Oil and Gas Industry Overview

The construction lubricants market consists of sales of construction lubricants by entities (organizations, partnerships, and sole proprietors) that are chemical compounds used in machinery and equipment to lower friction between surfaces in contact, consequently lowering the amount of heat generated while the movement on the surface. It can also transfer forces, carry foreign particles, for heating or cooling the surfaces. Lubrication is the application of a friction-reducing layer between moving surfaces in contact to reduce friction and wear. Lubricants can be semi-solid (grease, silicon gels), liquid or fluid (oils), or solid (steel, Teflon, graphite). The main types of construction lubricants are hydraulic fluid, engine oil, gear oil, automatic transmission fluid (ATF), grease, and compressor oil. Hydraulic fluid functions as a medium for energy transfer or power transmission, as well as a lubricant and sealer. The fluids applied in various types of machinery, equipment, and across industries are called hydraulic fluids or hydraulic oils. Types of base oil for construction lubricants include synthetic oil and mineral oil. Construction lubricants are used in applications such as earthmoving equipment, material handling equipment, heavy construction vehicles, and others. The global construction lubricants market size is expected to grow from $11.14 billion in 2021 to $11.40 billion in 2022 at a compound annual growth rate (CAGR) of 2.41%. The global construction lubricants market size is expected to grow to $13.48 billion in 2026 at a CAGR of 4.28%. A rise in construction and mining activities is significantly contributing to the growth of the construction lubricants market. Construction lubricant is a substance that lowers friction between surfaces in contact, consequently lowering the amount of heat generated while the movement on the surface. Lubricating oil is largely used in marine engines, automobiles, and other machinery. For instance, the mining and construction equipment industry in India is likely to grow by 15-20% in the calendar year 2021 and 5-10% in the year 2022. The first quarter of 2021 is estimated to have reported a strong equipment demand growth of 45-50%, following a 10-12% contraction in FY2020. The global construction market is expected to grow by $4.5 trillion between 2020 and 2030 to reach $15.2 trillion with $8.9 trillion in emerging markets in 2030. These factors are expected to significantly drive the construction lubricants market. The development of zinc-free (ashless) lubricants is a key trend in the construction lubricants industry. Construction lubricants are a type of lubricant used to reduce friction between moving parts or surfaces and to enhance the efficiency of the machines used in the construction industry. Lubricants with zinc levels that are too high have a history of leading to the corrosion of some metals, such as yellow metals, as they chemically attack the metal surfaces, along with environmental harm. Zinc-free lubricants on the other hand, have outstanding ability to prevent wear, rust, foam, oxidation, air, and water entrainment and provide excellent thermal stability. For instance, formulation of the zinc-free lubricants reduces sludge by 85 to 99.5%, retains more viscosity, reduces metal wear by 04-06%, and extends the useful service life to at least twice that of the ZDDP-based hydraulic oil. On April 15, 2020, GP Global, an energy-to-agriculture conglomerate, acquired Nigeria-based Grand Petroleum’s lubricants assets for an undisclosed sum. The acquisition allows GP Global to strengthen its presence in Nigeria and West Africa. Through local manufacturing and a strong distribution network in Nigeria, the acquisition will position them as one of the fastest-growing global lubricants and base oil businesses. Grand Petroleum Inc. is an emerging oil and gas company that explores for and produces oil and gas on its properties located in Alberta, Canada. Major players in the construction lubricants market are ExxonMobil Corporation, Royal Dutch Shell, Total Energies SE, China Petrochemical Corporation, Chevron Corporation, PetroChina Company Limited, FUCHS Petrolub SE, Lukoil, Sinopec, Phillips 66 Company, Morris Lubricants, Penrite Oil, Valvoline, Liqui Moly GmbH, ENI SPA, Addinol Lube Oil GmbH, Indian Oil Corporation, Bel Ray Company LLC., Gulf Oil India, and Totalenergies Se. Europe was the largest region in the construction lubrication market in 2021. Asia Pacific is expected to be the fastest-growing region in the global construction lubricants market during the forecast period. The regions covered in global construction lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the global construction lubricants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global construction lubricants market is segmented - 1) By Basis Type: Hydraulic Fluid, Engine Oil, Gear Oil, Automatic Transmission Fluid (ATF), Grease, Compressor Oil 2) By Base Oil: Synthetic Oil, Mineral Oil 3) By Application: Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, Others

