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Petroleum Liquid Feedstock Market by Type and Geography - Forecast and Analysis 2022-2026

  • Published: May 2022
  • Pages: 136
  • SKU: IRTNTR73539
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At an accelerating CAGR of 3.5%, the petroleum liquid feedstock market share is expected to increase to USD 53.62 billion from 2021 to 2026. This report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.

This petroleum liquid feedstock market research report extensively covers market segmentations by the following:

  • Type - Naphtha and Gasoil 
  • Geography - APAC, Europe, North America, Middle East and Africa, and South America 

The petroleum liquid feedstock market report also offers information on several market vendors, including Bharat Petroleum Corp. Ltd., BP Plc, Chevron Corp., China National Petroleum Corp., Equinor ASA, Exxon Mobil Corp., Kuwait National Petroleum Co., Nayara Energy Ltd., Oil and Natural Gas Corp. Ltd., Reliance Industries Ltd., Shell plc, and TotalEnergies SE among others.

What will the Petroleum Liquid Feedstock Market Size be During the Forecast Period?

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Petroleum Liquid Feedstock Market: Key Drivers, Trends, and Challenges

The rapid growth of the transportation sector is notably driving the petroleum liquid feedstock market growth, although factors such as volatility in global crude oil prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the petroleum liquid feedstock industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Petroleum Liquid Feedstock Market Driver

  • One of the key factors driving the global petroleum liquid feedstock industry growth is the rapid growth of the transportation sector owing to population growth and urbanization.
  • Global passenger car vehicle production in 2021 increased by more than 30% from that in 2015.
  • Commercial vehicle production in 2021 increased by more than 40% from that in 2014, indicating strong growth in the demand for commercial vehicles.
  • In 2020, North America, Europe, and South Asia collectively accounted for more than 40% of global commercial vehicle production.
  • In the EU, passenger car production in 2021 grew by more than 18% over that in 2017.
  • Automotive companies such as Tesla Inc., Citroen UK Ltd., and Great Wall Motor Co. Ltd. are planning to enter the Indian automobile market by launching their respective car models in the coming years.
  • The growth of the transportation sector will drive the demand for transportation fuels such as gasoline during the forecast period.

Key Petroleum Liquid Feedstock Market Trend

  • Adoption of blockchain in the oil and gas refining industry is one of the key petroleum liquid feedstock market trends that is expected to impact the industry positively in the forecast period.
  • Technological advances, such as blockchain, are being introduced to address issues of handling data and logistics.
  • Blockchain enables the fast processing of transactions between all the stakeholders in the supply chain and maintains transparency, thereby ensuring security.
  • Smart Refinery Technologies Group OU has been creating a global network of small tonnage oil refineries based on the industrial blockchain platform for the motor fuel industry as well as innovative proprietary design for oil refining equipment.
  • International Business Machines Corp. offers solutions to apply blockchain to enable a reduction in cash cycle time, increase transaction visibility, and reduce overhead and intermediary costs.
  • The technological developments will facilitate the development, particularly in developing economies, and at the same time foster enhanced efficiencies in existing refineries in the coming years.

Key Petroleum Liquid Feedstock Market Challenge

  • One of the key challenges to the global petroleum liquid feedstock industry growth is the volatility in global crude oil prices, which has a large impact on the price of petroleum products such as naphtha.
  • Lower crude oil prices compel these companies to cancel or postpone oil and gas E&P projects.
  • The increase in the production of shale oil in the US led to an increase in global crude oil supply and reduced crude oil imports in the country.
  • According to the IEA, the average crude oil price was approximately USD 54.77 per barrel in January 2021, which inclined to 67.73 per barrel in April 2021.
  • The EIA predicts that by 2025, Brent crude oil's nominal price will rise to USD 66 per barrel, which is expected to reach USD 89 per barrel by 2030.
  • Downstream companies are adversely affected when crude oil prices fluctuate since the price at which the crude oil is sold is determined by the market, although production costs are largely fixed by the manufacturers.
  • The continuous fluctuations in crude oil prices will hamper the growth of the market during the forecast period.

This petroleum liquid feedstock market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global petroleum liquid feedstock market as a part of the global oil and gas refining and marketing market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the petroleum liquid feedstock market during the forecast period.

Who are the Major Petroleum Liquid Feedstock Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Bharat Petroleum Corp. Ltd.
  • BP Plc
  • Chevron Corp.
  • China National Petroleum Corp.
  • Equinor ASA
  • Exxon Mobil Corp.
  • Kuwait National Petroleum Co.
  • Nayara Energy Ltd.
  • Oil and Natural Gas Corp. Ltd.
  • Reliance Industries Ltd.
  • Shell plc
  • TotalEnergies SE

 

This statistical study of the petroleum liquid feedstock market encompasses successful business strategies deployed by the key vendors. The petroleum liquid feedstock market is concentrated and the vendors are deploying growth strategies such as investment in R&D to compete in the market.

