Global Gasoline Market Report and Forecast 2024-2032

Global Gasoline Market Outlook

The global gasoline market size is expected to grow at a CAGR of about 1.90% in the forecast period of 2024-2032, driven by the rising number of automobiles.

A crude oil/petroleum by-product is referred to as gasoline or petroleum. It is generated for the duration of the fractional distillation system and contains many additives for use as a passenger vehicle fuel, including ethanol. Across the world, gasoline is utilised as a motor fuel, and it is one of the most extensively used items in all countries.

Crude oil is firstly heated in a refinery, and different hydrocarbon components are separated based on their boiling points in a distillation column. Various hydrocarbon fractions are blended together to form gasoline and the blend is formulated to meet specific requirements like octane rating and seasonal temperature changes. Additives are also included to improve performance, reduce engine wear, and decrease harmful emissions. Common additives include detergents, antioxidants, and antiknock agents like ethanol.

Gasoline is primarily used as a fuel in vehicles equipped with spark-ignited internal combustion engines and also in other machinery, such as lawnmowers, generators, and some types of aircraft.

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Gasoline Market Segmentation

The significant applications of the market are:

• Transportation

• Power Generation

• Others

The demand for gasoline in the transportation sector is substantial, as it remains the primary fuel source for a vast majority of vehicles on the road today. The internal combustion engine, which runs on gasoline, is the standard for personal cars, motorcycles, and light-duty vehicles. This widespread use directly translates to a high demand for gasoline.

The existing infrastructure for gasoline distribution and sales is highly developed and widespread, making it convenient for consumers. Gas stations are readily accessible in most areas, which is not yet the case for alternative fuel sources like electric charging stations.

Gasoline has a high energy density, meaning it can store a large amount of energy in a relatively small amount of space which makes gasoline vehicles practical in terms of range and refuelling time, appealing to consumers who prioritise convenience and long-distance travel. In many regions, gasoline-powered vehicles are more affordable than electric or hybrid alternatives, both in terms of initial purchase price and maintenance costs, which is one of the key gasoline market trends. This economic factor plays a significant role in consumer choice, especially in developing economies.

The report also covers the regional markets for gasoline, which are as follows:

• North America

• Europe

• Asia Pacific 

• Latin America

• Middle East and Africa

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Gasoline Market Analysis

Gasoline is one of the most consumed fuels worldwide, primarily used in the transportation sector. The demand is driven by the number of gasoline-powered vehicles on the road, including cars, motorcycles, and light trucks. The market includes a range of players from multinational oil and gas companies to independent refiners and local gas station operators.

The market is closely linked to the automotive sector as the prevalence of internal combustion engine (ICE) vehicles directly impacts gasoline demand. Although there's a gradual shift towards electric vehicles (EVs), ICE vehicles still dominate the global market, sustaining the gasoline demand. Gasoline consumption often exhibits seasonal patterns, with higher demand during summer months in many regions due to increased travel and tourism.

The rise in the number of automobiles is augmenting the market growth

The rise in automobiles and the easy availability of gasoline are the significant factors driving the gasoline market growth. Gasoline is used as a fuel for vehicles like cars, motorcycles, light trucks, and boats, among others, across the globe. It is one of the top products which is consumed heavily worldwide. The number of gasoline-run vehicles globally drives the market growth. The growing sales of automobiles and the increasing demand for high-velocity cars are further anticipated to propel the market growth of gasoline.

In many regions, particularly in North America, lifestyles and city planning are centred around car usage, necessitating personal car ownership. Moreover, well-developed road infrastructure in many countries supports and encourages the use of personal vehicles, which use gasoline. Innovations in engine design and fuel technology have made gasoline engines more efficient and environmentally friendly, maintaining their appeal among consumers.

Technological components, several initiatives by the government, and an expanding number of research and development activities are also expected to accelerate the growth of the market. Also, the rising modernisation of manufacturing processes and an increase in demand from developing nations are expected to provide additional prospects for the market to grow in the coming years. Additionally, increasing standard of living, rapid industrialisation, and urbanisation are further propelling the market growth.

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Regional Insights

North America and Asia Pacific to be Significant Regional Markets

North America accounts for a substantial gasoline market share all over the world. Transportation and power generation sectors rely heavily on gasoline. As a result, the region has become dominant in the global market. The rise in construction activities and considerable increases in non-residential construction investment reflect the region's growing need for gasoline generators.

Due to significant car ownership and lower efficiency criteria than developing countries and European customers, the United States is the leading market for gasoline. Gasoline is more volatile than kerosene, jet fuel (naphtha), diesel, or heating oil with many ingredients and additives. The rise in oil production, particularly in Canada and the United States, is another factor that has contributed to the growth of the regional market. In the United States, gasoline is the most widely used transportation fuel. In 2020, finished motor gasoline accounted for 62 per cent of total transportation energy use in the United States.

The Asia Pacific region is projected to observe significant growth during the forecast period of 2024-2032 due to increased research and development activities. The increased usage of gasoline products in dry-cleaning operations is expected to fuel the regional market expansion in the future years. One of the primary factors propelling the gasoline demand in the Asia Pacific market is the rapid expansion in the number of gasoline-powered automobiles in India and China.

The Asia Pacific region is undergoing significant urbanisation and as populations move to urban areas, the need for personal and public transportation increases, subsequently increasing the gasoline market demand. Many countries in the region are investing heavily in infrastructure development, including road networks. This expansion facilitates and encourages increased use of personal vehicles, further boosting gasoline demand.

In some countries in the region, government subsidies for gasoline and lax environmental regulations (compared to Western standards) make gasoline a more economically attractive option for consumers. The region's refining capacity and the availability of gasoline also influence its demand. The regions with significant refining capacity, like Singapore and South Korea, not only meet their demands but also export gasoline, impacting regional market dynamics.

Key Players in the Market

The report gives a detailed analysis of the following key players in the global gasoline market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• PetroChina Company Limited

• Valero Energy

• Exxon Mobil Corporation

• Chevron Corporation

• PBF Energy

• Saudi Aramco

• Shell plc

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report