Market Size of Oil & Gas Downstream Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.15 Trillion |
| Market Size (2029) | USD 1.33 Trillion |
| CAGR (2024 - 2029) | 2.88 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Oil & Gas Downstream Market Analysis
The Oil & Gas Downstream Market size is estimated at USD 1.15 trillion in 2024, and is expected to reach USD 1.33 trillion by 2029, growing at a CAGR of 2.88% during the forecast period (2024-2029).
- In the medium term, factors such as increasing refining capacity across Asia-Pacific and the Middle East and rising industrialization in developing countries are expected to drive the oil and gas downstream market during the forecast period.
- The growing share of fuel-efficient vehicles and increasing penetration of electric vehicles in developed and emerging economies are expected to hinder the market's growth during the forecast period.
- Nevertheless, digitalization and modernization of the refining and petrochemical sectors are expected to reduce refining costs and process losses. This, in turn, is expected to create an opportunity for the market during the forecast period.
- Asia-Pacific has dominated the oil and gas downstream market, with the majority of the demand coming from China, Southeast Asia, and India.
Oil & Gas Downstream Industry Overview
The oil and gas downstream sector encompasses refining crude oil into various petroleum products and processing natural gas into usable products. It includes refining crude oil into gasoline, diesel, jet fuel, and other products and producing petrochemicals such as plastics, fertilizers, and synthetic materials.
The market is segmented by type and geography. By type, the market is segmented into refinery and petrochemical plants. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
For each segment, the market sizes and forecasts were made based on revenue (USD).
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| Refineries | |
| Petrochemical Plants |
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Oil & Gas Downstream Market Size Summary
The oil and gas downstream market is poised for growth, driven by increasing refining capacities in Asia-Pacific and the Middle East, alongside rising industrialization in developing nations. This sector, which encompasses the refining of crude oil, processing of natural gas, and the marketing and distribution of derived products, is experiencing a shift in investment focus from North America to Asia-Pacific, particularly China, India, and Southeast Asia. The demand for refined products, especially from the transportation sector, has been a significant growth driver, with higher margins encouraging new investments. However, the market faces challenges from the growing adoption of fuel-efficient and electric vehicles, which could potentially dampen demand for traditional petroleum products. Despite these challenges, advancements in digitalization and modernization within the refining and petrochemical sectors are expected to optimize costs and reduce process losses, presenting new opportunities for market expansion.
The Asia-Pacific region dominates the global oil and gas downstream market, accounting for a substantial portion of the world's refining capacity. Countries like China and India are leading this growth, with significant investments in expanding and upgrading refinery capacities. For instance, major projects in India and China aim to enhance production capabilities and meet the increasing domestic and regional demand for refined products. Additionally, geopolitical events, such as the Russian-Ukrainian war, have influenced market dynamics, prompting regions like Europe to invest in refining capacities to compensate for supply shortages. Key industry players, including Reliance Industry Limited, BP PLC, Saudi Aramco, and others, are actively involved in these developments, further solidifying the market's growth trajectory. The ongoing expansion and modernization efforts in the region are expected to sustain the market's growth over the forecast period, making it a critical area of focus for industry stakeholders.
Oil & Gas Downstream Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD, till 2029
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1.3 Oil and Gas Production Scenario (2013 - 2029)
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1.4 Oil and Gas Consumption Scenario (2013 - 2029)
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1.5 Refinery Throughput Capacity (2013 - 2029)
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1.6 Key Projects Information
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1.6.1 Existing Projects
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1.6.2 Projects in Pipeline
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1.6.3 Upcoming Projects
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1.7 Crude Oil Price Trend Analysis (2013 - 2023)
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1.8 Recent Trends and Developments
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1.9 Government Policies and Regulations
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1.10 Market Dynamics
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1.10.1 Drivers
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1.10.1.1 Increasing Refining Capacity across Asia-Pacific and the Middle East
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1.10.1.2 Rising Industrialization in Developing Countries
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1.10.2 Restraints
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1.10.2.1 Increasing Penetration of Electric Vehicles
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1.11 Supply Chain Analysis
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1.12 Porter's Five Forces Analysis
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1.12.1 Bargaining Power of Suppliers
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1.12.2 Bargaining Power of Consumers
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1.12.3 Threat of New Entrants
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1.12.4 Threat of Substitutes Products and Services
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1.12.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Refineries
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2.1.2 Petrochemical Plants
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2.2 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2029 (for regions only)})
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Rest of North America
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2.2.2 Europe
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2.2.2.1 France
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2.2.2.2 Italy
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2.2.2.3 Germany
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2.2.2.4 United Kingdom
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2.2.2.5 Spain
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2.2.2.6 Nordic Countries
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2.2.2.7 Turkey
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2.2.2.8 Russia
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2.2.2.9 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 India
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2.2.3.3 Indonesia
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2.2.3.4 Japan
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2.2.3.5 South Korea
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2.2.3.6 Malaysia
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2.2.3.7 Thailand
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2.2.3.8 Vietnam
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2.2.3.9 Rest of Asia-Pacific
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Colombia
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2.2.4.4 Rest of South America
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2.2.5 Middle East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 United Arab Emirates
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2.2.5.3 South Africa
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2.2.5.4 Nigeria
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2.2.5.5 Qatar
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2.2.5.6 Egypt
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2.2.5.7 Rest of Middle East and Africa
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Oil & Gas Downstream Market Size FAQs
How big is the Oil & Gas Downstream Market?
The Oil & Gas Downstream Market size is expected to reach USD 1.15 trillion in 2024 and grow at a CAGR of 2.88% to reach USD 1.33 trillion by 2029.
What is the current Oil & Gas Downstream Market size?
In 2024, the Oil & Gas Downstream Market size is expected to reach USD 1.15 trillion.
