Refined Petroleum Products Global Market Report 2024

The refined petroleum products market size has grown steadily in recent years. It will grow from $2629.64 billion in 2023 to $2756.01 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The historic period's growth can be ascribed to robust economic expansion in emerging markets, a surge in the number of vehicles on the road, heightened demand from end-users, and an increase in the population.

The refined petroleum products market size is expected to see steady growth in the next few years. It will grow to $3246.8 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The forecasted growth in the upcoming period can be attributed to the increase in urbanization, a rising demand for crude oil and gas, and an upsurge in the need for electricity. Significant trends expected in the forecast period include a concentrated effort on establishing new facility expansions and augmenting production capacities, ongoing product innovations, heightened investments, and an increased focus on mergers and acquisitions.

Refineries are increasingly embracing Carbon Capture and Storage (CCS) techniques to mitigate CO2 emission levels in the atmosphere. This method involves capturing CO2 at its emission source, transporting it to a different storage location actively monitored and measured. By isolating CO2 from the atmosphere, this process effectively reduces emission levels. An example is the Quest project, a collaboration between Shell, Canada Energy, and Chevron, which is a fully integrated CCS project capturing CO2 from refineries and storing it underground, preventing its release into the atmosphere. Globally, there are approximately 15 large-scale CCS projects, with 7 under construction, collectively capable of capturing about 40 million tons of CO2 per annum, showcasing the potential of CCS technology in minimizing carbon emissions. Some major companies adopting this technique include ExxonMobil, Port Arthur Refinery, Baytown Refinery, RasTanura Refinery, and Garyville Refinery.

The increasing demand for crude oil is expected to drive the growth of the refined petroleum products market in the future. Crude oil, a liquid petroleum found in porous rock formations, serves as a key raw material for producing refined petroleum products used in various applications such as transportation fuels, heating, electricity generation, and chemicals. According to the International Energy Agency's projections in April 2023, the global demand for crude oil (including biofuels) is anticipated to rise from 99.57 million barrels per day in 2020 to 101.89 million barrels per day in 2023. Therefore, the growing demand for crude oil is a significant factor fueling the growth of the refined petroleum products market.

Major companies operating in the refined petroleum products market are concentrating on developing innovative products, such as low-smoke fuel, to maintain their market position. Low-smoke fuel generates less smoke than regular fuel due to its lower volatile content, reducing the likelihood of incomplete combustion and producing less smoke. For example, Bharat Petroleum Corporation Limited, an Indian petroleum refinery company, launched Low Smoke Superior Kerosene Oil designed for the Army operating at high altitudes in January 2023. This fuel is formulated to produce fewer emissions, addressing health concerns for soldiers in high-altitude environments with low oxygen levels. BPCL Low Smoke SKO is manufactured using a special refining process that removes impurities and reduces the aromatic content of the oil.


Major companies operating in the refined petroleum products market report are 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 Południe S A, Freudenberg & Co. Kommanditgesellschaft, Consumers' Co-operative Refineries Limited, YPF, Shell Deutschland GmbH, 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, Petrobras, 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.

Asia-Pacific was the largest region in the refined petroleum products market in 2023. 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.

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. 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 primary categories of petroleum products include diesel, gasoline, fuel oil, kerosene, and other refined petroleum products. Gasoline, derived from crude oil and various liquids, serves as a petroleum-based fuel primarily used in vehicles. It falls under the category of light distillates. Other categories encompass middle distillates, heavy oils, and refinery types classified as integrated refined petroleum products and non-integrated refined petroleum products. Refined petroleum products find applications in fuel, chemicals, and other industries.

The refined petroleum products market research report is one of a series of new reports 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.

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.