distillates
- 8.5.6.3. Heavy Oils
- 8.5.7. Rest of Europe Market Analysis, Insights and Forecast – By Fraction
- 8.5.7.1. Light Distillates
- 8.5.7.2. Middle Distillates
- 8.5.7.3. Heavy Oils
- 9. Asia Pacific Refined Petroleum Products Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Product Type
- 9.2.1. Diesel
- 9.2.2. Gasoline
- 9.2.3. Fuel Oils
- 9.2.4. Kerosene
- 9.2.5. Others
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Fuel
- 9.3.1.1. Automobile
- 9.3.1.2. Power Generation
- 9.3.2. Chemical
- 9.3.3. Others
- 9.4. Market Analysis, Insights and Forecast – By Fraction
- 9.4.1. Light Distillates
- 9.4.2. Middle Distillates
- 9.4.3. Heavy Oils
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. China Market Analysis, Insights and Forecast – By Fraction
- 9.5.1.1. Light Distillates
- 9.5.1.2. Middle Distillates
- 9.5.1.3. Heavy Oils
- 9.5.2. India Market Analysis, Insights and Forecast – By Fraction
- 9.5.2.1. Light Distillates
- 9.5.2.2. Middle Distillates
- 9.5.2.3. Heavy Oils
- 9.5.3. Japan Market Analysis, Insights and Forecast – By Fraction
- 9.5.3.1. Light Distillates
- 9.5.3.2. Middle Distillates
- 9.5.3.3. Heavy Oils
- 9.5.4. South Korea Market Analysis, Insights and Forecast – By Fraction
- 9.5.4.1. Light Distillates
- 9.5.4.2. Middle Distillates
- 9.5.4.3. Heavy Oils
- 9.5.5. Southeast Asia Market Analysis, Insights and Forecast – By Fraction
- 9.5.5.1. Light Distillates
- 9.5.5.2. Middle Distillates
- 9.5.5.3. Heavy Oils
- 9.5.6. Rest of Asia Pacific Market Analysis, Insights and Forecast – By Fraction
- 9.5.6.1. Light Distillates
- 9.5.6.2. Middle Distillates
- 9.5.6.3. Heavy Oils
- 10. Latin America Refined Petroleum Products Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Product Type
- 10.2.1. Diesel
- 10.2.2. Gasoline
- 10.2.3. Fuel Oils
- 10.2.4. Kerosene
- 10.2.5. Others
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. Fuel
- 10.3.1.1. Automobile
- 10.3.1.2. Power Generation
- 10.3.2. Chemical
- 10.3.3. Others
- 10.4. Market Analysis, Insights and Forecast – By Fraction
- 10.4.1. Light Distillates
- 10.4.2. Middle Distillates
- 10.4.3. Heavy Oils
- 10.5. Market Analysis, Insights and Forecast – By Country
- 10.5.1. Brazil Market Analysis, Insights and Forecast – By Fraction
- 10.5.1.1. Light Distillates
- 10.5.1.2. Middle Distillates
- 10.5.1.3. Heavy Oils
- 10.5.2. Mexico Market Analysis, Insights and Forecast – By Fraction
- 10.5.2.1. Light Distillates
- 10.5.2.2. Middle Distillates
- 10.5.2.3. Heavy Oils
- 10.5.3. Rest of Latin America Market Analysis, Insights and Forecast – By Fraction
- 10.5.3.1. Light Distillates
- 10.5.3.2. Middle Distillates
- 10.5.3.3. Heavy Oils
- 11. Middle East & Africa Refined Petroleum Products Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 11.1. Key Findings / Summary
- 11.2. Market Analysis, Insights and Forecast – By Product Type
- 11.2.1. Diesel
- 11.2.2. Gasoline
- 11.2.3. Fuel Oils
- 11.2.4. Kerosene
- 11.2.5. Others
- 11.3. Market Analysis, Insights and Forecast – By Application
- 11.3.1. Fuel
- 11.3.1.1. Automobile
- 11.3.1.2. Power Generation
- 11.3.2. Chemical
- 11.3.3. Others
