Kuwait important player in global oil refining market
A recent report issued by Business Research Company stated that Kuwait Petroleum Corporation (KPC) is one of the most important major companies operating in the global refined petroleum products market, in addition to international companies including Saudi Aramco, Exxon Mobil, Chevron, Shell, Total SA, China National Petroleum Corporation among others.
The report expected that the global refined petroleum products market size will witness steady growth in the coming years, indicating that it rose from $2.63 trillion in 2023 to $2.75 trillion in 2024, to continue growing and reach $3.24 trillion by 2028 at a compound annual growth rate of 4.2%, as reported by Al Anba.
The report, titled “Global Refined Petroleum Products Market Research,” covered the market size, growth rate, share analysis, regional shares, competitor analysis, detailed segments, trends, opportunities, and forecasts for the petroleum derivatives industry through 2028.
The report attributed this growth to the increasing demand for crude oil and gas and electricity, with key trends in the forecast period, including a focus on new refining facility expansions, product innovations, increased investments, and mergers and acquisitions.
It stated that oil refineries are increasingly applying carbon capture and storage technologies to reduce carbon dioxide emissions, which also include sequestering and storing carbon dioxide underground to prevent its release into the atmosphere. Projects such as Shell’s initiative and other global initiatives aimed at capturing up to 40 million tons of carbon dioxide annually highlight the technology’s potential to reduce emissions.
The refined petroleum products market covered by the report is segmented by type into diesel, gasoline, fuel oil, kerosene, and other refined petroleum products; by density, light condensates, medium condensates, and heavy oils; and by application, fuel, chemicals, and other applications.
Refined petroleum products are obtained through the refining of petroleum. Refined petroleum products have different physical and chemical properties depending on the type of crude oil and subsequent refining procedures. The Asia-Pacific region is the largest region hosting the refined petroleum products market.
