The Business Research Company’s Refined Petroleum Products Global Market Report 2021: COVID-19 Impact and Recovery to 2030

Following a cyber-attack on a 5,500-mile-long pipeline which transports refined petroleum products from Texas to New York, Colonial Pipeline Company shut down its operations on May 07. On Monday, May 10, FBI confirmed that the cyber-attack was carried out by a cyber-criminal gang called DarkSide, which wrote on its website “Our goal is to make money and not create problems for society”. The pipeline carries 2.5 million barrels a day of refined gasoline, diesel fuel and jet fuel from the Gulf Coast to New York.  ^[i][ii]According to TBRC, the US accounted for $217.4 billion of refined petroleum products market in 2020 and is expected to grow at a CAGR of 6.66% during 2020-2025.

Around 16,000 gas stations went dry due to supply being disrupted, which created a panic among the residents. This led drivers to fill up, out of the fear of running out of gas. Bloomberg, in its article published on May 13, pointed that Colonial Pipeline Company paid a ransom of $5 million in cryptocurrency which is difficult to trace.^[iii] After paying the ransom, the operations resumed with the petroleum products being dispatched to the impacted areas.

As per data on the Global Market Model, the global refined petroleum products market size is expected to grow from $1,787.99 billion in 2020 to $2,226.49 billion in 2021 at a compound annual growth rate (CAGR) of 24.5%. The global refined petroleum products market size is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2,744.63 billion in 2025 at a CAGR of 5%.

The scarcity of petroleum products caused by a temporary shutdown and the hoarding by the drivers led to an increase in fuel prices at some locations. Florence, South Carolina witnessed the biggest price jump of 20 cents per gallon, whereas in Washington D.C. the prices rose by 09 cents per gallon. At the country level, the prices rose from $2.96 to $3.04 per gallon.

The Refined Petroleum Product Global Market Report is one of a series of new reports from The Business Research Company that provides refined petroleum product market overviews, analyzes and forecasts refined petroleum product market size, share, refined petroleum product market players, refined petroleum product market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.

Author: Abhinay C

About The Global Market Model

The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.

Here Is A List Of Related Reports From The Business Research Company

• Oil And Gas Global Market Report 2021: COVID-19 Impact And Recovery To 2030
• Refined Petroleum Products Global Market Report 2021: COVID-19 Impact And Recovery To 2030
• Oil And Gas Wells Drilling Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030
• Crude Oil Global Market Report 2020
• Oil And Gas Global Market Report 2021: COVID-19 Impact And Recovery To 2030

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