Refined Petroleum Products Market: Overview
The oil & gas industry is categorized into upstream, midstream, and downstream. Light or heavy crude oil is classified and priced by density and sulfur content. Refining of crude oil to manufacture refined petroleum products is a midstream process. Crude oil is extracted from the ground and is transported via pipelines to petroleum refineries to manufacture petroleum products that have high market value. These products are transported to retailers. The refined petroleum products business comprise companies that convert crude oil into refined petroleum products such as gasoline, naphtha, diesel fuel, liquefied petroleum gas, etc. Value addition of these products are done in refineries as per the customers demand in order to make them marketable. Refineries are increasingly adopting carbon capture and storage techniques to reduce CO2 emission levels in the atmosphere. This technique involves trapping of CO2 at its emission source and transporting it to a different storage location. This process reduces O2 from the atmosphere, thereby reducing carbon emission levels.
Refined Petroleum Products Market: Drivers Restraints
Increase in demand for electricity and growth in rapid population growth drive the demand for refined petroleum products. Surge in demand for petroleum products to manufacture petrochemicals is expected to propel the refined petroleum products market in the near future. Capacity expansion of existing refineries and setting-up of brown-field and green-field petroleum refineries are projected to be key factors boosting the demand for refined petroleum products market during the forecast period. Emission of carbon and generation and management of hazardous waste from petroleum refineries are expected to restrain of the refined petroleum products market during the forecast period.
Refined Petroleum Products Market: Key Segments
The refined petroleum products market can be segmented based on type, fraction, refinery type, and region. In terms of type, the refined petroleum products market can be divided into diesel, gasoline, fuel oil, kerosene, and others. Gasoline is a mixture of hydrocarbons that derived from crude oil. It is primarily used in automobiles having internal combustion engines. Fuel oil includes residues from crude oil refining and gas oil fractions. Based on fraction, the refined petroleum products market can be segregated into light distillates, middle distillates, and heavy oils. Light distillates encompass gases such as liquefied petroleum gas (LPG), which are extracted at the first phase of the refining process. Middle distillates consists of liquid fuels such as jet fuel and kerosene. Heavy oils are recovered during the last phase of the refining process and consists of tar which is highly viscous. Complex refineries can process heavier and sour crudes, while achieving the highest light product yields and volume gain. In terms refinery type, the refined petroleum products market can be bifurcated into integrated and non-integrated.
Refined Petroleum Products Market: Regional Outlook
Based on geography, North America holds a major share of the global refined petroleum products market. In terms of refinery capacity, the U.S. is the dominant refiner in the world followed by China, Russia, Japan, and India. Presently, the U.S. has 135 active petroleum refineries. China has the highest refining capacity in Asia Pacific. The country had refining capacity of more than 785 million tons in 2017. Refineries in China processed more than 12.1 million barrels per day (bpd) of crude oil in March, 2018. Growing demand for light distillates in countries such as India, South Africa, Australia, China, and Brazil is expected to drive the demand for refined petroleum products market in the next few years.
Refined Petroleum Products Market: Key Players
Key players operating in the global refined petroleum products market include Sinopec Limited, Royal Dutch Shell, Exxon Mobil Corporation, BP Plc, and Chevron.
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