The industrial nitrogen market consists of sales of industrial nitrogen by entities (organizations, sole traders, and partnerships) that refer to high-purity nitrogen obtained by different methods for usage in industries. Nitrogen gas is colourless, odourless, and chemically inert, used in industrial applications where chemical cross-reactivity between substrates is undesirable such as food processing, beverage and brewery industries, oil and gas recovery and others. The main industrial nitrogen forms include compressed gas and liquid nitrogen. Compressed gas are stored under pressure in cylinders. Compressed nitrogen gas is a non-reactive gas constituting 78% of atmosphere. The different industrial nitrogen grades include high purity and low purity. The different industrial nitrogen technologies include cryogenic fractional distillation, pressure swing adsorption and membrane separation. Industrial nitrogen is transported through bulk, cylinder and packed gas and tonnage/pipeline, which is used by end-users including petrochemical, oil and gas, metal manufacturing and fabrication, food and beverage, electronics, pharmaceutical and healthcare and chemical. The global industrial nitrogen market size is expected to grow from $16.7 billion in 2021 to $17.6 billion in 2022 at a compound annual growth rate (CAGR) of 5.7%. The global industrial nitrogen market size is then expected to grow to $22.1 billion in 2026 at a CAGR of 5.8%. The growth of the food and beverage industry is contributing to the growth of the industrial nitrogen market. The food and beverages industry uses nitrogen in commercial foods and drinks production processes. It is used in modified atmosphere packaging to prolong the freshness of commercially manufactured food items. For instance, the global food and beverage market is expected to grow from $6,196.1 billion in 2021 to $8,641.0 billion in 2026. Hence, the growing food and beverage industry is expected to propel the industrial nitrogen market in the forecast period. Increasing merger and acquisitions is a key trend gaining popularity in the industrial nitrogen market. For instance, in November 2019, Air Liquide, a French multinational company that supplies industrial gases and services acquired Southern Industrial Gases for an undisclosed amount. This acquisition will double Air Liquide’s Packaged Gases filling capacity in Malaysia and will deliver significant synergies by enlarging the company’s footprint and providing Air Liquide with a geographical density across Malaysia. Southern Industrial Gases is a Malaysia-based manufacturer of industrial gases. In August 2019, Air Water, a Japan-based industrial gas company acquired Linde’s South India business for the deal for $194 million. This acquisition of Linde’s South India business will help AWI take over liquefied gas production and supply facilities and customers in the region. Linde is an Ireland based leading industrial gases company. Major players in the industrial nitrogen market are Praxair, Air Products And Chemicals, Air Liquide, Linde, Taiyo Nippon Sanso, Cryotec, Bhuruka Gases Limited, Sudanese Liquid Air company, Canair Nitrogen Inc, Messer Group, Nexair LLC, Gulf Cryo, Southern Industrial Gas, Universal Industrial Gases, Inc., Yingde Gases Group Company, Ellenbarrie Industrial Gases, Bombay Oxygen Corporation Ltd, Emirates Industrial Gases, Parker Hannifin Corp, Chengdu Taiyu Industrial Gases Co and Aspen Air Corp Asia Pacific was the largest region in the Industrial Nitrogen market in 2021. Asia Pacific is expected to be the fastest-growing region in the global industrial nitrogen market during the forecast period. The regions covered in the global industrial nitrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the industrial nitrogen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global industrial nitrogen market is segmented - 1) By Form: Compressed Gas, Liquid Nitrogen 2) By Grade: High Purity, Low Purity 3) By Technology: Cryogenic Fractional Distillation, Pressure Swing Adsorption, Membrane Separation 4) By Transportation and Distribution: Bulk, Cylinder and Packed Gas, Tonnage/Pipeline 5) By End-Use Inustry: Petrochemical, Oil and Gas, Metal Manufacturing and Fabrication, Food and Beverage, Electronics, Pharmaceutical and Healthcare, Chemical

