Refined Petroleum Products Manufacturing Market Size:
The global refined petroleum products manufacturing market was valued at nearly $2 trillion in 2017. Asia Pacific was the largest region in the refined petroleum products manufacturing market in 2017, accounting for over 36% of the total market. The USA was the largest country in the market in 2017, accounting for around 19% of the total market.
Refined Petroleum Products Manufacturing Market Overview:
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 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 tonnes CO2 per annum, thus indicating the potential of CCS technology in minimizing carbon emissions.
Asia Pacific was the largest region in the refined petroleum products manufacturing market in 2017, accounting for more than one-third market share. This was mainly due to large consumption of refined petroleum for industrial and consumer purposes in countries such as China and India
According to The Business Research Company’s Consultant, Nitin Gianchandani, to reduce the pollution levels, companies have started adopting the gas to liquid technology which produces high quality petroleum products. The gas to liquid technology is the conversion of natural gas to high quality liquid products such as transportation fuels, motor oils, naphtha, diesel and waxes. This technology uses natural gas as a substitute to crude oil as gas is considered to be the cleanest burning fossil fuel and is abundant, versatile and easily affordable. The by- products obtained by using the GTL technology are colorless, odorless and contain negligent amounts of impurities. Shellxcii, Chevronxciii and PetroSAxciv have adopted this technology to produce transportation fuels, oils and by products to produce plastics, detergents and cosmetics.
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Royal Dutch Shell was the largest player in the refined petroleum products manufacturing market in 2017, with revenues of $204 billion in 2016. Royal Dutch Shell’s growth strategies aim at overcoming the losses occurred due to oil and gas market crash. In 2016, the company acquired BG Group for $53 billion (GBP 36 billion), becoming world’s largest liquefied natural gas company. It reduces its global workforce by 2800. It has sold 51% stake in Shell Refining Company, Malaysia, to Malaysia Hengyuan International Limited (MHIL) for $66.3 million and 100% of Fredericia refinery in Denmark, to Dansk Olieselskab for $80 million to generate cash to cover the loses. Pilipinas Shell Petroleum Corporation, Shell is also looking into alternative green energy technologies by acquiring companies such as Saft, and acquired stakes in AutoGrid, and SunPower.
The refined petroleum products manufacturing market comprises companies that convert crude petroleum to refined petroleum products such as gasoline, naphtha, diesel fuel and liquefied petroleum gas and then sell these refined products. Petroleum refineries are large industrial complexes with extensive pipeline networks carrying crude oil and refined petroleum products between sub processing units. Revenues in this market represent the value of the different refined petroleum products.
Refined Petroleum Products Manufacturing Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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