The Philippines petroleum industry market held a market value of USD 12,518.0 Million in 2020 and is forecasted to reach USD 17,292.1 Million by the year 2027. The market is anticipated to register a CAGR of 4.4% during the projected period.Petroleum industry is also known as the oil industry. It consists of the processes of exploring, extracting, refining, transporting, and marketing of petroleum-based products.
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Resurgence of upstream petroleum industry is expected to boost the market growth. Furthermore, increasing oil and gas explorations in the Philippines is also anticipated to fuel the market growth. However, impact on natural gas production and high dependency on imports are expected to hinder the market growth. The COVID-19 pandemic adversely affected the market players, as demand and consumption for petroleum decreased during the pandemic.
Increasing oil and gas explorations in the Philippines
The growing oil and gas explorations in Philippines are constantly boosting growth in the countrys petroleum industry. Furthermore, as of February 2021, law experts in the country are seeking to refocus the Philippine National Oil Companys investment mandate for production and exploration activities. Such initiatives are anticipated to boost the market growth.
Segments Overview: The Philippines petroleum industry market is segmented based on the form, product, application, and end user.
The condensate segment is anticipated to witness the fastest growth rate of 8.4% owing to its high demand in the country. Natural gas and crude oil segments are also anticipated to witness significant growth rates.
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By Product, Fuel
o Diesel fuel
o Fuel oil
o Liquefied petroleum gas
o Liquefied natural gas
The fuel segment is anticipated to hold the largest market share of around 66% owing to increasing use of petroleum for production of fuel. Within the fuel segment, the liquefied natural gas segment is expected to grow at a CAGR of 6.3% owing to its rising demand. The petroleum wax segment is estimated to surpass a market size of about USD 79 million by 2025.
By Application, Transportation fuels
o Electricity generation
Asphalt and road oil
Pharmaceuticals and Cosmetics
o Synthetic materials
The transportation fuels segment is expected to hold the largest market share owing to focus of market players in this segment. The pharmaceuticals and cosmetics segment is anticipated to witness a growth rate of around 6.1% during the projected period.
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By End User,
The industrial segment is expected to account for the dominant share of the market owing to increasing usage of petroleum in various industries. The transportation segment is expected to witness the fastest growth rate.
Competitive Landscape Key players operating in the Philippines petroleum industry market include Alcorn (Production) Philippines, Inc., Alsons Consolidated Resources, Inc, Altisima Energy, Inc, Anglo-Philippine Oil & Mining Corporation, Coplex Resources Nl, Forum Exploration, Inc., Nido Petroleum Philippines Pty. Ltd., Novus Petroleum Limited, Petroz N. L., Philippine National Oil Company-Exploration, Unocal Sulu, Ltd., Pilipinas Shell Petroleum, Chevron Philippines, SeaOil Philippines, Liquigaz Philippines Corp, Cosco Capital Incorporated, Phoenix Petroleum, Unioil, and SL Harbor, among others.
The cumulative market share of the twelve major players is near about 75%. These market players are involved in mergers & acquisitions, collaborations, and new product launches to strengthen their market presence. For instance, in January 2021, Phoenix Petroleum boosted marketing for its digital platform by providing discounted fuel vouchers through Limitless, an app-based loyalty program. The company enhanced its market presence with this development.
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The Philippines petroleum industry market report provides insights on the below pointers:
- Market Penetration: Provides comprehensive information on the market offered by the prominent players
- Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the Philippines petroleum industry market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
- Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The Philippines petroleum industry market report answers questions such as:
- What is the market size and forecast of the Philippines petroleum industry Market?
- What are the inhibiting factors and impact of COVID-19 on the Philippines petroleum industry Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Philippines petroleum industry Market?
- What is the competitive strategic window for opportunities in the Philippines petroleum industry Market?
- What are the technology trends and regulatory frameworks in the Philippines petroleum industry Market?
- What is the market share of the leading players in the Philippines petroleum industry Market?
- What modes and strategic moves are considered favorable for entering the Philippines petroleum industry Market?
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