Southeast Asia Refined Petroleum Products Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Southeast Asia Refined Petroleum Products Market Analysis
The Southeast Asia refined petroleum products market is expected to register a CAGR of over 4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, the growing high power demand is expected to stimulate the growth of the refined petroleum products market in the region. Furthermore, increasing investments in refined petroleum products are expected to drive growth.
- On the other hand, the growing emphasis on renewable energy and the adoption of electric vehicles are expected to hamper the growth of the market during the forecast period.
- Nevertheless, favorable policies for investment by private players in the region would likely create lucrative growth opportunities for the refined petroleum products market.
- Indonesia is expected to witness significant growth and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments, coupled with supportive government policies in the country.
Southeast Asia Refined Petroleum Products Market Trends
This section covers the major market trends shaping the Southeast Asia Refined Petroleum Products Market according to our research experts:
Automotive Fuel to Dominate the Market
- Automotive fuel is expected to grow at the fastest rate during the forecast period due to the government's new regulations to adopt upgraded and cleaner versions of petrol and diesel in the transportation sector.
- Oil refining in Southeast Asia Countries has witnessed significant growth in recent years. Indonesia's oil refining capacity has been recorded as 1,094,000 barrels per day. Similarly, Malaysia recorded 955,000 barrels per day, Thailand recorded 1,245,000 barrels per day, and Vietnam recorded 367,000 barrels per day of oil refining capacity.
- Furthermore, automobile sales in the region are increasing at a high growth rate. Southeast Asian countries are developing countries majorly dependent upon automotive fuel. With the increasing population, the demand for automobile sales increased. For instance, new passenger car sales in Indonesia, Malaysia, Thailand, Philippines, Vietnam, and Singapore totaled 2.79 million vehicles in 2021, 14% higher in 2020.
- Moreover, the growth of the manufacturing industry in the region is likely to drive the demand for refined petroleum products from the commercial sector during the forecast period.
- The demand for petrol is likely to grow in the near future due to rapid industrialization and urbanization in the country. This development has resulted in higher demand for passenger vehicles and two-wheelers in the country.
- Hence, owing to the above points, the segment of automotive fuel is likely to see significant growth in the market during the forecast period.
Significant Growth Expected in Indonesia
- Indonesia's aviation industry recorded robust growth, marked by increased passenger numbers, expanding fleets, and increased flights. The country's unique geographical conditions, rising middle-class population, and strengthening domestic and international tourism industry are driving its aviation industry.
- The need for oil transportation infrastructure is increasing due to numerous projects undertaken for petrochemical and refining facilities to be built or upgraded.
- Approximately 1.47 million barrels of oil are consumed daily in Indonesia. The country's production volume of oil reached 692 thousand barrels per day in 2021.
- The Indonesian government decided to increase refining capacity by 2025 to achieve 2.2 million barrels per day. Major refinery and petrochemical plant development and upgrade projects are imminent and, on the horizon, due to these initiatives.
- Hence, owing to the above points, the refined petroleum products market in Indonesia is expected to see significant growth during the forecast period.
Southeast Asia Refined Petroleum Products Industry Overview
The Southeast Asia refined petroleum products market is moderately fragmented in nature. Some of the major players in the market (in no particular order) include BP PLC, Shell PLC, TotalEnergies SE, PT Pertamina (Persero), and Exxon Mobil Corporation.
Southeast Asia Refined Petroleum Products Market Leaders
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BP PLC
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Shell PLC
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TotalEnergies SE
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PT Pertamina (Persero)
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Exxon Mobil Corporation
*Disclaimer: Major Players sorted in no particular order
Southeast Asia Refined Petroleum Products Market News
- September 2022: Equinor and Global Petro Storage (GPS) jointly commissioned liquefied petroleum gas (LPG) storage terminal in Malaysia. The fully automated facility at Port Klang will enable "cost-advantaged shipments" of very large gas carriers (VLGCs) into Malaysia. The terminal features two 60,000 cubic meters of refrigerated tanks for the storage of propane and butane, as well as four pressurized bullet tanks for the storage of pressurized LPG.
- May 2022: Petroliam Nasional Berhad (PETRONAS), the national oil company of Malaysia, and Saudi Aramco, the national oil company of Saudi Arabia, have collaborated to restart the refinery-petrochemical complex in Malaysia. The refinery has a 300,000 BPD capacity and is equipped to develop refined petroleum products, including jet fuel, motor gasoline, and diesel, meeting Euro 5 fuel specifications.
- March 2021: Indonesia's national energy giant PT Pertamina announced plans to relocate its USD 10-billion oil refinery project from Bontang in East Kalimantan after terminating a preliminary agreement with Oman's Overseas Oil and Gas.
Southeast Asia Refined Petroleum Products Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD million, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Market Drivers
4.5.2 Market Restraints
4.6 Supply Chain Analysis
4.7 Industry Attractiveness - Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Automotive Fuels
5.1.2 Marine Fuels
5.1.3 Aviation Fuels
5.1.4 Liquefied Petroleum Gas (LPG)
5.1.5 Other Products
5.2 By Geography
5.2.1 Indonesia
5.2.2 Malaysia
5.2.3 Thailand
5.2.4 Rest of Southeast Asia
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 BP PLC
6.3.2 Shell PLC
6.3.3 TotalEnergies SE
6.3.4 PT Pertamina (Persero)
6.3.5 Exxon Mobil Corporation
6.3.6 Chevron Corporation
6.3.7 Vietnam Oil and Gas Group
6.3.8 Petroliam Nasional Berhad (PETRONAS)
6.3.9 Malaysia Oil Refinery Sdn Bhd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Southeast Asia Refined Petroleum Products Industry Segmentation
Refined petroleum products are derived from crude oils through catalytic cracking and fractional distillation. These products have physical and chemical characteristics that differ according to the type of crude oil and subsequent refining processes.
The Southeast Asia refined petroleum products market is segmented by product and geography. By product, the market is segmented into automotive fuels, marine fuels, aviation fuels, liquefied petroleum gas (LPG), and other products. The report also covers the market size and forecasts for the market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| By Product | |
| Automotive Fuels | |
| Marine Fuels | |
| Aviation Fuels | |
| Liquefied Petroleum Gas (LPG) | |
| Other Products |
| By Geography | |
| Indonesia | |
| Malaysia | |
| Thailand | |
| Rest of Southeast Asia |
Southeast Asia Refined Petroleum Products Market Research FAQs
What is the current Southeast Asia Refined Petroleum Products Market size?
The Southeast Asia Refined Petroleum Products Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Southeast Asia Refined Petroleum Products Market?
BP PLC, Shell PLC, TotalEnergies SE, PT Pertamina (Persero) and Exxon Mobil Corporation are the major companies operating in the Southeast Asia Refined Petroleum Products Market.
What years does this Southeast Asia Refined Petroleum Products Market cover?
The report covers the Southeast Asia Refined Petroleum Products Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Southeast Asia Refined Petroleum Products Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Southeast Asia Refined Petroleum Products Industry Report
Statistics for the 2024 Southeast Asia Refined Petroleum Products market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Southeast Asia Refined Petroleum Products analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
