The Oil Downstream Products Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Oil Downstream Products Global Market Report 2024, The oil downstream products market size has grown steadily in recent years. It will grow from $2903.24 billion in 2023 to $3046.83 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to economic growth and industrialization, automotive industry demand, petrochemical industry growth, infrastructure development, global trade and transportation.
The oil downstream products market size is expected to see steady growth in the next few years. It will grow to $3609.01 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to electric vehicle (ev) adoption, transition to renewable energy, carbon capture and utilization, energy efficiency initiatives, global trade dynamics. Major trends in the forecast period include rise of biofuels and alternative fuels, investments in petrochemicals, focus on cleaner fuels, expansion of refining capacities, digital transformation in downstream operations, strategic alliances and partnerships.
Disruption in the supply of oil in certain markets due to political instability and extremism was one of the major factors affecting the growth of global oil downstream products market. Oil supplies from major crude oil exporters such as Libya, Iraq, Nigeria, and Columbia were getting disrupted due to political instability and terrorist attacks on oil and gas wells and refineries, thus affecting the growth of the market. For instance, in May 2021, in a terrorist attack, explosives were used to set fire to two wells in a small oilfield in northern Iraq, thereby causing significant disruption to oil and gas supplies.
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The oil downstream products market covered in this report is segmented –
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
Major companies operating in the oil downstream products market are focusing on developing innovative products, such as epoxy intumescent coating, to provide reliable service to customers. Epoxy intumescent coatings are fire-resistant, made of epoxy resin and intumescent fillers that expand during heat exposure, forming a thick, insulating char layer. For instance, in June 2022, Hempel Group, a Denmark-based provider of coatings and paints, launched Hempafire XTR 100, a hydrocarbon passive fire protection of oil and gas downstream assets. It is a lightweight coating with low dry film thicknesses, which is UL 1709-certified hydrocarbon passive fire protection and provides customers with considerable safety and project benefits. Hempafire XTR 100 insulates steel during a hydrocarbon pool fire, increasing the steel’s ability to support weight for up to four hours. This allows more time for the safe evacuation of workers and the safeguarding of priceless property and equipment while firefighting crews put out the fire.
The oil downstream products market report table of contents includes:
1. Executive Summary
2. Oil Downstream Products Market Characteristics
3. Oil Downstream Products Product/Service Analysis -Product/Service Examples
4. Oil Downstream Products Market Trends And Strategies
5. Oil Downstream Products Market – Macro Economic Scenario
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31. Belgium Oil Downstream Products Market
32. Denmark Oil Downstream Products Market
33. Finland Oil Downstream Products Market
34. Ireland Oil Downstream Products Market
35. Netherlands Oil Downstream Products Market
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