The specialties of lube oil refinery market consists of sales of specialties of lube oil refinery products by entities (organizations, sole traders, or partnerships) that are used in automotive, industrial, cosmetic, and pharmaceutical applications. Specialties of lube oil refinery are the byproducts of lube oil refining. These products consist of a mixture of hydrocarbon molecules. The products include anti-ozone wax, paraffin wax, slack wax, and white oil. Lube oil is widely used in reducing the friction between mechanical components, and in motorized vehicles to lubricate the engine. The main types of specialty of lube oil refinery products include microcrystalline wax, fully refined wax, white oil, rubber process oil, slack wax, semi refined wax, and petrolatum. These products are mainly used in used in candles, wax paper, polishes, cosmetics, electrical insulation, extracting perfume from flowers, medical ointment, water proof coat for wood, match industry, food and chocolate polishing, and PVC. By type of oil, the market is segmented into group I base oil, group II base oil, and group III base oil. Major end-user industries include automotive, pharmaceutical, textile, cosmetic, food and beverages, and packaging. In the automotive industry, lube oil is mainly used in mechanical testing, vibration analysis, ultrasonic inspection, data logging, component testing, RADAR ranging, telematics, engine performance and ignition monitoring. The global specialties of lube oil market size is expected to grow from $9.45 billion in 2021 to $9.67 billion in 2022 at a compound annual growth rate (CAGR) of 2.29%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global lube oil specialties market size is expected to reach $10.69 billion in 2026 at a CAGR of 2.53%. Growing demand from the automotive and cosmetic industries has led to an expansion of the specialties of lube oil refinery market. Lube oil is in huge demand in the automotive industry as lubricants are extensively used in automobiles to enhance the performance and fuel efficiency of a vehicle. Lube oils are widely used in cosmetics. The global beauty industry was valued at $511 billion in 2021, supporting the demand for lube oils in cosmetics. So, growing automotive and cosmetic industry is driving the specialties of lube oil refinery market. The launch of new products is a key trend in the specialties of lube oil refinery market. Manufacturers are increasingly launching new, innovative products to improve their market share. For example, in July 2021, Valvoline Inc. launched a new diesel engine oil named "Valvoline All-Terrain" for heavy duty and off-highway diesel engines. The product was developed for harsh operating conditions such as construction, mining and agriculture, and can offer enhanced viscosity, wear protection, and oxidation stability in rigorous conditions. In April 2021, IMM Private Equity agreed to acquire 40% stake in SK Lubricants, owned by SK Innovation, for about one trillion won ($900 million). SK Lubricants is a South Korea-based company and is the world’s largest lube base oil supplier. With this deal, SK innovation has planned to use the funds to boost its financial stability and to fund new businesses. IMM Private Equity is a South Korean private equity firm. Major players in the specialties of lube oil refinery market are Exxon Mobil Corporation., China Petrochemical Corporation., Shell International B.V., Royal Dutch Shell Plc, Total, Eni Deutschland GmbH, Repsol, LUKOIL, Petroliam Nasional Berhad (PETRONAS), HollyFrontier Corporation, Nynas AB, Indian Oil Corporation Ltd, Honeywell International Inc., Cepsa SA, MORESCO Corporation, Gandhar Oil, and H&R GROUP. The regions covered in the global lube oil specialties market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the specialties of lube oil refinery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global specialties of lube oil refinery market is segmented - 1) By Type: Fully Refined Wax, White Oil, Rubber Process Oil, Slack Wax, Semi Refined Wax, Petrolatum, Microcrystalline Wax 2) By Oil: Group I Base Oil, Group II Base Oil, Group III Base Oil 3) By End-User: Automotive, Pharmaceutical, Textile, Cosmetic, Food and Beverages, Packaging

