| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| CAGR | 3.00% |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Saudi Arabia Refined Petroleum Products Market Analysis by Mordor Intelligence
The Saudi Arabia Refined Petroleum Products Market is expected to register a CAGR of greater than 3% during the forecast period.
Over the medium term, the growing demand for automotive fuels is expected to stimulate the growth of the Saudi Arabian refined petroleum products market. Furthermore, increasing exports and consumption of refined petroleum products are also expected to drive the growth of the market studied. On the other hand, increasing penetration of renewable energy and alternative fuels is expected to restrain the Saudi Arabian refined petroleum products market during the forecast period.
Nevertheless, the advancements in the blending of fuels are expected to create lucrative growth opportunities for the Saudi Arabian refined petroleum products market in the forecast period.
Saudi Arabia Refined Petroleum Products Market Trends and Insights
Increasing Refined Petroleum Products Consumption to Drive the Market
Saudi Arabia has around nine refining complexes that produce gasoline, fuel and diesel oil, liquefied petroleum gas, jet fuel, kerosene, and other petroleum products for the domestic market and export.
As of 2021, Saudi Arabia possesses approximately 17% of the world's proven petroleum reserves and ranks as one of the largest net petroleum exporters. Saudi Arabia has the second-largest proven oil reserves in the world. As per the BP Statistical Review of World Energy 2022, Saudi Arabia consumed 152.4 million metric tons of oil in 2021. This represented almost a threefold increase compared to 1990. Oil is the primary energy source consumed in the country, as Saudi Arabia holds vast hydrocarbon reserves. It is also among the leading oil-producing countries worldwide.
In October 2021, Saudi Arabia consumed more gasoline and less diesel in the first eight months of 2021 than last year. Average motor and aviation gasoline demand in Saudi Arabia jumped to 470 thousand barrels per day (kbd) till August 2021, compared to 432 kbd for the previous year.
In February 2022, Saudi Arabia's shipments of refined products grew 32% in 2021, compared with the previous year, as the country exported more diesel and fuel oil. Diesel and fuel oil were the main products that drove exports higher, with 1.34 million daily barrels being shipped. Hence, increasing refined petroleum product consumption is expected to aid the growth of the Saudi Arabian refined petroleum products market during the forecast period.
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Automotive Fuels to Witness Significant Growth
Automotive fuels are expected to grow at a fast rate during the forecast period due to the government's new regulations to adopt upgraded and cleaner versions of petrol and diesel in the transportation sector. According to the International Organization of Motor Vehicle Manufacturers statistics, in 2021, about 557 thousand passenger cars and commercial vehicles were sold to customers in Saudi Arabia. The leading automotive brands in Saudi Arabia include Toyota, Hyundai, and Mazda.
Under the Kingdom's 2030 vision, the National Industrial Development Center (NIDC) aims to attract Original Equipment Manufacturers across the internal combustible engines (ICE) vehicles value chain, to produce 300,000 vehicles annually with a 40% local content by 2030. NIDC provides incentives for industrialization through loans, tax, and tariff exemptions. To meet the domestic demand and lower the overall carbon dioxide emissions of a vehicle, Hyundai Motor Group was to collaborate with the Saudi Arabian Oil Company (Aramco) and King Abdullah University of Science and Technology (KAUST) jointly in March 2022 to research and develop an advanced fuel for an ultra lean-burn, spark-ignition engine.
Hence, automotive fuel consumption is expected to grow significantly in the coming years due to the increasing automotive fleet and rising automotive sales.
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Competitive Landscape
The Saudi Arabian refined petroleum products market is moderately fragmented in nature. Some of the major players in the market (in no particular order) are Saudi Arabian Oil Company (Saudi Aramco), Arabian Petroleum Supply Company (APSCO), Chevron Corporation, Shell PLC, and TotalEnergies SE.
Saudi Arabia Refined Petroleum Products Industry Leaders
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Saudi Arabian Oil Company (Saudi Aramco)
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Chevron Corporation
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Shell PLC
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TotalEnergies SE
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Arabian Petroleum Supply Company (APSCO)
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- June 2022: Saudi Aramco announced plans to review domestic prices of liquid petroleum gas (gas cylinders) and kerosene annually. The local prices are evaluated per the governance procedures for adjusting the prices of energy and water products.
- February 2022: Saudi Arabia's shipments of refined products increased by 32% in 2021, compared with the previous year, as the country exported more diesel and fuel oil. Diesel and fuel oil were the main products that drove exports higher, with 1.34 million daily barrels being shipped.
- October 2021: Saudi Arabia consumed more gasoline and less diesel in the first eight months of 2021 than last year. The average demand for motor and aviation gasoline in Saudi Arabia jumped to 470 thousand barrels per day (kbd) in August 2021, compared to 432 kbd for the previous year.
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Saudi Arabia Refined Petroleum Products Market Report Scope
Refined petroleum products are derived from crude oils through catalytic cracking and fractional distillation, which have distinct physical and chemical properties.
The Saudi Arabian refined petroleum products market is segmented by product. By product, the market is segmented into automotive fuels, marine fuels, aviation fuels, liquefied petroleum gas (LPG), and other products. For each segment, the market sizing and forecasts are provided in terms of value in USD billion.
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Key Questions Answered in the Report
What is the current Saudi Arabia Refined Petroleum Products Market size?
The Saudi Arabia Refined Petroleum Products Market is projected to register a CAGR of greater than 3% during the forecast period (2025-2030)
Who are the key players in Saudi Arabia Refined Petroleum Products Market?
Saudi Arabian Oil Company (Saudi Aramco), Chevron Corporation, Shell PLC, TotalEnergies SE and Arabian Petroleum Supply Company (APSCO) are the major companies operating in the Saudi Arabia Refined Petroleum Products Market.
What years does this Saudi Arabia Refined Petroleum Products Market cover?
The report covers the Saudi Arabia Refined Petroleum Products Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Saudi Arabia Refined Petroleum Products Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Saudi Arabia Refined Petroleum Products Market Report
Statistics for the 2025 Saudi Arabia Refined Petroleum Products market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saudi Arabia Refined Petroleum Products analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
