Refined petroleum products market comprises many companies that convert the crude oil into refined petroleum products for instance gasoline, diesel fuel, liquefied petroleum gas, naphtha, etc. Value addition of these kind of products are done in refineries as per the consumers demand in order to make them marketable. Refineries are gradually more adopting carbon capture & storage techniques to reduce the CO2 emission levels in the atmosphere. This technique involves trapping of carbon-dioxide at its emission-source and transporting it to different storage location. This process reduces oxygen from the atmosphere, thus reducing the carbon emission levels.
As per analysis, “Refined Petroleum Products Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global refined petroleum products market include Exxon Mobil Corporation; Royal Dutch Shell; BP Plc; Sinopec Limited; Chevron and among others. The leading players shave started adopting gas to liquid technology to reduce the pollution levels that produces the high quality petroleum products. Gas to liquid technology is a conversion of natural gas to the high quality liquid products for instance transportation fuels, naphtha, diesel, motor oils and waxes. This technology generally uses natural gas as a substitute to crude oil because gas is considered to be a cleanest burning fossil fuel and is versatile, abundant and easily affordable
Based on type, refined petroleum products market is segmented as fuel oil, diesel, kerosene, gasoline and others. Based on fraction, market is segmented as heavy oils, middle distillates, light distillates and others. Heavy oil comprises of tar, which is highly viscous. Middle distillates comprise of liquid fuels for instance kerosene and jet fuel. Additionally, light distillates encompass various gases such as liquefied petroleum gas (LPG), which are generally extracted at the first phase of refining process. Based on refinery type, market is segmented as integrated and non-integrated refined petroleum. In addition, based on application, market is segmented as chemical, fuel and others.
Surge in demand for electricity, followed by growth in population, surge in production of crude oil and rise in demand for petroleum products to manufacture petrochemicals are some major factors, which are responsible for growth of the refined petroleum products market. However, emission of carbon and generation & management of hazardous waste from the petroleum refineries may impact the market. Moreover, capacity expansion of accessible refineries and setting-up of brown-field & green-field petroleum refineries are leading opportunities for market.
Based on geography, the Asia-Pacific is a leading region in global refined petroleum products market owing to rise in the demand for gasoline and extensive demand & rise in industrial units across the region. The North-America and Europe regions are estimated to witness higher growth rate due to presence of salt layers, geopolitical factors and increase in refining output in India and China over the forecast period. It is predicted that future of the global refined petroleum products market will be bright as a result of rise in use of diesel & petrol for automotive & industrial purpose during the forecast period.
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Ankur Gupta, Head Marketing & Communications