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Australia Refined Petroleum Products Market Size (2024 - 2029)

The Australian refined petroleum products market is anticipated to experience growth, driven by high power demand in central communities and increasing marine fuel needs due to a burgeoning shipping industry. Despite the challenges posed by the COVID-19 pandemic and the rise of renewable energy sources, the market's expansion is supported by the growing aviation fuel sector, advancements in crude to chemical technology, and private sector investments in refining, particularly in bio-refineries. These factors collectively influence the market size and shape its future trajectory.

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Market Size of Australia Refined Petroleum Products Industry

Australia Refined Petroleum Products Market - Summary
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

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*Disclaimer: Major Players sorted in no particular order

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
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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.

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Australia Refined Petroleum Products Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, in USD Billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Automotive Fuels

      2. 2.1.2 Marine Fuels

      3. 2.1.3 Aviation Fuels

      4. 2.1.4 Liquefied Petroleum Gas (LPG)

      5. 2.1.5 Others

Australia Refined Petroleum Products Market Size FAQs

The Australia Refined Petroleum Products Market is projected to register a CAGR of 2% during the forecast period (2024-2029)

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.

Australia Refined Petroleum Products Report Snapshots

Australia Refined Petroleum Products Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)