World Refined Petroleum Product Market to Grow 1.7% Annually

Date: 2015-11-23

Global demand for refined petroleum products is forecast to expand 1.7% p.a. between 2015 and 2019. China, Germany, India, South Korea and the United States are considered the highest potential markets in the coming years. 

According to recently published research conducted by a leading international market research company, Global Research & Data Services, the expansion of the global refined petroleum product industry is forecast to reach 1.7% p.a. in the coming years. Between 2008 and 2014 the market increased with an average annual growth of 8.6%. Currently, petroleum oils and bituminous mineral oils (excluding crude) account for 89.8% of the global demand while the remaining market share is divided between liquefied butanes (1.9%), liquefied propane (3.9%), liquefied butylene, butadiene, ethylene and propylene (0.4%), other liquefied petroleum gases and gaseous hydrocarbons (0.5%), other petroleum gases and gaseous hydrocarbons (0.1%), paraffin wax (0.3%), petroleum jelly (0.0%), other mineral waxes (0.2%), calcined petroleum coke (0.5%), not calcined petroleum coke (0.8%), petroleum bitumen (1.4%) and other residues of petroleum oils (0.1%).

China, Germany, India, Japan and the United States represent the largest refined petroleum product markets while the strongest annual growth is forecast to occur in Macedonia (9.9%), Morocco (6.3%), India (6.0%), Bangladesh (4.6%) and Indonesia (2.9%).

Ranking

Country

Market Potential Rate

1

United States

0.49

2

China

0.25

3

India

0.15

4

Germany

0.10

5

South Korea

0.10

6

Macedonia

0.10

7

Japan

0.09

8

Mexico

0.08

9

France

0.08

10

Morocco

0.07

11

Netherlands

0.06

12

Brazil

0.06

13

Canada

0.06

14

Malaysia

0.05

15

United Kingdom

0.05

16

Belgium

0.05

17

Russia

0.05

18

Bangladesh

0.05

19

Indonesia

0.04

20

Poland

0.04

Based on in-house analysis and an advanced model which takes into consideration the actual market size, trends, forecast market growth, and changes in the market environment, Global Research and Data Services calculates the Market Potential Rates, the predicted market potential of the country in the coming years. The larger the Market Potential Rate, the more potential the market has in the coming years; and conversely, the smaller the rate, the less potential the market is considered to have in the future. Based on these Market Potential Rates, the top 20 highest potential refined petroleum product markets in the coming years are:

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