Authored By: Sarah
11 Jul 2024

 Petroleum Liquid Feedstock Market Size to grow by USD 77.22 billion between 2024-2028

According to a research report “ Petroleum Liquid Feedstock Market” by Type (Naphtha, Gasoil) Application (Industrial solvents, Cleaning fluids, Adulterant to petrol, Gasoline, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 77.22 billion, at a CAGR of  4.5% during the forecast period. The transportation sector plays a pivotal role in driving economic growth by facilitating the movement of people and goods. In developing countries, population expansion and urbanization have spurred significant infrastructure development in this sector, leading to a surge in demand for automobiles. Consequently, global passenger car production experienced a notable increase of over 30% from 2018 to 2022. Similarly, the demand for commercial vehicles has also grown robustly, with commercial vehicle production rising by over 30% during the same period. These trends underscore the expanding market for petroleum liquid feedstocks, as the production and transportation of these essential fuels are integral to the operation of the automotive industry.

Browse market data tables, figures, and in-depth TOC on “Petroleum Liquid Feedstock Market” by Type (Naphtha, Gasoil) Application (Industrial solvents, Cleaning fluids, Adulterant to petrol, Gasoline, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Type, the Naphtha segment is projected to dominate the market size in 2024

The petroleum liquid feedstock market experiences significant growth in the industrial solvent segment due to its extensive utilization in various industrial processes. Industrial solvents, primarily derived from petroleum, play crucial roles in applications such as cleaning, paint stripping, and degreasing, particularly for oil-based paints. One prominent industrial solvent is naphtha, a volatile and highly flammable hydrocarbon liquid. Naphtha solvent, a chemical product, is integral to the chemical breakdown of crude oil to produce gasoline products. Its versatility is evident in its use in laundry soaps, cleaning fluids, and hydrocarbon cracking, among other applications. However, handling naphtha solvents requires stringent safety measures due to their hazardous nature, necessitating the use of personal protective equipment (PPE) to mitigate potential injuries.

By Application, Industrial solvents  segment is expected to hold the largest market size for the year 2024

In the petroleum industry, upstream oil and gas companies play a crucial role by supplying crude oil to refining entities for the manufacture of petroleum liquid feedstocks. The refining process commences with the primary distillation of crude oil, which involves continuous fractional distillation to eliminate impurities and yield naphtha. This naphtha is a complex mixture of paraffins, aromatics, and olefins, with light naphtha being earmarked for ethylene production and heavy naphtha serving as a feedstock for high-octane gasoline and aromatics like benzene, xylene, and toluene.

North America is forecasted to hold the largest market size by region in 2024

In the North American petroleum market, crude oil production is primarily sourced from key players including the US, Canada, and Mexico. This crude oil serves as the essential feedstock for the refining sector, contributing significantly to the production of naphtha and gasoil. The US shale revolution has brought about an abundance of affordable raw materials, propelling the refining industry's expansion. In Canada, integrated companies ensure a consistent feedstock supply to refineries through the extraction of crude oil from oil sands. The automotive sector's robust penetration in North America, with a surge in diesel and gasoline consumption in 2022, further boosts the demand for petroleum feedstocks.

The Petroleum Liquid Feedstock Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Bharat Petroleum Corp. Ltd.
  • BP Plc
  • CEF Group
  • Chevron Corp.
  • China National Petroleum Corp.
  • Eni SpA
  • Equinor ASA
  • Exxon Mobil Corp.
  • Gazprom Nedra LLC
  • Hindustan Petroleum Corp. Ltd.
  • Idemitsu Kosan Co. Ltd.
  • Koch Industries Inc.
  • Kuwait Petroleum Corp.
  • Nayara Energy Ltd.
  • Reliance Industries Ltd.
  • Rosneft Deutschland GmbH
  • Saudi Arabian Oil Co.
  • Shell plc
  • TotalEnergies SE
  • YPF SA
.

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Research Analysis Overview

The Petroleum Liquid Feedstock Market encompasses various oil-based commodities, including Heavy Naphtha, Toluene, Benzene, and Xylene. These hydrocarbons serve diverse purposes, with Heavy Naphtha used as a crude material in refineries and as a feedstock for petrochemical plants. Meanwhile, Toluene, Benzene, and Xylene are crucial components in the production of industrial solvents, fuels, and petrochemical products like polymers, textiles, and chemicals. As the world transitions to electric vehicles, the demand for oil-based feedstocks may shift. However, the energy sector continues to rely on these commodities for fuels, particularly gasoline. Wood and coal naphthas serve as alternatives, but oil naphtha remains the dominant feedstock due to its availability and versatility. Oil organizations play a significant role in the production and distribution of these feedstocks. They ensure a stable supply to various industries, including the automotive fleet and petrochemical industry. The versatility of these feedstocks extends to the production of Naphthalene, a key ingredient in the manufacture of certain polymers and chemicals. In summary, the Petroleum Liquid Feedstock Market is a critical component of the global economy, with applications ranging from fuels to industrial solvents and petrochemical products. Its role will continue to evolve as the energy landscape shifts towards renewable sources.

Market Research Overview

The Petroleum Liquid Feedstock Market plays a significant role in the Chemical Industries, particularly in the production of key oil-based commodities such as Toluene, Benzene, and Xylene. These aromatics are essential building blocks for various industries, including Automobiles and Heavy Industries, where they are used as components in the production of Spark-ignited internal combustion engines and industrial solvents. Unrefined petroleum serves as the crude material for refineries and petrochemical plants, which convert it into various fuels, including Gas oil, Heavy naphtha, Light naphtha, Diesel, and Gasoline. The refining process also yields other valuable petrochemical products like Paraffin, Pentane, and Naphthenes. Oil organizations play a crucial role in the production and distribution of these oil-based commodities. However, with the increasing focus on cleaner energy sources due to climate change concerns, the market is witnessing a shift towards Biomass-based diesel, Ethanol, and other Biofuels. The Transportation sector, particularly the Automotive fleet, is undergoing a transformation with the rise of Electric vehicles, which will impact the demand for traditional fuels and petrochemical products. The Chemical sector is also exploring alternative feedstocks like Waste oils, Biomass, and Renewable feedstocks to reduce carbon emissions and produce sustainable chemicals. Refinery capacity expansion, Gas imports, and LNG terminals are some of the key trends shaping the Petroleum Liquid Feedstock Market. The market is also witnessing the emergence of new applications for petrochemical products in industries like Plastics, Textiles, and Polymers. The Energy sector is also undergoing a transformation with the increasing focus on cleaner energy sources and the reduction of carbon emissions. The exploration of Crude oil deposits through Offshore drilling, Shale gas, and Coal naphtha continues to drive the market, but the shift towards cleaner and renewable feedstocks is gaining momentum. Data analytics is playing an increasingly important role in optimizing refinery operations and improving the efficiency of the production process. The market is also witnessing the emergence of new applications for petrochemical products in industries like Carbon fiber and Synthetic rubber. In conclusion, the Petroleum Liquid Feedstock Market is undergoing significant changes due to the shift towards cleaner energy sources and the increasing focus on sustainability. While traditional fuels and petrochemical products continue to dominate the market, the emergence of new applications and alternative feedstocks is driving innovation and growth in the sector. The market is expected to continue to evolve in response to changing market dynamics and regulatory requirements.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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