Market Size of Europe Refined Petroleum Products Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Refined Petroleum Products Market Analysis
The European refined petroleum products market is expected to register a CAGR of around 5.6% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has reached pre-pandemic levels.
- Over the long term, factors such as extremely high power demand in various European countries such as the United Kingdom, Germany, and Italy, which can be immediately met by the fuel-driven power sector, and demand for marine fuels due to the steadily growing shipping industry are expected to drive the market.
- On the other hand, the growing adoption of renewable power sources is a major restraint hindering the market growth.
- Nevertheless, the transition to cleaner fuels and LPG becomes critical to household energy in low-income communities. Therefore it is expected to create ample opportunities for the market studied.
- The United Kingdom is expected to dominate the market due to the growing consumption of refined petroleum products across the country.
