The oil & gas industry is categorized into upstream, midstream, and downstream. Light or heavy petroleum is assessed and priced by density and sulfur content. Refining petroleum to manufacture refined petroleum products may be a midstream process. In addition, the petroleum is extracted from the bottom and is transported via pipelines to petroleum refineries to manufacture petroleum products that have a high market price. The refined petroleum products market consists of sales of refined petroleum products by organizations engaged in converting crude petroleum to subtle petroleum products associated with gasoline, naphtha, diesel oil, and liquefied petroleum gas and thereby selling these refined products. Petroleum refineries are large industrial complexes including the extensive pipeline networks to carry out petroleum and refined petroleum products between sub processing units. Oil & gas products are transported to retailers. The refined petroleum products business comprises companies that convert petroleum into refined petroleum products like gasoline, naphtha, diesel oil, liquefied petroleum gas, etc. The value addition of those products is wiped out refineries as per the purchaser's demand so as to form them marketable. Refineries are increasingly adopting carbon capture and storage techniques to scale back CO2 emission levels within the atmosphere.
According to the study “Refined Petroleum Products Manufacturing Global Market Report 2019” Some of the key players operating the market include Sinopec Limited, Royal Dutch Shell, Exxon Mobil Corporation, BP Plc., and Chevron.
The substantial rise in demand for electricity coupled with growth in the rapid demand for refined petroleum products. The surge in demand for petroleum products for manufacturing petrochemicals is predicted to propel the refined petroleum products market over the forecast period. Capacity expansion of existing refineries and setting-up of brown-field and green-field petroleum refineries are further projected to be the key factors expected to boost the demand for refined petroleum products market over the forecast period.
The refined petroleum products market is segmented based on type, fraction, refinery type, and region. Based on type, the refined petroleum products market includes products such as diesel, gasoline, fuel oil, kerosene, and others. Moreover, to reduce the pollution levels the companies have now started adopting techniques associated with products formed from gas to liquid technology thereby leading to produces high-quality petroleum products. The advanced technology which converts gas to liquid technology from natural gas to high-quality liquid products is much useful in transportation fuels, motor oils, naphtha, diesel, and waxes. This technology uses natural gas as a substitute for crude oil as gas is considered to be the most clean-burning fossil fuel and is abundant, versatile and easily affordable to every sector and industry
Based on geography the Asia Pacific was the largest region in the refined petroleum products market, accounting for one-third of the total market Western Europe was the second-largest region in the refined petroleum products market. South America was the smallest in refined petroleum products market. Growing demand for light distillates in geographies/countries such as India, South Africa, Australia, China, and Brazil is further expected to drive the demand for refined petroleum products market over the forecast period.
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