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

The global refined petroleum products market continues its upward trajectory, growing from $2,616.61 billion in 2022 to $2,703.40 billion in 2023, with a compound annual growth rate (CAGR) of 3.3%. The forecast remains optimistic, projecting a market size of $3,011.98 billion in 2027 at a CAGR of 2.7%. In this exploration, we delve into the industry’s commitment to sustainability through the adoption of Carbon Capture and Storage (CCS) techniques, the transformative impact of gas-to-liquid (GTL) technology, and the key players steering the market.

1. Sustainable Practices: Carbon Capture and Storage (CCS) Techniques

• Emission Reduction Imperative:
  • Refineries are embracing CCS techniques to curtail CO2 emission levels, actively contributing to global environmental goals.
  • The process involves capturing CO2 at emission sources and transporting it to monitored storage locations, effectively isolating CO2 from the atmosphere.
• Quest Project by Shell, Canada Energy, and Chevron:
  • The Quest project stands out as a fully integrated CCS venture capturing CO2 from refineries, preventing its release into the atmosphere, and storing it underground.
  • Globally, 15 large-scale CCS projects and 7 under-construction projects with a combined capacity of 40 million tonnes CO2 per annum showcase the potential impact of this technology.
• Industry Leaders Embracing CCS:
  • Companies at the forefront of adopting CCS include ExxonMobil, Port Arthur Refinery, Baytown Refinery, RasTanura Refinery, and Garyville Refinery.

2. Major Players Steering the Refined Petroleum Products Market

• Key Industry Players:
  • Leading companies shaping the refined petroleum products market include Royal Dutch Shell, BP plc, Exxon Mobil, PJSC Lukoil, Chevron, Total SA, Marathon Petroleum Corporation, Valero Energy Corp, Saudi Aramco, and Bharat Petroleum Corporation Limited.
  • These industry giants play a pivotal role in steering the market’s growth and driving innovations that align with sustainability goals.

3. Innovation for Clean Energy: Gas-to-Liquid (GTL) Technology

• Gas-to-Liquid (GTL) Technology:
  • To combat pollution, companies are increasingly adopting GTL technology, converting natural gas into high-quality liquid products.
  • GTL technology produces clean-burning fuels, motor oils, naphtha, diesel, and waxes, contributing to the reduction of impurities and pollution.
• Adoption by Industry Leaders:
  • Prominent companies such as Shell, Chevron, and PetroSA are leveraging GTL technology to produce transportation fuels, oils, and versatile by-products for various industries.
  • The resulting by-products are colorless, odorless, and contain negligible impurities, further highlighting the sustainability benefits of GTL technology.

4. Market Segmentation: Navigating Diversity in the Industry

• Segmentation Overview:
  • Type: Diesel, Gasoline, Fuel Oil, Kerosene, Other Refined Petroleum Products.
  • Fraction: Light Distillates, Middle Distillates, Heavy Oils.
  • Refinery Type: Integrated Refined Petroleum Product, Non-Integrated Refined Petroleum Product.
  • Application: Fuel, Chemical, Other Applications.

5. Asia-Pacific: Dominance in Refined Petroleum Products Market

• Regional Leadership:
  • Asia-Pacific emerges as the largest region in the refined petroleum products market in 2022, reaffirming its strategic significance and role in the global industry.
  • The region’s economic prowess and diverse markets contribute to its dominance in the refined petroleum landscape.

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The Refined Petroleum Products Global Market Report 2023  provides an overview of the refined petroleum products market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The refined petroleum products market forecast analyzes refined petroleum products market size, refined petroleum products market share, leading competitor and their market positions.

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