In 2023, the turnover in the refined petroleum products sector in Austria reached 10.49 billion Euros. Over the past decade, the sector experienced fluctuations with notable declines in 2014 and 2020, and significant recoveries in 2018 and 2021. The average annual growth rate over the last 5 years stands at 1.12%, indicating moderate but steady growth.
Year-on-year variation in the most recent years shows a 10.55% growth in 2023 compared to the previous year, continuing from a 16.1% increase in 2022. However, the sector faced a severe contraction of 35.4% in 2020 due to the global pandemic, followed by a robust recovery of 31.2% in 2021.
Looking ahead, forecast data suggests a steady growth pattern with a 5-year CAGR of 1.92%, pushing the turnover to approximately 11.84 billion Euros by 2028. This indicates a relatively stable expansion of the sector.
Future trends to watch for include:
- Impact of alternative energy sources on petroleum product demand.
- Market adaptations to environmental regulations and sustainability goals.
- Technological advancements in refining processes.
- Potential geopolitical events influencing oil prices and supply chains.
