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According to the study undertaken by Astute Analytica the Philippines Petroleum Market was valued at US$ 13,317.2 Million in 2021 and is forecasted to reach US$ 17,292.1 Million by 2027. The market is expected to register a CAGR of 4.4% during the forecast period 2022-2027. The petroleum industry includes the processes of exploration, extraction, refining, transporting and marketing of petroleum products. Fuel oil and gasoline are the largest volume products of the petroleum industry. Philippines Petroleum Market is driven by resurgence of upstream petroleum industry and increasing oil & gas explorations in the Philippines. However, impact on natural gas production and high dependency on imports are expected to hinder the market growth.
Market Dynamics and Trends
Drivers and Opportunity
The increasing oil and gas explorations in the Philippines are constantly boosting growth in the country’s petroleum industry as the demand for energy is ever-increasing with the thrust of many business sectors to automation and paperless transactions. The continuing emergence of business process outsourcing companies and electronic portals for learning and government processes, for instance, require a constant source of electricity. Furthermore, resurgence of upstream petroleum industry is expected to boost the market growth as demand for energy continues to rise in conjunction with the growing economy. The upstream industry includes offshore and onshore activities including wellhead automation, fractionation, completion and separation to recover and prepare underground or underwater crude oil and natural gas. Also, the government is aiming to spur new investment in the upstream sector through the issuing of new blocks. Policymakers have adopted a series of reforms in a recent bid in order to support energy security and further guide new wave of sector investment.
Also, in pursuit of improving the country’s energy security as well as to contribute to mitigating the adverse environmental effect of energy utilization, the government is continuously implementing programs that promote the utilization of alternative fuels, new and advance energy technologies to effectively diversify and manage the country’s utilization of energy resources.
The impact on natural gas production and high dependency on imports will restrain the overall growth of the Philippines petroleum market. The deterioration in demand will decline the natural gas production in the country in the near future. Moreover, Philippines largely imports various types of crude oil & gas from other countries. The fluctuations in the foreign exchange rate may sometimes impact the Philippines petroleum industry. Furthermore, the oil and gas sector face heavy scrutiny regarding environmental issues such as air and water quality and offshore regulation which further hinders the market growth. Market Segmentation
Condensate segment is expected to grow with the highest CAGR over the forecast period
Based on form type, the Philippines petroleum market is segmented into natural gas, condensate and crude oil. Condensate segment is also expected to grow at a fastest CAGR of 8.4% over the forecast period.
Fuel segment holds the major share in Philippines Petroleum Market
On the basis of product type, fuel segment holds a major share in terms of revenue in Philippines petroleum Market owing to increasing use of petroleum for production of fuel. However, natural gas segment is expected to project the highest CAGR of 8.4% during the forecast period.
Pharmaceuticals and Cosmetics segment is expected to grow with fastest CAGR over the forecast period
In terms of application, transportation fuels segment is expected to hold the largest market share during the forecast period owing to focus of key market players in this segment. Pharmaceuticals and Cosmetics segment is expected to grow with the fastest CAGR of 6.1% over the forecast period.
Industrial segment accounts for the dominant share in the Philippines Petroleum Market
Based on end user segment, the Philippines petroleum market is segmented into industrial, residential, commercial, electric power and transportation. Industrial segment is contributed the major share in the Philippines petroleum industry owing to increasing usage of petroleum in various industries. Transportation segment is expected to grow with the highest CAGR of 5.9% over the forecast period.
Philippines Petroleum Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the market include Cosco Capital Incorporated, Alsons Consolidated Resources Inc., Anglo Philippine Holdings Corporation, Forum Pacific, Inc., NIDO Petroleum Philippines Pty Ltd., Novus Petroleum Ltd., Conoco Phillips, Petron, Shell, Chevron, Phoenix and Sea Oil Philippines among others.
Philippines Petroleum Market is segmented based on form, product, application and end user. The industry trends in Philippine’s petroleum Market are sub-divided into different categories in order to get a holistic view of the Philippines petroleum Market.
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:
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