The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 7, 2023 /PRNewswire/ -- As per The Business Research Company's Refined Petroleum Products Global Market Report 2023, the global refined petroleum products market will grow from $2,616.6 billion in 2022 to $2,703.4 billion in 2023 at a compound annual growth rate (CAGR) of more than 3%. The refined petroleum products market is then expected to grow to $3,011.9 billion in 2027 at a CAGR of more than 2%. Going forward, rising urbanization, growing demand for crude oil and gas, and increase in demand for electricity will drive the refined petroleum products market growth.
The refined petroleum products market is fairly concentrated, with a few large players. Saudi Aramco was the largest competitor with 5.1% share of the market, followed by Exxon Mobil, Chevron, Valero Energy Corp., Marathon Petroleum Corporation, Total SA, PJSC Lukoil, BP Plc, Royal Dutch Shell and Petroleo Brasileiro SA Petrobras.
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Companies in the refined petroleum products market are strategically increasing their investments to expand production capacities. For example, in May 2023, Nigerian President Muhammadu Buhari opened Africa's biggest oil refinery, with an aim to help the energy-rich country achieve self-sufficiency and become a net exporter of refined petroleum products. The $19 billion facility built by Aliko Dangote, Africa's wealthiest man, in Nigeria's economic hub of Lagos is one of the world's biggest oil refineries and has a capacity of 650,000 barrels per day. Further, in June 2022, Canada Business Holdings Inc. (CBH Inc.), a Canada-based company that provides project management and development services, announced a capital investment of up to $6.2 billion for its planned green refinery in Oman.
In addition, companies operating in the refined petroleum products market are focusing on new facility expansions and expanding their production capacities. For example, in May 2023, Bharat Petroleum Corporation Limited (BPCL), an India-based leading oil and gas company announced its ambitious expansion plans worth $5.93 billion, further increasing the company's footprints in petrochemical segment and renewable energy, together with augmenting marketing infrastructure.
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The global refined petroleum products market is segmented -
- By Type: Diesel, Gasoline, Fuel Oil, Kerosene, Other Refined Petroleum Products
- By Fraction: Light Distillates, Middle Distillates, Heavy Oils
- By Refinery Type: Integrated Refined Petroleum Product, Non-Integrated Refined Petroleum Product
- By Application: Fuel, Chemical, Other Applications
According to the refined petroleum products market overview, the top opportunities in the refined petroleum market segmented by type will arise in the diesel segment, which will gain $263.21 million of global annual sales by 2027.
The business research company recommends players in the refined petroleum products market to adopt such as strengthening geographical presence through strategic investments and expanding its business capabilities through strategic acquisitions.
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