United States Refined Petroleum Products Market Size, Share and Growth Analysis Report: Forecast Trends and Outlook 2024-2032

United States Refined Petroleum Products Market Outlook

The United States refined petroleum products market revenue is projected to grow at a high CAGR, driven by high power demand and the shipping industry's need for marine fuels. The large and diverse energy requirements of the country also provide a huge market potential for refined petroleum products, such as heating oil, gasoline, and petrochemicals. Moreover, the ongoing advancements in refining technologies are improving efficiency, reducing environmental impact, and thus, enabling the production of high-quality refined petroleum products.

Furthermore, United States is one of the top exporters of refined petroleum and exports were valued around USD 138 billion in 2023, which is an increase of 45.8% from 2022. This increase in exports have resulted in rising production of refined crude oil products globally and hence, propelled growth of the United States refined petroleum products market. Amongst types of petroleum products, propane was the most exported with exports averaging 1.5 million barrels per day in the first half of 2023.

Several major companies in the United States are expanding their production capacity to meet the growing energy demand. In August 2021, Holly Energy Partners LP and HollyFrontier Corp. announced the acquisition of Sinclair Transportation Co. and Sinclair Oil Corp. in a deal worth of USD 1.8 billion. The transaction has expanded company's refining business, which now encompasses seven complex refineries across various regions in the United States.

Rising Demand for Fuel Products is Bolstering United States Refined Petroleum Products Market Growth

• In the market from 2024 to 2032, the Far West region is expected to lead with the highest CAGR of 5.3%, driven by significant demand for fuel products in transportation and industrial sectors, coupled with ongoing infrastructure development. 
• The Rocky Mountain region follows with a CAGR of 5.0%, supported by the region's expanding industrial base and the increasing need for energy resources. 
• The Southwest, with a CAGR of 4.7%, benefits from its robust transportation network and growing urbanisation. 
• The Southeast region, growing at a CAGR of 4.6%, shows steady refined petroleum products demand in United States due to its diversified economy and increasing fuel consumption in both commercial and residential sectors. 
• New England and the Mideast regions exhibit moderate growth with CAGRs of 4.3% and 4.0%, respectively, reflecting their established markets with steady energy demand. 
• The Plains and Great Lakes regions, with CAGRs of 3.7% and 3.5%, respectively, experience slower growth due to their smaller market sizes and less aggressive energy demand.

Increased Demand for Jet Fuel in Aviation Industry is a Crucial United States Refined Petroleum Products Market Trend

• Between 2024 and 2032, jet fuel is anticipated to experience the highest growth, with a CAGR of 5.2%, driven by the increasing demand for air travel and the expansion of the aviation industry. 
• Diesel, with a CAGR of 4.9%, holds a major refined petroleum products market share in United States as it is still a critical fuel for transportation and industrial applications.
• Gasoline, with a CAGR of 4.7%, experiences steady growth due to its widespread use in passenger vehicles. 
• Kerosene, with a CAGR of 4.4%, shows moderate growth, mainly driven by its use in heating and lighting in certain regions.

Transportation Sector has a Prominent United States Refined Petroleum Products Market Share, Followed by Industrial and Commercial Sector

• From 2024 to 2032, the transportation sector is expected to lead with a CAGR of 5.2%, driven by the increasing movement of goods and people, and the growing reliance on fuel for various modes of transportation. 
• The industrial sector, with a CAGR of 4.9%, shows strong growth due to the ongoing expansion of manufacturing and other industrial activities that require a steady supply of fuel. 
• The commercial sector, with a CAGR of 4.7%, showcases favourable refined petroleum products demand forecast in United States due to the rising energy needs of businesses and services. 
• The residential sector, with a CAGR of 4.4%, shows moderate growth, mainly driven by heating and cooking fuel demand.

Key Questions Answered in the Report:

• How has the United States refined petroleum products market performed historically, and what are the growth expectations for the future? 
• What are the primary factors influencing demand and growth in the United States refined petroleum products market? 
• What are the key segments within the United States refined petroleum products market, and how are they expected to evolve over the forecast period? 
• What are the major challenges and opportunities facing stakeholders in the United States refined petroleum products market? 
• Who are the key players in the United States refined petroleum products market, and what strategies are they employing to maintain a competitive edge? 
• What are the regulatory and policy factors influencing the United States refined petroleum products market globally or regionally? 
• How competitive is the United States refined petroleum products market according to Porter's five forces analysis, including factors like bargaining power of buyers and suppliers? 
• What are the current trends shaping the United States refined petroleum products market landscape, and how are they expected to evolve in the future? 
• How are technological advancements impacting the United States refined petroleum products market, and what role do innovation and R&D play in driving growth? 
• What are the consumer preferences and buying behavior trends influencing the United States refined petroleum products market? 
• How sustainable are current growth rates in the United States refined petroleum products market, and what factors could potentially disrupt these trends? 
• What are the regional dynamics within the United States refined petroleum products market, and how do they contribute to overall market growth? 
• What are the economic factors influencing the United States refined petroleum products market, such as GDP growth, inflation rates, and currency fluctuations? 
• How are demographic shifts, such as aging populations or urbanization trends, affecting demand in the United States refined petroleum products market? 
• What are the key strategic partnerships, mergers, and acquisitions shaping the competitive landscape of the United States refined petroleum products market? 
• What are the regulatory and legal frameworks impacting the United States refined petroleum products market globally or in key regions? 
• How are changing consumer lifestyles and preferences influencing product or service demand within the United States refined petroleum products market? 
• What are the emerging market trends and niche opportunities within the United States refined petroleum products market that stakeholders should be aware of? 
• How resilient is the United States refined petroleum products market to external shocks or disruptions, such as geopolitical tensions or natural disasters? 
• What are the potential barriers to market entry and growth for new players in the United States refined petroleum products market?

Key Benefits for Stakeholders:

Expert Market Research's industry report provides a comprehensive quantitative analysis of various market segments, historical and current market trends, and forecasts the dynamics of the United States refined petroleum products market spanning from 2018 to 2032.

The research report delivers up-to-date insights into the market drivers, challenges, and opportunities shaping the United States refined petroleum products market. 

Stakeholders can leverage Porter's five forces analysis to assess the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. This analysis aids in evaluating the competitiveness and attractiveness of the United States refined petroleum products market. 

The competitive landscape section enables stakeholders to gain a deep understanding of their competitive environment. It offers insights into the current market positions of key players, their strategies, and their market shares. 

Additionally, the report highlights emerging trends, regulatory influences, and technological advancements that are pivotal for stakeholders navigating the United States refined petroleum products market landscape.