Product Insights and News

  • Bharat Petroleum Corp. Ltd. - The company offers Petroleum liquid feedstocks such as PP feedstock.
  • Bharat Petroleum Corp. Ltd. - Under the unified segment, the company offers petroleum, natural gas, LNG, lubricants, and petrochemicals.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The petroleum liquid feedstock market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Petroleum Liquid Feedstock Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the petroleum liquid feedstock market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Petroleum Liquid Feedstock Market?

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53% of the market’s growth will originate from APAC during the forecast period. China, India, and Russia are the key markets for petroleum liquid feedstock in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The increasing refinery expansion projects and rising demand for oil and gas and their byproducts, especially in developing countries such as China and India will facilitate the petroleum liquid feedstock market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 severely affected the economies of most countries in APAC. The rise in the number of COVID-19 cases and several deaths caused by the coronavirus across the region compelled governments to introduce nationwide lockdowns across the region during the first half of 2020. This led to the postponement of several oil and gas exploration projects and major fluctuation in crude oil prices. However, the initiation of vaccination drives led to the lifting of lockdown restrictions and the resumption of operations in major oil and gas refineries in the second half of 2020. This increased the demand for fuel in the region. Hence, the regional market is expected to recover and grow during the forecast period, owing to the increasing demand for fuel and government initiatives to expand refineries in the region.

What are the Revenue-generating Type Segments in the Petroleum Liquid Feedstock Market?

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The petroleum liquid feedstock market share growth by the naphtha segment will be significant during the forecast period. The increased refining capacity and investments in oil refining will drive the growth of the refinery products and, subsequently, will fuel the growth of naphtha in the coming years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the petroleum liquid feedstock market size and actionable market insights on post COVID-19 impact on each segment.

 

Petroleum Liquid Feedstock Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 3.5%

Market growth 2022-2026

$ 53.62 billion

Market structure

Concentrated

YoY growth (%)

2.5

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 53%

Key consumer countries

US, Saudi Arabia, China, India, and Russia

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Bharat Petroleum Corp. Ltd., BP Plc, Chevron Corp., China National Petroleum Corp., Equinor ASA, Exxon Mobil Corp., Kuwait National Petroleum Co., Nayara Energy Ltd., Oil and Natural Gas Corp. Ltd., Reliance Industries Ltd., Shell plc, and TotalEnergies SE

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Petroleum Liquid Feedstock Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive petroleum liquid feedstock market growth during the next five years
  • Precise estimation of the petroleum liquid feedstock market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the petroleum liquid feedstock industry across APAC, Europe, North America, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of petroleum liquid feedstock market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Type

