The Business Research Company’s Refined Petroleum Products Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, May 27, 2021 /EINPresswire.com/ — Refineries are increasingly adopting Carbon Capture and Storage techniques to reduce CO2 emission levels in the atmosphere; a trend in the refinery petroleum products market. This technique involves trapping of CO2 at its emission source and transporting it to a different storage location which is actively monitored and measured. This way CO2 is isolated from the atmosphere, thereby reducing emission levels. For instance, Quest, a partnership venture of Shell, Canada Energy and Chevron is fully integrated CCS project that captures CO2 produced from refineries and prevents it from entering the atmosphere by storing it in underground formations. Globally, there are about 15 large scale projects and 7 under construction projects with the capacity to capture about 40 million tons CO2 per annum, thus indicating the potential of CCS technology in minimizing carbon emissions. For instance, some of the major companies adopting this technique include ExxonMobil, Port Arthur Refinery, Baytown Refinery, RasTanura Refinery and Garyville Refinery.
Major players covered in the petroleum refining products market are Royal Dutch Shell, Exxon Mobil Corporation, Sinopec Limited, BP Plc, Chevron.
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The global refined petroleum products market size is expected to grow from $1787.99 billion in 2020 to $2226.49 billion in 2021 at a compound annual growth rate (CAGR) of 24.5%. The growth 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 $2744.63 billion in 2025 at a CAGR of 5%.
Asia Pacific is the largest region in the global refined petroleum products market, accounting for 30% of the market in 2020. Western Europe is the second largest region accounting for 16% of the global market. South America is the smallest region in the global refined petroleum products market.
The global refined petroleum products market report is segmented by type into diesel, gasoline, fuel oil, kerosene, other refined petroleum products, by fraction into light distillates, middle distillates, heavy oils, by refinery type into integrated refined petroleum product, non-integrated refined petroleum product, and by application into fuel, chemical, others.
Refined Petroleum Products Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides refined petroleum products market overview, forecast refined petroleum products market size and growth for the whole market, refined petroleum products market segments, and geographies, refined petroleum products market trends, refined petroleum products market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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