COVID-19 Impact analysis

The COVID-19 pandemic has negatively affected the market due to a reduction in consumption of refined petroleum products and declining economic development across the major nations of the world. The COVID-19 pandemic coupled with the high volatility of crude oil prices has delayed many refinery projects across the globe The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The slow roll-out of vaccinations and high infections in countries like Brazil and India are hitting demand prospects in the world's high-growth markets for oil and its products. 
 
Top Impacting Factors

The refined petroleum products market consists of sales of refined petroleum products by entities that convert crude petroleum to refined petroleum products such as gasoline, naphtha, diesel fuel and liquefied petroleum gas and then sell these refined petroleum products. Petroleum refineries are large industrial complexes with extensive pipeline networks which carries crude oil and refined petroleum products between processing units. The month of March and April due to the second wave of Covid-19 and the resultant lockdowns in many states. As the infection continued to rise in early May, restrictions were further impacting several South Asian countries. If the infection crisis continues, Asian oil demand could lose more ground going forward.

Market Trends

• Refineries are rapidly adopting carbon capture and storage techniques to bring down CO2 emission levels in the atmosphere, this technique includes capturing of CO2 at its emission source and transporting it to a different storage location which is actively monitored and measured. 
• This way CO2 is deserted from the atmosphere, thereby reducing the emission levels.
• Although crude oil prices receive a lot of media attention consumer purchase petroleum products refined from crude oil for a wide range of applications. 
• Cost of some petroleum products, such as gasoline are very visible to consumers while others are much less so.
• Increase in demand for electricity and increase in population drive the demand for refined petroleum products
• Capacity expansion of existing refineries and setting up of brown fields and green fields petroleum refineries are projected to be the prime factors propelling the demand for refined petroleum products market during the forecast period.

Key Benefits of the Report

• This study presents the analytical depiction of the petroleum products industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the petroleum products market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the petroleum products market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed petroleum products market analysis based on competitive intensity and how the competition will take shape in coming years