Refined Petroleum Products Market — Size, Share, Growth, Trends, Swot Analysis And Forecast 2022 To 2028
Refined Petroleum Products Market 2022–2028
New study report” Refined Petroleum Products Market 2022 Market Opportunities, Challenges, Strategies, and Forecasts 2028″ has been added to Fortune Business Insights.
Market Overview:
The refined petroleum products market size was USD 586.27 billion in 2020. The market is projected to grow from USD 611.94 billion 2021 to USD 863.19 billion in 2028 at a CAGR of 5.0% during the 2021–2028 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Refined Petroleum Products Market, 2021–2028.” Transforming crude petroleum products into useful by-products, such as diesel fuel, gasoline, liquefied petroleum gas, naphtha, and others, will boost the market growth during the forecast period. Additionally, growing investments for SPR and rising oil trade between emerging countries will increase the footprint of the market.
Driving Factors:
Rising Demand for Energy to Augment Growth
Factors such as increasing population and rapid urbanization will lead to an increasing demand for energy, thereby driving the refined petroleum products market growth during the forecast period. Also, rising utilization of refined petroleum products such as diesel, gasoline, aviation fuel, kerosene, and others will fuel the growth of the market. Additionally, expanding automotive and aviation sectors along with rising demand for diesel, petrol, lubricants, and others will increase the footprint of the market.
However, growing adoption of renewable energy sources will limit the growth of the market during the forecast period.
List of Companies Covered in the Refined Petroleum Products Market Report:
- Exxon Mobil Corporation
- Sinopec Limited
- Royal Dutch Shell
- BP Plc
- Chevron
- Saudi Aramco
- Marathon Petroleum Corporation
- Total Energies
- Valero Energy
- Rosneft
- Petrobras
- China National Petroleum Corporation
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Covide-19 Impact:
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Method of Research:
Fail-safe, modern research methodologies are employed for the Refined Petroleum Products market analysis. An exhaustive primary and secondary research conducted on the market using robust research techniques aid in the prediction of the market size at the end of forecast period. Top-up and bottom-down approaches were maintained in the entire market study.
Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Key Industry Development:
- August 2021 — nVent announced the launch of a new range of advanced heat controllers named RAYCHEM 460 and RAYCHEM 465 to facilitate optimized fire protection and other critical heat-retaining uses.
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Segmentation:
Product Type, Application, Fraction, and Region are studied for the Market
By product type, the market is divided into gasoline, diesel, fuel oils, kerosene, and others.
On the basis of application, the market is segmented across fuel, chemical, and others.
With respect to fraction, the market is fragmented into light distillates, middle distillates, and heavy oils.
In terms of geography, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights:
Asia Pacific to Hold Largest Market Share due to Rising Demand for Energy & Refined Crude Oil Products
Asia Pacific will witness the largest refined petroleum products market share during the forecast period, owing to rising demand from emerging China and India along with improving run rates of refineries. Additionally, increasing presence of dominant players in the region and growing oil & gas exploration activities will boost the market growth.
Europe will contribute a significant market share due to rising production capacities from prominent players and increasing dependency on oil imports. Rising efforts by prominent players for increasing organic and inorganic expansions will proliferate the footprint of the market.
Continue….
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