Oil Downstream Products Market Report 2025

The oil downstream products market size has grown steadily in recent years. It will grow from $3.07 trillion in 2024 to $3.22 trillion in 2025 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to economic growth and industrialization, automotive industry demand, petrochemical industry growth, infrastructure development, global trade and transportation.

The oil downstream products market size is expected to see steady growth in the next few years. It will grow to $3.82 trillion in 2029 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to electric vehicle (EV) adoption, transition to renewable energy, carbon capture and utilization, energy efficiency initiatives, global trade dynamics. Major trends in the forecast period include rise of biofuels and alternative fuels, investments in petrochemicals, focus on cleaner fuels, expansion of refining capacities, digital transformation in downstream operations, strategic alliances and partnerships.

The rising demand for petroleum products is anticipated to drive the growth of the oil downstream products market in the future. Petroleum products, which are fuels derived from crude oil and the hydrocarbons present in natural gas, hold commercial value as bulk products. These products are used to refine crude oil into consumable goods, which are then marketed to industrial or retail customers. For example, in July 2023, the International Energy Agency, a France-based autonomous intergovernmental organization, reported a global demand for diesel or gasoil of 1.5 million barrels per day. Thus, the increasing demand for petroleum products is a key factor propelling the growth of the oil downstream products market.

Companies are adopting gas-to-liquid (GTL) technology to produce high-quality petroleum products. GTL technology converts natural gas into liquid products such as transportation fuels, motor oils, naphtha, diesel, and waxes. This cleaner-burning fossil fuel is abundant, versatile, and cost-effective. Major companies such as Shell, Chevron, and PetroSA have embraced GTL technology to manufacture transportation fuels, oils, and by-products used in the production of plastics, detergents, and cosmetics.

Major companies in the oil downstream products market are prioritizing the development of innovative products, such as epoxy intumescent coatings, to ensure reliable service for customers. These coatings are fire-resistant and consist of epoxy resin and intumescent fillers that expand when exposed to heat, creating a thick insulating char layer. For instance, in June 2022, Hempel Group, a Denmark-based provider of coatings and paints, introduced Hempafire XTR 100, a hydrocarbon passive fire protection solution for oil and gas downstream assets. This lightweight coating features low dry film thickness and is UL 1709-certified for hydrocarbon passive fire protection, offering significant safety and project advantages. Hempafire XTR 100 insulates steel structures during a hydrocarbon pool fire, allowing them to maintain structural integrity for up to four hours. This additional time enables the safe evacuation of workers and helps protect valuable property and equipment while firefighting teams manage the blaze.

Major companies operating in the oil downstream products market include Saudi Arabian Oil Company, PetroChina Company Limited, Exxon Mobil Corporation, China National Petroleum Corporation, China Petroleum & Chemical Corporation (Sinopec), Shell Chemical LP, Royal Dutch Shell, TotalEnergies SE, BP p.l.c., Chevron Corporation, Marathon Petroleum Corporation, Valero Energy Corporation, Phillips 66, Indian Oil Corporation Limited, Rosneft Oil Company, Reliance Industries Limited, Gazprom Neft, Bharat Petroleum Corporation Limited, The Dow Chemical Company, LyondellBasell Industries N.V., Hindustan Petroleum Corporation Limited, LUKOIL, HollyFrontier Corporation, PBF Energy Inc., Mangalore Refinery and Petrochemicals Limited, Chennai Petroleum Corporation Limited, Essar Oil Limited, Numaligarh Refinery Limited, Nayara Energy Limited, Bharat Oman Refineries Limited, Braskem S.A., Sasol Limited.

Asia-Pacific was the largest region in the oil downstream products market in 2024. North America was the second largest region in the oil downstream products market. The regions covered in the oil downstream products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oil downstream products market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The oil downstream products market consists of sales of liquefied natural gas, gasoline, heating oil, synthetic rubber, plastics, lubricants, and antifreeze. 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).

Oil downstream products play a crucial role in the post-extraction activities associated with crude oil and natural gas, encompassing the manufacturing of refined petroleum products, asphalt, lubricating oil, and grease.

The primary categories of oil downstream products consist of refined petroleum products, asphalt, lubricating oil, and grease. Utilizing catalytic cracking and fractional distillation methods, refined petroleum products are derived from crude oil. The specific physical and chemical attributes of these products are influenced by the type of crude oil and the refining processes applied. The resulting fraction of products includes light distillates, middle distillates, and heavy oils, serving various purposes in fuel, chemical, and other applications.

The oil downstream products market research report is one of a series of new reports that provides oil downstream products market statistics, including oil downstream products industry global market size, regional shares, competitors with an oil downstream products market share, detailed oil downstream products market segments, market trends and opportunities, and any further data you may need to thrive in the oil downstream products industry. This oil downstream 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 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.

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