- 11.4. Market Analysis, Insights and Forecast – By Fraction
- 11.4.1. Light Distillates
- 11.4.2. Middle Distillates
- 11.4.3. Heavy Oils
- 11.5. Market Analysis, Insights and Forecast – By Country
- 11.5.1. GCC Market Analysis, Insights and Forecast – By Fraction
- 11.5.1.1. Light Distillates
- 11.5.1.2. Middle Distillates
- 11.5.1.3. Heavy Oils
- 11.5.2. South Africa Market Analysis, Insights and Forecast – By Fraction
- 11.5.2.1. Light Distillates
- 11.5.2.2. Middle Distillates
- 11.5.2.3. Heavy Oils
- 11.5.3. Rest of Middle East & Africa Market Analysis, Insights and Forecast – By Fraction
- 11.5.3.1. Light Distillates
- 11.5.3.2. Middle Distillates
- 11.5.3.3. Heavy Oils
- 12. Competitive Analysis
- 12.1. Company Market Share Analysis, 2020
- 12.2. Company Profile
- 12.2.1. Exxon Mobil Corporation
- 12.2.1.1. Business Overview
- 12.2.1.2. Product Type & Service Offering
- 12.2.1.3. Overall Revenue
- 12.2.1.4. Geographic Presence
- 12.2.1.5. Recent Development
- 12.2.2. Royal Dutch Shell
- 12.2.2.1. Business Overview
- 12.2.2.2. Product Type & Service Offering
- 12.2.2.3. Overall Revenue
- 12.2.2.4. Geographic Presence
- 12.2.2.5. Recent Development
- 12.2.3. Sinopec Limited
- 12.2.3.1. Business Overview
- 12.2.3.2. Product Type & Service Offering
- 12.2.3.3. Overall Revenue
- 12.2.3.4. Geographic Presence
- 12.2.3.5. Recent Development
- 12.2.4. BP Plc
- 12.2.4.1. Business Overview
- 12.2.4.2. Product Type & Service Offering
- 12.2.4.3. Overall Revenue
- 12.2.4.4. Geographic Presence
- 12.2.4.5. Recent Development
- 12.2.5. Chevron
- 12.2.5.1. Business Overview
- 12.2.5.2. Product Type & Service Offering
- 12.2.5.3. Overall Revenue
- 12.2.5.4. Geographic Presence
- 12.2.5.5. Recent Development
- 12.2.6. Saudi Aramco
- 12.2.6.1. Business Overview
- 12.2.6.2. Product Type & Service Offering
- 12.2.6.3. Overall Revenue
- 12.2.6.4. Geographic Presence
- 12.2.6.5. Recent Development
- 12.2.7. Marathon Petroleum Corporation
- 12.2.7.1. Business Overview
- 12.2.7.2. Product Type & Service Offering
- 12.2.7.3. Overall Revenue
- 12.2.7.4. Geographic Presence
- 12.2.7.5. Recent Development
- 12.2.8. Valero Energy
- 12.2.8.1. Business Overview
- 12.2.8.2. Product Type & Service Offering
- 12.2.8.3. Overall Revenue
- 12.2.8.4. Geographic Presence
- 12.2.8.5. Recent Development
- 12.2.9. Total Energies
- 12.2.9.1. Business Overview
- 12.2.9.2. Product Type & Service Offering
- 12.2.9.3. Overall Revenue
- 12.2.9.4. Geographic Presence
- 12.2.9.5. Recent Development
- 12.2.10. Rosneft
- 12.2.10.1. Business Overview
- 12.2.10.2. Product Type & Service Offering
- 12.2.10.3. Overall Revenue
- 12.2.10.4. Geographic Presence
- 12.2.10.5. Recent Development
- 12.2.11. Petrobras
- 12.2.11.1. Business Overview
- 12.2.11.2. Product Type & Service Offering
- 12.2.11.3. Overall Revenue
- 12.2.11.4. Geographic Presence
- 12.2.11.5. Recent Development
- 12.2.12. China National Petroleum Corporation
- 12.2.12.1. Business Overview
- 12.2.12.2. Product Type & Service Offering
- 12.2.12.3. Overall Revenue
- 12.2.12.4. Geographic Presence
- 12.2.12.5. Recent Development
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