Global Oil Downstream Products Market Sees Substantial Growth, Expected to Reach $3,313.63 Billion by 2027

The Business Research Company's Oil Downstream Products Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The Business Research Company's Oil Downstream Products Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The Business Research Company's Oil Downstream Products Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The market size of global oil downstream products market is expected to grow to $3,313.63 billion in 2027 at a CAGR of 2.7%.”
— The Business Research Company

LONDON, GREATER LONDON, UK, November 28, 2023 /EINPresswire.com/ -- The global oil downstream products market has witnessed significant expansion, with the market size increasing from $2,876.28 billion in 2022 to $2,972.96 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 3.4%. Projections indicate continued growth, with the market size expected to reach $3,313.63 billion by 2027, maintaining a CAGR of 2.7%.

Market Challenges and Influencing Factors
Political instability and extremism have emerged as major challenges affecting the global oil downstream activities market. Disruptions in oil supplies from key crude oil exporters such as Libya, Iraq, Nigeria, and Colombia, due to political instability and terrorist attacks on oil and gas wells and refineries, have impacted market growth. For example, a terrorist attack in December 2020 involved explosives being used to set fire to two wells in a small oilfield in northern Iraq, resulting in significant disruption to oil and gas supplies.

Major Industry Players
Prominent companies in the market shaping the landscape include Royal Dutch Shell, BP plc, Exxon Mobil, Saudi Aramco, PJSC Lukoil, Chevron, Total SA, Marathon Petroleum Corporation, Valero Energy Corp, and Bharat Petroleum Corporation Limited.

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Environmental Considerations Drive Technological Innovation
In an effort to reduce pollution levels, companies are increasingly adopting gas-to-liquid (GTL) technology, producing high-quality petroleum products. GTL technology involves converting natural gas into premium liquid products such as transportation fuels, motor oils, naphtha, diesel, and waxes. This technology utilizes natural gas as a substitute for crude oil, recognized for being the cleanest burning fossil fuel, abundant, versatile, and easily affordable. By-products obtained through GTL technology are colorless, odorless, and contain negligible amounts of impurities. Leading companies, including Shell, Chevron, and PetroSA, have embraced GTL technology to produce various products, from transportation fuels to plastics, detergents, and cosmetics.

Market Segmentation
The global oil downstream products market is segmented into three key categories:
1.By Type: Refined Petroleum Products, Asphalt, Lubricating Oil And Grease
2.By Fraction: Light Distillates, Middle Distillates, Heavy Oils
3.By Application: Fuel, Chemical, Other Applications
Subsegments Covered: Diesel, Gasoline, Fuel Oil, Kerosene, Other Refined Petroleum Products, Asphalt, Other Petroleum Products

Regional Insights and Market Leadership
Asia-Pacific claimed the largest share in the oil downstream products market in 2022, establishing itself as a dominant region. North America followed as the second-largest region in the oil downstream products market. The regions covered in the global oil downstream products market analysis report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Oil Downstream Products Global Market Report 2023from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
TheOil Downstream Products Global Market Report 2023byThe Business Research Company is the most comprehensive report that provides insights on oil downstream products market size, oil downstream products market drivers andoil downstream products market trends, oil downstream products market major players, competitors' revenues, market positioning, and market growth across geographies.The oil downstream products market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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