Southeast Asia Oil & Gas Downstream Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Southeast Asia Oil & Gas Downstream Market Analysis
The Southeast Asia oil and gas downstream market is expected to register a CAGR of greater than 4% during the forecast period.
The market was negatively impacted by COVID-19. Presently the market has now reached pre-pandemic levels.
- Over the medium period, the increasing demand for oil and natural gas and rising foreign direct investments are expected to boost the Southeast Asian oil and gas downstream market during the forecast period.
- On the other hand, with the advent of reliable and cheaper renewable energy, more investment may not be focused on refineries, thereby hindering the market.
- Nevertheless, Southeast Asian countries are eager to discover and produce oil and natural gas reserves, leading to increased exploration and discoveries, which could provide an opportunity for many refineries as the cost of importing reduces.
- The Vietnamese downstream industry is expected to grow substantially during the forecast period. Increasing consumption in the country is a significant factor in this growth. Construction and expansion of refineries are also occurring, which is expected to boost the market's growth.
Southeast Asia Oil & Gas Downstream Market Trends
This section covers the major market trends shaping the Southeast Asia Oil & Gas Downstream Market according to our research experts:
Refining Sector to Witness Growth
- Southeast Asia is home to some of the fastest-growing economies. The cumulative population is expected to grow by 13% by 2030, with the region's GDP doubling in the same period.
- In recent years, the region witnessed an increase in oil refining capacity. Many construction and expansion projects are planned in major countries like Thailand, Singapore, and Malaysia, including the Pengerang Energy Complex and Sipitang Oil & Gas Industrial Park (SOGIP) in Malaysia, the Sriracha refinery expansion in Thailand, and the expansion of integrated manufacturing complex in Singapore by ExxonMobil.
- According to the BP Statistical Review of World Energy 2022, Singapore had the largest refining capacity of 1,461 thousand barrels daily as of 2021, followed by Thailand, Indonesia, Malaysia, Vietnam, and other Southeast Asian countries.
- Southeast Asia has been witnessing increasing investments in the oil and gas downstream industry, with Indonesia, Malaysia, and the Philippines being the regional fueling hotspots. For instance, in October 2022, the Indonesian national energy company Pertamina intended to invest up to USD 50 billion in the country's refinery sector. Approximately USD 24 billion will be spent on a greenfield refinery that will be built in East Java province in collaboration with the Russian state energy company Rosneft. The refinery will occupy an area of 840 hectares in Tuban Regency, and there will be 14 refining units for vehicle fuels and seven for petrochemicals.
Vietnam Downstream to Witness Growth
- The country has been long dependent on the import of refined oil from countries like India and China, which have a robust downstream sector. To reduce the dependence on refined oil imports and supplement the growing Vietnamese upstream industry, the Government of Vietnam initiated the expansion of the downstream sector.
- Increased investments in the country will also support the growth of the market. For instance, in December 2021, Essar jointly invested USD 300 million in Vietnam's offshore hydrocarbon block. Thus, increasing oil and gas production will likely support the market's growth during the forecast period.
- In April 2022, Binh Son Refining and Petrochemical of Vietnam announced an investment of USD 1.2 billion to renovate and expand its Dung Quat refinery, increasing its processing capacity to 7.6 million tons of crude oil per year from 6.5 million tons.
- In Vietnam, oil consumption increased to 464 thousand barrels daily in 2021 from 397 thousand barrels in 2014. Increasing demand and increasing oil consumption are boosting the market's growth.
- Hence, the Vietnamese downstream industry is expected to witness substantial growth during the forecast period. New proposed agreements and expansion in the refineries and petrochemical plants are expected to be prominent drivers in the Vietnamese downstream industry.
Southeast Asia Oil & Gas Downstream Industry Overview
The Southeast Asian oil and gas downstream market is moderately consolidated. The major companies (not in a particular order) include Petroliam Nasional Berhad, Shell PLC, ExxonMobil Corporation, PT Pertamina, and Hyundai Engineering Co., among others.
Southeast Asia Oil & Gas Downstream Market Leaders
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ExxonMobil Corporation
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PT Pertamina
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Shell PLC
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Hyundai Engineering Co.
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Petroliam Nasional Berhad
*Disclaimer: Major Players sorted in no particular order
Southeast Asia Oil & Gas Downstream Market News
- In August 2022, PetroVietnam Power announced plans to build an oil refining plant and petrochemical complex in the country. The total investment is expected to be up to USD 18.5 billion.
- In May 2022, Thailand's national oil company PTT, and Saudi Arabian Oil Company signed a memorandum of understanding at a ceremony in Bangkok to expand their downstream presence in Asia. As part of the agreement, the companies intended to cooperate more closely in sourcing crude oil, refining and marketing petrochemical products, and liquefied natural gas (LNG). Other potential areas of activity include the use of blue and green hydrogen, as well as various clean energy programs.
Southeast Asia Oil & Gas Downstream Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Refining Capacity Installed and Forecast in thousand barrels per day, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraint
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Refineries
5.1.1 Overview
5.1.1.1 Existing Infrastructure
5.1.1.2 Projects in Pipeline
5.1.1.3 Upcoming Projects
5.2 Petrochemicals Plants
5.2.1 Overview
5.2.1.1 Existing Infrastructure
5.2.1.2 Projects in Pipeline
5.2.1.3 Upcoming Projects
5.3 Geography
5.3.1 Thailand
5.3.2 Singapore
5.3.3 Indonesia
5.3.4 Malaysia
5.3.5 Vietnam
5.3.6 Rest of Southeast Asia
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Shell PLC
6.3.2 Hyundai Engineering Co.
6.3.3 PTT Public Company Limited
6.3.4 Perusahaan Gas Negara TBK
6.3.5 Exxon Mobil Corporation
6.3.6 Vietnam Oil and Gas Group
6.3.7 Petroliam Nasional Berhad
6.3.8 PT Pertamina
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Southeast Asia Oil & Gas Downstream Industry Segmentation
The processes of refining, marketing, and eventually selling petroleum products are referred to as downstream. In the downstream business, a corporation refines crude oil and natural gas and markets and sells petroleum products to wholesale and retail customers. Processed natural gas is often sold directly to electric and gas utilities.
The Southeast Asia oil and gas downstream market is segmented by refineries, petrochemical plants, and geography. The report also covers the market size and forecasts for the oil and gas downstream market across major countries in the region. For each segment, the market sizing and forecasts have been done based on refining capacity (thousand barrels per day).
| Refineries | |||||
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| Petrochemicals Plants | |||||
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| Geography | |
| Thailand | |
| Singapore | |
| Indonesia | |
| Malaysia | |
| Vietnam | |
| Rest of Southeast Asia |
Southeast Asia Oil & Gas Downstream Market Research FAQs
What is the current Southeast Asia Oil and Gas Downstream Market size?
The Southeast Asia Oil and Gas Downstream Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Southeast Asia Oil and Gas Downstream Market?
ExxonMobil Corporation, PT Pertamina, Shell PLC, Hyundai Engineering Co. and Petroliam Nasional Berhad are the major companies operating in the Southeast Asia Oil and Gas Downstream Market.
What years does this Southeast Asia Oil and Gas Downstream Market cover?
The report covers the Southeast Asia Oil and Gas Downstream Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Southeast Asia Oil and Gas Downstream Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Southeast Asia Oil and Gas Downstream Industry Report
Statistics for the 2024 Southeast Asia Oil and Gas Downstream market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Southeast Asia Oil and Gas Downstream analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Southeast Asia Oil and Gas Downstream Report Snapshots
