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Philippines Petroleum Industry revenue was valued at US$ 13,317.2 Mn in 2021 and is estimated to reach US$ 17,292.1 Mn by 2027. The market is registering growth at a CAGR of 4.4% during the forecast period 2022-2027.
The growing impetus of the Philippines petroleum market is attributed to factors such as the resurgence of the upstream petroleum industry and increasing oil & gas explorations in the Philippines. The government is aiming to spur new investment in the upstream sector through the issuing of new blocks through the fifth Philippine Energy Contracting Round (PECR5). Initially launched in 2015, PECR5 offers a total of 11 petroleum blocks with a combined area of more than 4.7m ha in West Luzon, South-east Luzon, West Masbate-Iloilo, East Palawan, and the Recto Bank. Furthermore, the demand for energy in the Philippines is ever-increasing with the thrust of many business sectors to automation and paperless transactions. However, the Philippines largely imports oil & gas from other countries. In 2019, the Philippines imported various types of crude oil. Around 85% of the total crude mix (30,200 MB) was sourced from the UAE, Kuwait, Russia, and Saudi Arabia. Moreover, the oil and gas sector faces heavy scrutiny regarding environmental issues, such as air and water quality and offshore regulation.
The study of the Philippines petroleum market considers various determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the petroleum industry in the Philippines for 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the Philippines Petroleum Market across 9 Chapters and, 96 pages. The report includes data presentation across 9 tables and 24 statistical figures.
The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein bargaining power of buyers and intensity of rivalry is high.
The subsequent section provides details of the market analysis based on different segments such as form, product, application, and end-user. The report includes a detailed study of the value chain of the industry. It includes raw exploration, production, processing, transportation, and marketing. The report also covers extensively the key competitors in the market for petroleum in the Philippines.
Key Takeaways from the Philippines Petroleum Industry Report
The Philippines Petroleum Market is segmented based on form, product, application, and end-user. These segments are further sub-segmented into different categories to get a holistic view of the Philippines Petroleum Market. The following are the different segments of the Philippines Petroleum Market:
By Form segment of the Philippines Petroleum Market is sub-segmented into:
By Product segment of the Philippines Petroleum Market is sub-segmented into:
By Application segment of the Philippines Petroleum Market is sub-segmented into:
By End User segment of the Philippines Petroleum Market is sub-segmented into:
|Market Size Value in 2021||US$ 13,317.2 Mn|
|Expected Revenue in 2027||US$ 17,292.1 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Type, Application, and Region|
|Key Companies||Cosco Capital Incorporated, Forum Pacific, Inc., Novus Petroleum Ltd., Conoco Phillips, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The Philippines petroleum industry market is projected to grow at a CAGR of 4.4% during the forecast period 2022-2027.
Fuel oil and gasoline are the largest volume products of the petroleum industry.
Resurgence of upstream petroleum industry and increasing oil & gas explorations in the Philippines are driving the market growth.
Condensate segment holds the highest CAGR over the forecast period.
Transportation fuels segment dominates the Philippines petroleum industry market.
Industrial segment contributed the major share in the Philippines petroleum industry.
The impact on natural gas production and high dependency on imports will restrain the Philippines petroleum industry market.
The market was valued at US$ 13,317.2 Million in 2021 and is forecasted to reach US$ 17,292.1 Million by 2027.
Based on end user segment, the Philippines petroleum industry market is segmented into industrial, residential, commercial, electric power and transportation.
Pharmaceuticals and Cosmetics segment is expected to grow with fastest CAGR of 6.1% over the forecast period.
Natural gas segment has high adoption in Petroleum Industry market as this gas are less harmful to environment and are also more efficient in nature.
Cosco Capital Incorporated, Alsons Consolidated Resources Inc., Anglo Philippine Holdings Corporation, NIDO Petroleum Philippines Pty Ltd., Novus Petroleum Ltd., Conoco Phillips, Petron, Shell, Chevron, Phoenix and Sea Oil Philippines among others.