    • 5.1 Market segments
      • Exhibit 24: Chart on Type - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Type - Market share 2021-2026 (%)
    • 5.2 Comparison by Type
      • Exhibit 26: Chart on Comparison by Type
      • Exhibit 27: Data Table on Comparison by Type
    • 5.3 Naphtha - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Naphtha - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 29: Data Table on Naphtha - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 30: Chart on Naphtha - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Naphtha - Year-over-year growth 2021-2026 (%)
    • 5.4 Gasoil - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Gasoil - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 33: Data Table on Gasoil - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 34: Chart on Gasoil - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Gasoil - Year-over-year growth 2021-2026 (%)
    • 5.5 Market opportunity by Type
      • Exhibit 36: Market opportunity by Type ($ billion)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 40: Chart on Geographic comparison
      • Exhibit 41: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 42: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 43: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 44: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 45: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 North America - Market size and forecast 2021-2026
      • Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 55: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 56: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 China - Market size and forecast 2021-2026
      • Exhibit 62: Chart on China - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 63: Data Table on China - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 64: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.9 US - Market size and forecast 2021-2026
      • Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.10 India - Market size and forecast 2021-2026
      • Exhibit 70: Chart on India - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 71: Data Table on India - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 72: Chart on India - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on India - Year-over-year growth 2021-2026 (%)
    • 7.11 Russia - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Russia - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 75: Data Table on Russia - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 76: Chart on Russia - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Russia - Year-over-year growth 2021-2026 (%)
    • 7.12 Saudi Arabia - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Saudi Arabia - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 79: Data Table on Saudi Arabia - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 80: Chart on Saudi Arabia - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Saudi Arabia - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 82: Market opportunity by geography ($ billion)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 83: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 85: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 86: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 87: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 88: Matrix on vendor position and classification
            • 10.3 Bharat Petroleum Corp. Ltd.
              • Exhibit 89: Bharat Petroleum Corp. Ltd. - Overview
              • Exhibit 90: Bharat Petroleum Corp. Ltd. - Product / Service
              • Exhibit 91: Bharat Petroleum Corp. Ltd. - Key offerings
            • 10.4 BP Plc
              • Exhibit 92: BP Plc - Overview
              • Exhibit 93: BP Plc - Business segments
              • Exhibit 94: BP Plc - Key offerings
              • Exhibit 95: BP Plc - Segment focus
            • 10.5 Chevron Corp.
              • Exhibit 96: Chevron Corp. - Overview
              • Exhibit 97: Chevron Corp. - Business segments
              • Exhibit 98: Chevron Corp. - Key news
              • Exhibit 99: Chevron Corp. - Key offerings
              • Exhibit 100: Chevron Corp. - Segment focus
            • 10.6 China National Petroleum Corp.
              • Exhibit 101: China National Petroleum Corp. - Overview
              • Exhibit 102: China National Petroleum Corp. - Product / Service
              • Exhibit 103: China National Petroleum Corp. - Key offerings
            • 10.7 Equinor ASA
              • Exhibit 104: Equinor ASA - Overview
              • Exhibit 105: Equinor ASA - Business segments
              • Exhibit 106: Equinor ASA - Key offerings
              • Exhibit 107: Equinor ASA - Segment focus
            • 10.8 Exxon Mobil Corp.
              • Exhibit 108: Exxon Mobil Corp. - Overview
              • Exhibit 109: Exxon Mobil Corp. - Business segments
              • Exhibit 110: Exxon Mobil Corp. - Key offerings
              • Exhibit 111: Exxon Mobil Corp. - Segment focus
            • 10.9 Kuwait National Petroleum Co.
              • Exhibit 112: Kuwait National Petroleum Co. - Overview
              • Exhibit 113: Kuwait National Petroleum Co. - Product / Service
              • Exhibit 114: Kuwait National Petroleum Co. - Key offerings
            • 10.10 Oil and Natural Gas Corp. Ltd.
              • Exhibit 115: Oil and Natural Gas Corp. Ltd. - Overview
              • Exhibit 116: Oil and Natural Gas Corp. Ltd. - Business segments
              • Exhibit 117: Oil and Natural Gas Corp. Ltd. - Key offerings
              • Exhibit 118: Oil and Natural Gas Corp. Ltd. - Segment focus
            • 10.11 Shell plc
              • Exhibit 119: Shell plc - Overview
              • Exhibit 120: Shell plc - Business segments
              • Exhibit 121: Shell plc - Key news
              • Exhibit 122: Shell plc - Key offerings
              • Exhibit 123: Shell plc - Segment focus
            • 10.12 TotalEnergies SE
              • Exhibit 124: TotalEnergies SE - Overview
              • Exhibit 125: TotalEnergies SE - Business segments
              • Exhibit 126: TotalEnergies SE - Key news
              • Exhibit 127: TotalEnergies SE - Key offerings
              • Exhibit 128: TotalEnergies SE - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 129: Inclusions checklist
                • Exhibit 130: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 131: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 132: Research methodology
                • Exhibit 133: Validation techniques employed for market sizing
                • Exhibit 134: Information sources
              • 11.5 List of abbreviations
                • Exhibit 135: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The petroleum liquid feedstock market growth will increase by $53.62 billion during 2022-2026.
              The petroleum liquid feedstock market is expected to grow at a CAGR of 3.5% during 2022-2026.
              Technavio has segmented the petroleum liquid feedstock market by geographic (APAC, Europe, North America, Middle East and Africa, and South America).
              Bharat Petroleum Corp. Ltd., BP Plc, Chevron Corp., China National Petroleum Corp., Equinor ASA, Exxon Mobil Corp., Kuwait National Petroleum Co., Nayara Energy Ltd., Oil and Natural Gas Corp. Ltd., Reliance Industries Ltd., Shell plc, TotalEnergies SE are a few of the key vendors in the petroleum liquid feedstock market.
              APAC will register the highest growth rate of 52.92% among the other regions. Therefore, the petroleum liquid feedstock market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the petroleum liquid feedstock market growth are:
              • Rapid growth of transportation sector
              • Adoption of blockchain in the oil and gas refining industry
              The petroleum liquid feedstock market vendors should focus on grabbing business opportunities from the segment as it accounted for the largest market share in the base year.
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