The marine lubricants market consists of sales of marine lubricants by entities (organizations, sole traders, and partnerships), that are used by ships and other seafaring vehicles. Marine lubricants are frequently utilized to protect and improve the performance of engines and equipment. They are specifically developed to provide optimum performance in operations such as extending engine life and safeguarding components at high temperatures, boosting machine efficiency and dependability, enhancing mechanical wear protection, and preventing cold corrosion. By creating a layer that minimizes friction between moving contact surfaces, marine lubricant reduces friction and wear. reduce friction, prevent wear, protect equipment from corrosion, manage temperature by dissipating heat, control pollution to a filter, convey power, and provide a fluid seal are all functions of lubricants. The main types of products of marine lubricants are engine oil, hydraulic oil, turbine oil, gear oil, greases and others. The hydraulic oil refers to a hydraulic substance used in liquid-pressure hydraulic systems. In the hydraulic system, it performs functions such as energy transmission, system lubrication, anti-corrosion, anti-rust, cooling, and sealing. Hydraulic oil is a unique type of oil that is used to transfer power. The various types of oil are mineral oil (paraffinic oil, naphthenic oil, aromatic oil), synthetic oil (PAO, PAG, esters), bio-based (plant source, animal fats), grease (metallic soap thickener and non-soap thickener, inorganic thickener) used in different ship types such as bulk carriers (handysize, handymax, panamax, capesize), tankers (panamax, aframax, suezmax, very large crude carrier (VLCC), ultra large crude carrier (ULCC), container ship and others (reefers, drill ships, passenger ships, roll on roll off ships, service ships). The global marine lubricants market size is expected to grow from $6.96 billion in 2021 to $7.24 billion in 2022 at a compound annual growth rate (CAGR) of 4.00%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The marine lubricant market is expected to reach $8.67 billion in 2026 at a CAGR of 4.62%. The increase in demand for bio-based lubricants is expected to propel the growth of the marine lubricants market. All lubricants that are biodegrade quickly dissolve and are not hazardous to humans or aquatic habitats are referred to as bio-lubricants. They are also known as eco-friendly, biodegradable, or sustainable lubricants. Because of the biodegradability and low toxicity of bio-lubricants, as well as the benefit of fewer emissions from utilizing them, the marine industry is becoming a prominent area that uses them. For instance, according to American Oil Chemists' Society (AOCS), the global market for bio-lubricants is predicted to rise from $2 billion, which was indicated in the year 2020 to $2.4 billion, which is projected for the year 2025, as environmental rules and regulations in the marine industry improve. Therefore a rise in demand for bio-lubricants drives the growth of the marine lubricants market. Strategic collaborations between companies are a key trend gaining popularity in the marine lubricant market. Companies manufacturing marine lubricants are undergoing partnerships and collaboration to develop new technologies and products. For instance in April 2021, Crown oil, a fuels, and lubricants distribution company located in Bury, Greater Manchester, England, and Valvoline, an American manufacturer and distributor of automotive oil, additives, and lubricants involved in a partnership. The deal enables Crown oil to offer a wide range of high-quality Valvoline products to the heavy-duty, agricultural, fleet, and marine sectors and allows Valvoline to explore the base oil market as they do not refine their base oils from crude oil. In another partnership, in August 2021, Wilh. Wilhelmsen Holding ASA, a Norwegian multinational maritime group, headquartered in Lysaker, Norway entered into a partnership with Klubler Lubricants, a leading manufacturer of specialty lubricants based in the US. The deal enables Wilhelmsen holdings to take over sales, logistics, and consulting of Klüber Lubrication’s maritime portfolio for its sea-going vessels. In May 2019, Chevron U.S.A Inc (CUSA), a wholly-owned subsidiary of Chevron Corporation, a multinational energy corporation based in the US, completed its acquisition of Pasadena Refining System from Petrobras America Inc. for a deal amount of $350 million dollars. This acquisition strengthens Chevron's Gulf Coast business, allowing them to serve more of the region's retail lubricant market with Chevron-produced products and putting them in a better position to connect to their Permian Basin upstream assets. Petrobras America, Inc. is a subsidiary of Petrobras Brazil, a state-owned oil firm