Market Size of Australia Refined Petroleum Products Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Australia Refined Petroleum Products Market Analysis
The Australian refined petroleum products market is expected to grow with a CAGR of around 2% during the forecast period. The COVID-19 pandemic has significantly impacted the market in the country due to the downfall in the demand for fuels like gasoline which is highly used in transportation, which got blocked during the lockdown, and the plummeted power demand where fuels are used to generate power. The two major drivers of the Australian refined petroleum products market are the extremely high power demand in communities in central Australia which can be immediately met by the fuel-driven power sector, and demand for marine fuels due to the steadily growing shipping industry. However, growing renewable energy in the country is expected to restrain the growth of the market
- Aviation fuels are expected to grow significantly during the forecast period, due to the fast-growing vehicle fleet in the region.
- The growing dimension of crude to chemical technology which eliminates the impact on the industry by shifting entirely away from petrol and diesel is expected to provide an opportunity for market players.
- The private sector's keen interest in investing in the refining sector especially the growing bio-refinery is expected to aid the growth of the market.
Australia Refined Petroleum Products Industry Segmentation
The Australia refined petroleum products market report includes:
| Type | |
| Automotive Fuels | |
| Marine Fuels | |
| Aviation Fuels | |
| Liquefied Petroleum Gas (LPG) | |
| Others |
Australia Refined Petroleum Products Market Size Summary
The Australian refined petroleum products market is poised for growth, driven by increasing power demand in central Australia and the expanding shipping industry. Despite the challenges posed by the COVID-19 pandemic, which led to a decline in fuel demand, the market is expected to recover with a steady growth trajectory. The aviation fuel segment is anticipated to experience significant expansion due to the growing vehicle fleet and increasing air passenger traffic, supported by government investments in aviation infrastructure projects. However, the rise of renewable energy sources presents a potential constraint on market growth, as Australia shifts towards more sustainable energy solutions.
Investment from private sector players, particularly in bio-refinery projects, is expected to bolster the market further. The Australian government's Fuel Security Bill 2021, which provides substantial subsidies to maintain oil refinery operations, underscores the commitment to sustaining the refining sector. Additionally, initiatives like the development of renewable diesel processing facilities aim to position Australia as a leading producer of renewable fuels. The market remains moderately fragmented, with key players such as Royal Dutch Shell, Exxon Mobil Corporation, and BP Plc actively participating. Collaborative efforts, such as the partnership between Sumitomo Corp and Rio Tinto to explore green hydrogen production, highlight the industry's focus on innovation and sustainability.
Australia Refined Petroleum Products Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast, in USD Billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Automotive Fuels
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2.1.2 Marine Fuels
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2.1.3 Aviation Fuels
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2.1.4 Liquefied Petroleum Gas (LPG)
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2.1.5 Others
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Australia Refined Petroleum Products Market Size FAQs
What is the current Australia Refined Petroleum Products Market size?
The Australia Refined Petroleum Products Market is projected to register a CAGR of 2% during the forecast period (2024-2029)
Who are the key players in Australia Refined Petroleum Products Market?
Royal Dutch Shell, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, BP PLC and Chevron Corp are the major companies operating in the Australia Refined Petroleum Products Market.
