Refined Petroleum Products Market is to be dominated by Middle distillates during the forecast period.
Growing strategic petroleum reserve
investments along with additional countries approving oil trade agreements are
the factors propelling the market growth in the forecast period .
According to TechSci
Research report, “Refined
Petroleum Products Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2018–2028F”, the growth of the market for petroleum products used in the
production of petrochemical products is projected to boost the refined
petroleum products market in the near future.
The current spike in oil product exports
in the North American region presents a significant potential opportunity for
the manufacturing of refined crude oil products. Also, merger activity in the
region improves the regional picture. In August 2021, Holly Energy Partners LP
paid USD 758 million for Sinclair Transportation Co. and Sinclair Oil Corp.,
while HollyFrontier Corp. paid USD 1.8 billion for Sinclair Transportation Co.
and Sinclair Oil Corp.
Carbon Capture and Storage systems are
increasingly utilized by refineries to reduce CO2 emissions in the atmosphere.
This method entails capturing CO2 at its source and moving it to a separate
storage facility that is actively monitored and analyzed. CO2 is therefore
segregated from the atmosphere, lowering emission levels. Quest, a joint
venture of Shell, Canada Energy, and Chevron, is an example of a fully
integrated CCS project that absorbs CO2 from refineries and prevents it from
entering the environment by storing it in subterranean formations. There are
around 15 large scale projects and 7 under construction projects globally with
the ability to collect approximately 40 million tones CO2 per year,
highlighting the promise of CCS technology in reducing carbon emissions.
Browse over XX market data Figures
spread through 80 Pages and an in-depth TOC on the "Refined Petroleum Products Market"
The Global Refined Petroleum Products
Market is divided into Well type, service, location, application, and region. Based on region, the market is divided in North America, Asia-Pacific,
Europe, South America, and Middle East.
The European market will expand
significantly due to many large firms increasing their manufacturing capacity.
To achieve their energy demands, some European countries rely on oil imports.
The refinery will be expanded in response to rising energy demand.
Oil continues to contribute a
significant portion of the electrical supply in APAC countries. Also, as demand
in the region grows, refineries in the Asia Pacific region have expanded output
rates. For example, in October 2021, Indian Oil Corp, the country's largest
state-owned refinery, ran its nine refineries at about 90% utilization. In
September, IOC achieved an average operating rate of roughly 82% for its nine
refineries, compared to 83% to the previous year.
Based on product type, the market is segmented in diesel, gasoline, fuel oils, kerosene, and others. Diesel is the market leader
due to its wide use in marine fuels, the automotive industry, and the
production of aviation fuel. The bulk of heavy-duty trucks still operate on
diesel today. With a rise in gasoline-powered autos and air travel, gasoline
and heating oils will experience strong development.
Based on application, the market is segmented in fuel sub segmented into automobile, power
generation chemical, and others. Fuel is expected to dominate the market due to its
widespread use in the automotive and industrial sectors. Fuel is further
separated into car and power generating divisions based on its applications.
According to the EIA, the transportation sector will consume 66% of refined
crude oil products in the United States in 2020, 28% in industrial, 3% in
residential, and 2% in commercial. These products, on the other hand, are used
in the petrochemical sector since they are used to make petrochemicals such as
fertilizer, plastic, synthetic rubber, latex paints, explosives, and
pharmaceuticals.
Based on fraction, the market is segmented in light distillates, middle distillates, and heavy
oils. Middle
distillates have dominated the market in recent years, accounting for a sizable
part of these goods. Middle distillates contain kerosene, jet fuels, diesel,
and other products. Light distillates include gasoline, LPG, naphtha, and other
products. Light distillates are likely to rise as the automobile sector expands
in both developed and developing countries. Heavy fuel oil (HFO) is a popular
marine fuel, particularly in West Africa, where demand is expected to expand
dramatically due to the presence of 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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"Growing demand of crude oil & gas, are the
major factors propelling the market growth in the forecast period. Over the
projected period, the market will continue to have substantial growth potential
due to the development and commercialization of significant domestic non-associated
natural gas reserves for domestic use and export.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based Global management
consulting firm.
Refined
Petroleum Products Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028, Segmented
By Product Type (Diesel, Gasoline, Fuel Oils, Kerosene, and Others), By
Application (Fuel (Automobile, Power Generation), Chemical, Others), By
Fraction (Light Distillates, Middle Distillates, Heavy Oils), By Region Forecast has
evaluated the future growth potential of Global
Refined Petroleum Products Market and provides statistics &
information on market size, structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities Global Refined
Petroleum Products Market
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