The value of the Global Petroleum Liquid Feedstock Market could reach US$ 313 billion in 2023. The market is likely to develop at a CAGR of 4.2% between 2023 and 2033, reaching a market value of US$ 474.1 billion by 2033.
Refining and petrochemical technologies have recently seen several improvements that help market participants reach their ideal production targets at a lower cost. In addition to improving efficiency, these cutting-edge solutions use the least amount of energy possible. Also, they support the processing of unique crude oil and higher-end product quality. For instance, to increase the output of their goods, numerous petroleum refineries are rapidly using cutting-edge analytical and control systems.
The market is expected to grow significantly during the forecast period due to factors such as the transportation sector’s rapid development. The rise in unconventional petroleum exploration and the adoption of blockchain and the Internet of Things in oil and gas refineries are also likely to fuel the market expansion.
Recent innovations in petrochemical and refining technologies have made it easier for market participants to meet their production goals at low cost. These cutting-edge technologies increase efficiency while consuming less energy. They also assist in the processing of distinctive crude oil and the development of higher-quality final goods. For instance, numerous petroleum refineries are increasingly using cutting-edge analytical and control technology to boost product output.
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Asia Pacific is likely to account for a sizeable portion of the petroleum liquid feedstocks market during the forecast period. The demand for petroleum liquid feedstock in the region has increased as a result of Asia’s growing urban population and rising vehicle sales. The region is also expected to grow since China and India’s oil and gas industries have such a strong need for petroleum liquid feedstock.
KEY TAKEAWAYS
- The United States is expected to develop at 4.2% CAGR during the forecast period.
- The market in India is anticipated to rise, exhibiting a CAGR of 5.5% through 2033.
- With a CAGR of 3.8% over the forecast period, Russia is predicted to develop rapidly in the market.
- The market in China is expected to proliferate, registering a CAGR of 4.5% over the forecast period.
- Indonesia is estimated to grow decently registering a CAGR of 4.5% until 2033.
COMPETITIVE LANDSCAPE
Key players operating in the petroleum liquid feedstock market are BP p.l.c., TotalEnergies, Royal Dutch Shell plc, Exxon Mobil Corporation, Idemitsu Kosan Co., Ltd., YPF, Flint Hills Resources, and others.
These companies have committed to executing a range of market strategies, including merger and acquisition, collaboration, partnerships, product release, research and development activities, and capacity growth, to increase market share and worldwide presence.
RECENT DEVELOPMENTS
In January 2023, ExxonMobil revealed that it acquired the bulk of the affiliated company Imperial Oil Ltd. The leading renewable diesel factory in Canada will be built by the corporation with an estimated US$560 million in investment.
In September 2022, BP p.l.c., declared it has agreed to obtain EDF Energy Services. In the commercial and industrial (C&I) retail electricity and gas market in the United States, this increased BP’s footprint.
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Petroleum Liquid Feedstock Market Segmentation
By Type:
- Naphtha
- Gas Oil
By Application:
- Aromatics
- Olefins
- Urea
By Region:
- North America
- Latin America
- Europe
- Asia Pacific Excluding China
- China
- Middle East and Africa
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