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United States Refined Petroleum Products Market Size (2024 - 2029)

The United States refined petroleum products market is projected to experience growth over the forecast period, driven by high power demand and the increasing need for marine fuels due to the expanding shipping industry. Despite the challenges posed by the growing adoption of renewable energy sources, the market has rebounded to pre-pandemic levels. The shift towards cleaner fuels and the importance of LPG for household energy in low-income communities are anticipated to offer significant opportunities for market expansion.

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Market Size of United States Refined Petroleum Products Industry

United States 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 4.50 %
Market Concentration Medium

Major Players

United States Refined Petroleum Products Market Major Players

*Disclaimer: Major Players sorted in no particular order

US Refined Petroleum Products Market Analysis

The US refined petroleum products market is expected to register a CAGR of around 4.5% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has reached pre-pandemic levels.

  • Over the long term, factors such as extremely high power demand, which can be immediately met by the fuel-driven power sector, and demand for marine fuels due to the steadily growing shipping industry are expected to drive the market.
  • On the other hand, the growing adoption of renewable power sources is a major restraint hindering the market growth.
  • Nevertheless, the transition to cleaner fuels and also LPG becomes critical to household energy in low-income communities. Therefore, it is expected to create ample opportunities for the market studied.

US Refined Petroleum Products Industry Segmentation

Refined petroleum products are derived from crude oils through processes such as 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 US refined petroleum products market is segmented by type. By type, the market is segmented into automotive fuels, marine fuels, aviation fuels, liquefied petroleum gas (LPG), and other fuel types. For each segment, the forecasts have been mentioned in USD billion.

Type
Automotive Fuels
Marine Fuels
Aviation Fuels
Liquefied Petroleum Gas (LPG)
Other Fuel Types
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United States Refined Petroleum Products Market Size Summary

The United States refined petroleum products market is poised for growth, driven by high power demand and the expanding shipping industry, which boosts the need for marine fuels. Despite the challenges posed by the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. However, the increasing shift towards renewable energy sources presents a significant challenge to market expansion. The transition to cleaner fuels, including LPG, is becoming essential for energy access in low-income communities, potentially offering new opportunities for market players. The aviation sector, a major component of the refined petroleum products market, continues to thrive, with the US being a leading market for aviation fuel, particularly jet fuel, which is heavily influenced by global crude oil prices.

The market landscape is moderately fragmented, with key players such as Royal Dutch Shell, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, BP PLC, and Chevron Corporation. Efforts to promote sustainable fuels are gaining momentum, supported by initiatives from the US Department of Energy and the Environmental Protection Agency, which aim to increase the adoption of renewable fuels. These efforts include the production of biodiesel and the development of technologies to reduce emissions and fuel consumption. However, such initiatives may hinder the growth of refined petroleum products as the demand for renewable-based fuels rises. The market's future will be shaped by the balance between traditional petroleum products and the growing emphasis on sustainability and cleaner energy solutions.

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United States Refined Petroleum Products Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 United States Refined Petroleum Products Market in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Recent Trends and Developments

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  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 Other Fuel Types

    2. 2.2 Geography

United States Refined Petroleum Products Market Size FAQs

The United States Refined Petroleum Products Market is projected to register a CAGR of 4.5% during the forecast period (2024-2029)

Royal Dutch Shell, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, BP Plc and Chevron Corporation are the major companies operating in the United States Refined Petroleum Products Market.

United States Refined Petroleum Products Report Snapshots

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