with headquarters in Houston, Texas. In the Gulf of Mexico, the corporation is involved in oil exploration and the production of marine lubricants. Major players in the marine lubricants market are BP plc, Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Corporation, Sinopec Corporation, PJSC Lukoil, Idemitsu Kosan Co. Ltd., Total S.A., Castrol, Gulf Oil Marine, Synforce Lubricants., Valvoline LLC, PetroChina, Eni S.p.A, Croda International Plc, Bailey’s Marine Fuels, Quepet Lubricants, JX Nippon Oil & Energy Corporation, IKO Marine Lubricant Supply Co. Ltd, Repsol SA, Aegean Oil SA, Fuchs Lubricants Co., Indian Oil Corporation Ltd. (IOCL), and Stanley Lubricants. Asia Pacific was the largest region in the marine lubricants market in 2021. The regions covered in the marine lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the marine lubricants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The global marine lubricants market is segmented - 1) By Product Type: Engine Oil, Hydraulic Oil, Turbine Oil, Gear Oil, Greases, Others 2) By Oil Type: Mineral Oil (Paraffinic Oil, Naphthenic Oil, Aromatic Oil), Synthetic Oil (PAO, PAG, Esters), Bio-Based (Plant Source, Animal Fats), Grease (Metallic Soap Thickener, Non-Soap Thickener, Inorganic Thickener) 3) By Ship Type: Bulk Carriers (Handysize, Handymax, Panamax, Capesize), Tankers (Panamax, Aframax, Suezmax, Very Large Crude Carrier (VLCC), Ultra Large Crude Carrier (ULCC)), Container Ships, Others (Reefers, Drill Ships, Passenger Ships, Roll On Roll Off Ships, Service Ships)

The oil and gas market consists of sales of oil and gas by entities (organizations, sole traders or partnerships) that undertake the exploration for, extraction, drilling, and refining, of oil and gas and some of its derivatives. This market does not include petrochemicals. The main types are oil & gas upstream activities; oil downstream products. Oil and gas upstream activities include exploration activities, such as creating geological surveys and obtaining land rights and production activities, such as onshore and offshore drilling. The various drilling types include offshore; onshore that are used for residential, commercial, institutions and other applications. The global oil and gas market size is expected to grow from $6,098.98 billion in 2021 to $6,819.04 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The oil & gas market is expected to reach $10,376.28 billion in 2026 at a CAGR of 11.1%. Low interest rates in most developed countries will positively impact the oil and gas industry during the forecast period. For instance, in 2019, the European Central Bank decreased interest rates to -0.5% on deposits from banks to encourage lending. This created a flow of cheap money for investment, both in developed and developing economies. It also encouraged borrowing and discouraged saving in advanced markets, helping to drive spending. Oil and gas companies were able to borrow more money for process improvements and expansion projects, thus driving the market during this period. Oil price volatility is likely to have a negative impact on the market as significant decline and increase in oil prices negatively impacts the government and consumer spending. The decline in oil prices is having a negative impact on government spending in countries such as Saudi Arabia, Nigeria and the UAE (United Arab Emirates) which are largely dependent on revenues generated through crude oil exports; whereas significant increase in oil prices had resulted in rising inflation, current account deficit and fiscal deficit in countries such as India and China, which predominantly import oil. For instance, the Saudi government is expected to cut down its spending from 1.05 trillion riyals ($280 billion) in 2019 to 1.02 trillion riyals ($270 billion) in 2020, to 955 billion riyals ($255 billion) by 2022, due to significant decline in revenues generated from oil exports, thereby affecting the market. This high volatility in oil prices is expected to negatively impact the market going forward. Major companies in the oil and gas industry are looking into big data analytics and artificial intelligence (AI) to enhance decisions making abilities and thus drive profits. The companies in this industry gather huge amounts of raw data relating to the working of refineries, pipelines and other infrastructure through a large number of sensors placed across the oil rig. Using big data analytics, the companies can detect patterns which can allow them to quickly react to unwanted changes or potential defects, thus saving costs. AI allows the companies to take better