According to the recent research report titled ‘Global Petroleum Refining Products Market - Analysis By Refining Product, End-User, By Region, By Country (2020 Edition): Market Insights and Outlook Post Covid-19 Pandemic (2020-2025)’, available with Market Study Report, global petroleum refining products market was worth USD 6746.37 million in 2019 and is expected to record an appreciable growth rate over 2020-2025.
 

Surging demand for petro-products, along with growing human and vehicle population is fueling global petroleum refining products market expansion. It is estimated that by 2025, the population is likely to reach 8.1 billion, with more than 100 million automobiles on the road.
 

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The study looks into all the crucial components of this industry sphere, including the prevalent trends, growth drivers, and development prospects. It also recommends best practices and strategies for surviving market instability and generating modest profits in the forthcoming years.
 

Report further cites that increasing capacity of existing refineries, and establishment of brown-field and green-field petroleum refineries are expected to significantly contribute to the market development.
 

Moreover, flourishing oil refining sector, alongside increased investment in the repair, upgrade, and expansion of existing refinery facilities is likely to accelerate the market growth in the coming years. In fact, Saudi Aramco, in April 2018, announced that it would invest USD 44 billion in India to build an integrated refinery and petrochemical complex. Similar steps taken by other industry participants, in consort with emphasis on reducing import dependency will create lucrative prospects in this domain.
 

Based on refining product, worldwide petroleum refining products industry is bifurcated into fuel oil, naphtha, jet/kerosene, diesel/gasoil, gasoline, ethane & LPG, and others. Moving on to end user scope, the industry segmentation comprises transportation, and others.
 

Coming to geographical scope, key contributors to the overall market revenue are North America (Canada, the United States), Europe (the United Kingdom, Germany, France, Italy, Russia), and Asia Pacific (India, Japan, China).
 

As per the report findings, Asia Pacific held about 36.8% of the overall market share in 2019 and is expected to follow a similar trend in the future, attributable to the upcoming major refinery projects in India and China.
 

Major companies defining the competitive landscape of global petroleum refining products marketplace are ConocoPhillips, S-Oil Corp., China National Petroleum Corporation (CNPC), Total S.A., SK Innovation Co. Ltd., BP plc, Royal Dutch Shell plc, Exxon Mobil Corporation, and Chevron Corporation.