Asia Pacific Refined Petroleum Products Market Size 2018: Segment Overview, Company Profiles, Regional Analysis and Forecast 2028
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Increasing utilization of Autogas in transportation as an alternative fueland rising drilling project investments are expected to drive the market growth during the forecast period.
According to TechSci Research report,?"Asia Pacific Refined Petroleum Products Market?- By Region, Competition, Forecast & Opportunities, 2018-2028.?The market for refined petroleum products is expected to develop in the near future owing to the expansion of the market for petroleum products used in the manufacture of petrochemical products.
Refined petroleum products are used as a raw material in many manufactured and used goods all over the world. Over the past few years, the automobile sector has expanded quickly, and the use of products such as Autogas (liquefied petroleum gas used for transportation) has increased. Over the past 20 years, Autogas consumption has significantly expanded and in 2019 reached a record high of 27.1 million tonnes.
Carbon Capture and Storage systems are increasingly utilized by refineries to reduce CO2 emissions in the atmosphere. This method entails capturing CO2 at its source and moving it to a separate storage facility that is actively monitored and analyzed. CO2 is therefore segregated from the atmosphere, lowering emission levels.
Browse over XX market data Figures spread through 80 Pages and an in-depth TOC on the?"Asia Pacific Refined Petroleum Products Market"
The Asia Pacific Refined Petroleum Products market is divided into product type, application, fraction, and region. Based on product type, the market is further segmented into diesel, gasoline, fuel oils, kerosene, and others. Based on application, the market is further split into automobile, power generation chemical, and others. Based on fraction, the market is further divided into light distillates, middle distillates, and heavy oils.
The electrical supply in APAC nations continues to be significantly influenced by oil. Refineries in the Asia Pacific region have also increased output rates as the region's demand has grown. For instance, Indian Oil Corp, the largest state-owned refiner in the nation, operated its nine refineries at roughly 90% capacity in October 2021. In September, IOC's nine refineries operated at an average operating rate of about 82%, down from 83% in the same month last year.
Based on product type, the market is further segmented in diesel, kerosene, fuel oils, gasoline, and other substances. Owing to its extensive use in the manufacturing of aviation fuel, the automobile sector, and marine fuels, diesel is the market leader. The bulk of heavy-duty trucks still operate on diesel. Fuels such as gasoline and heating oils, will see rapid growth along with the increase in gasoline-powered vehicles and air travel.
Based on application, the market is further segmented into automobile, power generation chemical, and others. Owing to its broad use in the manufacturing and automotive industries, fuel is predicted to dominate the market. Based on its intended use, fuel is further divided into categories for automobiles and power plants. In the United States, the EIA projects that in 2020, the transportation sector will utilize 66% of refined crude oil products, compared to 28% for industrial, 3% for residential, and 2% for commercial. On the other hand, because they are utilised to create petrochemicals such as fertiliser, plastic, synthetic rubber, latex paints, explosives, and pharmaceuticals. These products are useful in the petrochemical industry.
Based on fraction, the market is further segmented into light distillates, middle distillates, and heavy oils. Middle distillates, which make up a sizeable portion of these items, has recently dominated the market. Kerosene, jet fuels, diesel, and other items can be found in middle distillates. Fuels such as LPG, gasoline, and naphtha are examples of light distillates. With the growth of the automotive industry in both developed and developing nations, light distillates are projected to increase. Popular maritime fuel is heavy fuel oil (HFO), especially in West Africa, where the existence of power plants is expected to cause demand to rise sharply.
Major market players in the Asia Pacific Refined Petroleum Products market are:?
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"The main driver of market expansion during the forecast period is the rise in demand for crude oil and gas. Increased investments in renewable energy, as well as emission reduction and other environmental standards, are expected to restrain market growth during the forecast period. The market is expected to continue to have significant growth potential during the forecast period as a result of the development and commercialization of sizable domestic non-associated natural gas reserves for domestic use and export,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
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Asia Pacific Refined Petroleum Products Market, By Product Type (Diesel, Gasoline, Fuel Oils, Kerosene, and Others), By Application (Fuel (Automobile, Power Generation), Chemical, and Others), By Fraction (Light Distillates, Middle Distillates, and Heavy Oils) Region, Industry Size, Share, Trends, Forecast and Opportunities, 2018-2028?has evaluated the future growth potential of Asia Pacific Refined Petroleum Products market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Asia Pacific Refined Petroleum Products market.
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