Market Size of East Africa Refined Petroleum Products Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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East Africa Refined Petroleum Products Market Analysis
The primary energy consumption in East Africa is expected to record a CAGR of more than 3.5% during the forecast period of 2022-2027. The outbreak of COVID-19 in Q1 of 2020 negatively impacted the region's refined petroleum products market. Lockdown restrictions imposed by various governments in the region have lowered the demand for petroleum products. For instance, countries like Tanzania stopped flights to and from neighboring countries like Kenya. Factors such as increasing demand for refined petroleum products in the transportation and industrial sectors are likely to drive the market in the forecast period. An increase in electricity generation from oil also creates significant demand for refined products in East African countries. However, a lack of investments and slow urbanization in some countries in the region are expected to restrain the market growth during the forecast period.
Middle distillate oil products are expected to dominate the market in the forecast period, owing to demand in different sectors, like power generation, transportation, and others.
With more than 140 million people not having access to electricity in 2019 and growing consumption of refined petroleum products from end-user industries, East Africa can create ample opportunities for electricity generation using oil and gas products.
Kenya is expected to dominate the market during the forecast period due to the country's growing demand for gas and oil.
