Between 2013 and 2023, the value added of refined petroleum products and coke in Australia exhibited significant fluctuations. The sector saw notable growth from 2013 to 2017, peaking dramatically with a 21.42% increase in 2017. However, this was followed by a sharp decline in 2018 and 2019, primarily driven by market volatility and external economic factors. The sector began to recover in 2021 with a robust 55.35% increase, demonstrating resilience amidst global disruptions. By 2023, the value stood at AUD 6.01 billion, marking a steady recovery with a 6.05% year-on-year growth and a five-year CAGR of 2.42%.

Future trends to watch for in the sector include:

Continued moderate growth with a forecasted five-year CAGR of 2.13% and an overall growth rate of 11.11% by 2028.
Potential impacts of global energy transitions on local refinery capacities and efficiency improvements.
Government policy changes and environmental regulations that could influence production costs and market dynamics.
Technological advancements in refining processes and alternative energy sources that may alter market demand.