drilling and operational decisions. Companies such as ExxonMobil and Shell have been increasingly investing in AI technology to have a centralized method of data management and support data integration across multiple applications. Other companies such as Sinopec, a Chinese chemical and petroleum corporation, has announced its decision to construct 10 intelligent centers to help in reducing operation costs by 20%. Major companies in the oil and gas market include Royal Dutch Shell, BP plc, Saudi Aramco, Exxon Mobil, Gazprom PAO, Chevron, Iraq Ministry of Oil, PJSC Lukoil, Total SA, and Rosneft. Asia Pacific was the largest region in the oil and gas market in 2021. North America was the second largest region in the oil and gas market. The regions covered in the oil and gas market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oil and gas market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The global oil and gas market is segmented - 1) By Type: Oil and Gas Upstream Activities, Oil Downstream Products 2) By Drilling Type: Offshore, Onshore 3) By Application: Residential, Commercial, Institutions, Others Subsegments Covered: Crude Oil, Natural Gas, Oil and Gas Wells Drilling Services, Oil and Gas Supporting Activities, Refined Petroleum Products, Asphalt, Lubricating Oil and Grease

The oil and gas upstream activities market consists of sales of crude oil and natural gas by entities (organizations, sole traders or partnerships) that undertake the pre-refining activities of crude oil and natural gas production. The main types of oil and gas upstream activities are crude oil, natural gas, oil and gas wells drilling services, oil and gas supporting activities. Crude oil is a naturally occurring petroleum product made up of hydrocarbon deposits and other organic materials that is extracted from the earth and refined into gasoline, jet fuel, and other petroleum products. The different drilling types include offshore, onshore and is used by various sectors such as crude petroleum comprises, natural gas extraction comprises The global oil & gas upstream activities market size is expected to grow from $3,567.49 billion in 2021 to $3,934.81 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The oil and gas upstream activities market is expected to reach $5,663.36 billion in 2026 at a CAGR of 9.5%. Oil and gas extraction companies around the world are investing heavily in digital oilfield technology to enhance oil and gas production. Digital oil fields integrate advanced software, hardware, and data analysis techniques to collect real-time data from the oilfield. They consist of visualization, product surveillance, integrated decision making, and remote communication systems. Digital technologies in oil fields include high-performance drill bits, advanced electrical submersible pumps, and 3D seismic imaging and reservoir modelling. Oilfields digitization facilitates efficient utilization of human resources and thus optimizes the profitability of oil production. This technology is changing the competitive landscape with a fact that an increase in production efficiency by ten percentage points can yield an impact of $220 million to $260 million on the bottom-line. According to IHS CERA, digital oilfield implementation leads to increase in oil production by 2 to 8%and reduction in operating expense by 5 to 25%. For instance, some of the major companies investing in digital oilfields include Noble Corp, Statoil and Apache Corp. Oil and gas well drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy. 3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to 20% and reduction in non-productive drilling time by 20%. These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites. For instance, some of the major companies offering 3D visualization technology companies include eDrilling, Hexagon, Mechdyne and Landmark. Oil and gas wells drilling service providers are using seismic technology to map and interpret potential hydrocarbon reserves. 