PUBLISHER: The Business Research Company | PRODUCT CODE: 1929109
PUBLISHER: The Business Research Company | PRODUCT CODE: 1929109
Refined petroleum products are obtained through the refining process of crude oil. These products exhibit varying physical and chemical properties, which are influenced by the type of crude oil used and the specific refining techniques applied.
The primary categories of petroleum products include diesel, gasoline, fuel oil, kerosene, and other refined petroleum products. Gasoline, derived from crude oil and various liquids, serves as a petroleum-based fuel primarily used in vehicles. It falls under the category of light distillates. Other categories encompass middle distillates, heavy oils, and refinery types classified as integrated refined petroleum products and non-integrated refined petroleum products. Refined petroleum products find applications in fuel, chemicals, and other industries.
Tariffs have significantly influenced the refined petroleum products market by impacting cross-border trade of diesel, gasoline, kerosene, and fuel oils. Higher import duties have increased costs for middle and heavy distillates, particularly affecting Asia-Pacific and European regions that rely on refined product imports. These tariffs have affected pricing stability and refinery margins. At the same time, protective tariffs have encouraged domestic refining expansion. This has strengthened local supply chains and reduced reliance on imported refined fuels.
The refined petroleum products market research report is one of a series of new reports from The Business Research Company that provides refined petroleum products market statistics, including refined petroleum products industry global market size, regional shares, competitors with a refined petroleum products market share, detailed refined petroleum products market segments, market trends and opportunities, and any further data you may need to thrive in the refined petroleum products industry. This refined petroleum products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The refined petroleum products market size has grown steadily in recent years. It will grow from $3128.22 billion in 2025 to $3254.8 billion in 2026 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to growth in transportation fuel demand, expansion of refining capacities, industrial energy consumption, urbanization trends, global trade of petroleum products.
The refined petroleum products market size is expected to see steady growth in the next few years. It will grow to $3894.15 billion in 2030 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to stringent emission norms, demand for low sulfur fuels, petrochemical integration growth, refinery modernization investments, emerging market energy needs. Major trends in the forecast period include cleaner fuel specifications adoption, refinery process optimization, rising middle distillate demand, integration of petrochemical feedstocks, operational efficiency improvements.
The growing demand for crude oil is anticipated to fuel the expansion of the refined petroleum products market in the coming years. Crude oil is a naturally occurring liquid petroleum found in porous rock formations beneath the Earth's surface and is extracted for use as a fuel or for conversion into various chemical products. It serves as the primary raw material for producing refined petroleum products, which are widely used in transportation fuels, heating, electricity generation, and chemical feedstocks. For example, in October 2024, the U.S. Energy Information Administration (EIA), a U.S.-based federal statistical agency, projected that global production of petroleum and other liquid fuels would increase by 2.0 million barrels per day in 2025, compared with a rise of 0.5 million barrels per day in 2024. Non-OPEC+ countries are expected to account for 1.4 million barrels per day of this growth, while OPEC+ production is projected to increase by 0.7 million barrels per day following voluntary output cuts of 1.3 million barrels per day in 2024. As a result, the rising demand for crude oil is driving growth in the refined petroleum products market.
Leading companies in the engine oils segment of the refined petroleum products market are increasingly focusing on the development of innovative products such as formulations based on re-refined base oils (RRBOs) to promote sustainability and enhance engine protection. Re-refined base oil is produced by processing used lubricants through advanced refining technologies to restore quality comparable to virgin base oils. These oils offer a lower carbon footprint and support circular economy initiatives while maintaining the performance characteristics of conventional engine oils. For instance, in December 2025, Castrol Limited, a UK-based global lubricant manufacturer, introduced Renault Castrol GTX with RRBO, an engine oil formulated using re-refined base oils specifically for Renault vehicles. The product delivers full engine protection, enhances fuel efficiency, reduces lifecycle greenhouse gas emissions by approximately 15%, and supports waste oil recycling, while remaining fully compatible with existing engine designs and warranty requirements.
In September 2025, Phillips 66, a U.S.-based integrated energy company, acquired the remaining 50% ownership stake in WRB Refining LP for approximately $1.4 billion in cash. Through this acquisition, Phillips 66 sought to fully consolidate and strengthen its refining portfolio by enhancing operational and commercial synergies, securing full ownership of key assets, and expanding its footprint in the U.S. refining market. WRB Refining LP is a U.S.-based joint venture refining company that operates the Wood River refinery in Illinois and the Borger refinery in Texas, which process a wide range of crude oils and produce transportation fuels.
Major companies operating in the refined petroleum products market are Saudi Aramco, Exxon Mobil, Chevron, Valero Energy Corp, Marathon Petroleum Corporation, Total SA, PJSC Lukoil, BP Plc, Royal Dutch Shell, Petroleo Brasileiro SA Petrobras, Orlen Poludnie S A, Freudenberg & Co. Kommanditgesellschaft, Consumers' Co-operative Refineries Limited, YPF, TechnipFMC, China National Petroleum Corporation, Ecopetrol, Unipec U.K. Co. Limited, IKO Industries Ltd, Inpex Corporation, Sinopec, GTI Statia Terminals N.V., National Iranian Oil Company, Suncor Energy Inc, Shaanxi Yanchang Petroleum, ArcelorMittal Poland S A, PDVSA, Sinochem Group, China National Offshore Oil Corporation, Kuwait Petroleum Corporation, Eneos Holdings, Reliance Petroleum Ltd, Sasol Oil, Phillips 66(US), PetroSA, Engen Petroleum, Baker Hughes, Indian Oil Corporation Limited, Abu Dhabi National Oil Company, Oil and Natural Gas Corporation, Cenovus Energy Inc, Astron Energy, Global Oil Engineering AG, Polski Koncern Naftowy Orlen S A, Subsea 7
Asia-Pacific was the largest region in the refined petroleum products market in 2025. Western Europe was the second largest region in the global petroleum products market. The regions covered in the refined petroleum products market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the refined petroleum products market report are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The refined petroleum products market consists of sales of diesel fuel, jet fuel, liquid petroleum gases, asphalt, and asphalt products. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Refined Petroleum Products Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses refined petroleum products market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for refined petroleum products ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The refined petroleum products market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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