PUBLISHER: The Business Research Company | PRODUCT CODE: 1680376
PUBLISHER: The Business Research Company | PRODUCT CODE: 1680376
Refined petroleum products are obtained through the refining process of crude oil. These products exhibit varying physical and chemical properties, which are influenced by the type of crude oil used and the specific refining techniques applied.
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 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.
The refined petroleum products market size has grown steadily in recent years. It will grow from $2777.4 billion in 2024 to $2906.39 billion in 2025 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increased number of vehicles on the road, the increased demand from end-users, and the increased population.
The refined petroleum products market size is expected to see steady growth in the next few years. It will grow to $3429.93 billion in 2029 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to rising urbanization, growing demand for crude oil and gas, and increase in demand for electricity. Major trends in the forecast period include focusing on new facility expansions and expanding their production capacities, product innovations, increasing investments and 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 rising demand for crude oil is expected to drive the growth of the refined petroleum products market in the future. Crude oil is a liquid petroleum found in various porous rock formations within the Earth's crust, extracted for use as fuel or processed into chemical compounds. It is essential for producing a wide range of refined petroleum products, including fuels for transportation, heating, electricity generation, and feedstocks for chemicals. For example, in October 2024, the U.S. Energy Information Administration, a US-based federal statistical agency, projected that global production of petroleum and other liquid fuels would increase by 2.0 million barrels per day in 2025, up from 0.5 million b/d in 2024. Non-OPEC+ countries are expected to contribute 1.4 million b/d, while OPEC+ production is anticipated to grow by 0.7 million b/d following this year's voluntary cuts of 1.3 million b/d. Therefore, the increasing demand for crude oil is driving the growth of the refined petroleum products market.
To mitigate pollution levels, companies have begun implementing gas-to-liquid (GTL) technology, which generates high-quality petroleum products. Gas-to-liquid technology involves converting natural gas into premium liquid products such as transportation fuels, motor oils, naphtha, diesel, and waxes. This approach utilizes natural gas as an alternative to crude oil since it is the cleanest burning fossil fuel and is abundant, versatile, and cost-effective. The by-products produced through GTL technology are colorless, odorless, and contain minimal impurities. For example, Shell, Chevron, and PetroSA have adopted this technology to manufacture transportation fuels, oils, and by-products used in the production of plastics, detergents, and cosmetics.
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 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
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
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 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.
Refined Petroleum Products Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on refined petroleum products market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for refined petroleum products ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The refined petroleum products market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.