Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Oil Downstream Products Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global oil downstream products market is expected to reach $3.3 billion by 2027, growing at a compound annual growth rate (CAGR) of 2.7% from $2.9 billion in 2023. The market witnessed growth from $2.9 billion in 2022 to $3.0 billion in 2023, at a CAGR of 3.4%.
However, the Russia-Ukraine war disrupted the global economic recovery from the COVID-19 pandemic, leading to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets globally. Despite this short-term setback, the oil downstream products market is expected to exhibit steady growth over the forecast period.
Oil Downstream Products and Their Applications
Oil downstream products are used in post-extraction activities for crude oil and natural gas, including the manufacturing of refined petroleum products, asphalt, lubricating oil, and grease. Refined petroleum products are obtained from crude oil using catalytic cracking and fractional distillation methods. The physical and chemical characteristics of these products vary depending on the type of crude oil and the refining processes involved. The products include light distillates, middle distillates, and heavy oils used for fuel, chemical, and other applications.
Adoption of Gas to Liquid (GTL) Technology
To reduce pollution levels, companies have started adopting the gas to liquid technology, which converts natural gas into high-quality liquid products, including transportation fuels, motor oils, naphtha, diesel, and waxes. This technology uses natural gas as a substitute for crude oil and is considered the cleanest burning fossil fuel. Companies like Shell, Chevron, and PetroSA have embraced GTL technology to produce transportation fuels, oils, plastics, detergents, and cosmetics.
Asia-Pacific Leads the Market, North America Follows
Asia-Pacific was the largest region in the oil downstream products market in 2022, driven by factors such as rapid expansion of manufacturing facilities and commercial units, initiatives for new technologies and goods, and the region's growing population. North America was the second-largest region in the market.
Impact of Political Instability and Extremism
One of the major factors affecting the global oil downstream activities market growth was the disruption in the supply of oil in certain markets due to political instability and extremism. Oil supplies from major crude oil exporters such as Libya, Iraq, Nigeria, and Colombia were disrupted due to political instability and terrorist attacks on oil and gas wells and refineries, impacting the market.
Major Companies in the Market
The major companies in the oil downstream products market 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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 400 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2972.96 billion |
| Forecasted Market Value (USD) by 2027 | $3313.63 billion |
| Compound Annual Growth Rate | 2.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/nwxtnr
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