Asia Pacific Refined Petroleum Products Market is Expected to Register a High CAGR During the Forecast Period.
Increasing utilization of
Autogas in transportation as an alternative fueland rising drilling project
investments are expected to drive the market growth during the forecast period.
According to TechSci Research
report, Asia Pacific Refined Petroleum Products Market - By
Region, Competition, Forecast & Opportunities, 2018-2028. The
market for refined petroleum products is expected to develop in the near future
owing to the expansion of the market for petroleum products used in the
manufacture of petrochemical products.
Refined petroleum products are
used as a raw material in many manufactured and used goods all over the world.
Over the past few years, the automobile sector has expanded quickly, and the
use of products such as Autogas (liquefied petroleum gas used for
transportation) has increased. Over the past 20 years, Autogas consumption has
significantly expanded and in 2019 reached a record high of 27.1 million
tonnes.
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.
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The Asia Pacific Refined
Petroleum Products market is divided into product type, application, fraction,
and region. Based on product type, the market is further segmented into diesel,
gasoline, fuel oils, kerosene, and others. Based on application, the market is
further split into automobile, power generation chemical, and others. Based on
fraction, the market is further divided into light distillates, middle
distillates, and heavy oils.
The electrical supply in APAC
nations continues to be significantly influenced by oil. Refineries in the Asia
Pacific region have also increased output rates as the region's demand has
grown. For instance, Indian Oil Corp, the largest state-owned refiner in the
nation, operated its nine refineries at roughly 90% capacity in October 2021.
In September, IOC's nine refineries operated at an average operating rate of
about 82%, down from 83% in the same month last year.
Based on product type, the
market is further segmented in diesel, kerosene, fuel oils, gasoline, and other
substances. Owing to its extensive use in the manufacturing of aviation fuel,
the automobile sector, and marine fuels, diesel is the market leader. The bulk
of heavy-duty trucks still operate on diesel. Fuels such as gasoline and
heating oils, will see rapid growth along with the increase in gasoline-powered
vehicles and air travel.
Based on application, the market
is further segmented into automobile, power generation chemical, and others.
Owing to its broad use in the manufacturing and automotive industries, fuel is
predicted to dominate the market. Based on its intended use, fuel is further
divided into categories for automobiles and power plants. In the United States,
the EIA projects that in 2020, the transportation sector will utilize 66% of
refined crude oil products, compared to 28% for industrial, 3% for residential,
and 2% for commercial. On the other hand, because they are utilised to create
petrochemicals such as fertiliser, plastic, synthetic rubber, latex paints,
explosives, and pharmaceuticals. These products are useful in the petrochemical
industry.
Based on fraction, the market is
further segmented into light distillates, middle distillates, and heavy oils.
Middle distillates, which make up a sizeable portion of these items, has
recently dominated the market. Kerosene, jet fuels, diesel, and other items can
be found in middle distillates. Fuels such as LPG, gasoline, and naphtha are
examples of light distillates. With the growth of the automotive industry in
both developed and developing nations, light distillates are projected to
increase. Popular maritime fuel is heavy fuel oil (HFO), especially in West
Africa, where the existence of power plants is expected to cause demand to rise
sharply.
Major market players in the Asia
Pacific Refined Petroleum Products market are:
- 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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"The main driver of market
expansion during the forecast period is the rise in demand for crude oil and
gas. Increased investments in renewable energy, as well as emission reduction
and other environmental standards, are expected to restrain market growth
during the forecast period. The market is expected to continue to have
significant growth potential during the forecast period as a result of the
development and commercialization of sizable 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.
Asia Pacific Refined Petroleum
Products Market, By Product Type (Diesel, Gasoline, Fuel Oils, Kerosene, and
Others), By Application (Fuel (Automobile, Power Generation), Chemical, and
Others), By Fraction (Light Distillates, Middle Distillates, and Heavy Oils)
Region, Industry Size, Share, Trends, Forecast and Opportunities,
2018-2028 has evaluated the future growth
potential of Asia Pacific 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 in Asia Pacific Refined Petroleum Products market.
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