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Refined Petroleum Products Market Analysis: Forecast Market Size, Growth Rate, Major Players And Strategies - By The Business Research Company

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News provided by

The Business Reseach Company

Jul 07, 2023, 11:30 ET

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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.      

Learn More On The Refined Petroleum Products Market Report – https://www.thebusinessresearchcompany.com/report/refined-petroleum-products-global-market-report 

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. 

Request A Free Sample Of The Refined Petroleum Products Market Report – https://www.thebusinessresearchcompany.com/sample.aspx?id=2903&type=smp 

The global refined petroleum products market is segmented -

  1. By Type: Diesel, Gasoline, Fuel Oil, Kerosene, Other Refined Petroleum Products    
  2. By Fraction: Light Distillates, Middle Distillates, Heavy Oils      
  3. By Refinery Type: Integrated Refined Petroleum Product, Non-Integrated Refined Petroleum Product        
  4. 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.

View More Similar Market Reports:

Petroleum Coke Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/petroleum-coke-global-market-report

Refined Petroleum Products Pipeline Transport Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/refined-petroleum-products-pipeline-transport-global-market-report

Bulk Petroleum And Chemical Storage Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/bulk-petroleum-and-chemical-storage-global-market-report

Interested to know more about The Business Research Company?

The Business Research Company has published over 3000+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

The World's Most Comprehensive Database

The Global Market Model, The Business Research Company's flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users make better strategic decisions.

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