4D seismic technology is used to track the change in the physical properties of the reservoir rocks which are caused due to changes in reservoir pressure, temperature and fluid saturation. It tracks these changes by repeating 3D seismic surveys over time-to-time to create a time-lapse or 4D seismic image. These technology works as a tool to minimize drilling risk and maximize the return on investment. For instance, some of the major companies using this technology include Statoil, NTNU, and Chevron. Major companies in the oil and gas upstream activities market include Iraq Ministry of Oil, Gazprom PAO, Saudi Aramco, National Iranian Oil Company, Royal Dutch Shell, Rosneft, Schlumberger Ltd., Equinor, Gazprom Neft, and Chevron. Asia Pacific was the largest region in the oil and gas upstream activities market in 2021. North America was the second largest region in the oil & gas upstream activities market. The regions covered in the oil and gas market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oil and gas upstream activities market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The global oil & gas upstream activities market is segmented - 1) By Type: Crude Oil, Natural Gas, Oil And Gas Wells Drilling Services, Oil And Gas Supporting Activities 2) By Drilling Type: Offshore, Onshore 3) By End-User: Crude Petroleum Comprises, Natural Gas Extraction Comprises Subsegments Covered: Onshore Drilling Services, Offshore Drilling Services, Well Maintenance, Exploration, Well Developing

The oil downstream activities market consists of sales of the post extraction activities for crude oil and natural gas by entities (organizations, sole traders or partnerships) that provide post extraction activities for crude oil and natural gas, including refined petroleum products manufacturing and asphalt, lubricating oil and grease manufacturing. The main types of oil downstream activities are refined petroleum products manufacturing, asphalt, lubricating oil and grease manufacturing. Refined petroleum products manufacturing include transformation and refining of crude oil into useful products such as gasoline (petrol), diesel fuel, asphalt base, fuel oils, heating oil, kerosene, liquefied petroleum gas, and petroleum naphtha. The different fractions include light distillates, middle distillates, heavy oils and is used in various applications such as crude petroleum comprises, natural gas extraction comprises The global oil downstream activities market size is expected to grow from $2,538.57 billion in 2021 to $2,884.23 billion in 2022 at a compound annual growth rate (CAGR) of 13.6%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The oil downstream activities market is expected to reach $4,712.92 billion in 2026 at a CAGR of 13.1%. Refineries are increasingly adopting carbon capture and storage techniques to reduce CO2 emission levels in the atmosphere. This technique involves trapping of CO2 at its emission source and transporting it to a different storage location which is actively monitored and measured. This way CO2 is isolated from the atmosphere, thereby reducing emission levels. For instance, Quest, a partnership venture of Shell, Canada Energy and Chevron is fully integrated CCS project that captures CO2 produced from refineries and prevents it from entering the atmosphere by storing it in underground formations. Globally there are about 15 large scale projects and 7 under construction projects with the capacity to capture about 40 million tonnes CO2 per annum, thus indicating the potential of CCS technology in minimizing carbon emissions. Major players in the oil downstream activities market are Royal Dutch Shell, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, BP Plc, and Chevron. North America was the largest region in the oil downstream activities market in 2021. Asia Pacific was the second largest region in the oil downstream activities market. The regions covered in the oil downstream activities market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oil downstream activities market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The global oil downstream activities market is segmented - 1) By Type: Refined Petroleum Products Manufacturing, Asphalt, Lubricating Oil and Grease Manufacturing 2) By Fraction: Light Distillates, Middle Distillates, Heavy Oils 3) By Application: Crude Petroleum Comprises, Natural Gas Extraction Comprises Subsegments Covered: Diesel, Gasoline, Fuel Oil, Kerosene, Others – Refined Petroleum Products Manufacturing, Asphalt, Other Petroleum Products

The oil and gas wells drilling services market consists of sales of oil and gas wells drilling services by entities (organizations, sole traders or partnerships) that undertake oil and gas wells drilling services for others on a contract or fee basis. The oil and gas wells drilling services industry includes contractors specializing in spudding in, drilling in, redrilling, and directional drilling. This market covers outsourced drilling services sold on a contract basis to oil and gas extraction companies and does not include any in-house drilling services of oil and gas extraction companies. The main types of oil and gas wells drilling services are onshore drilling services and offshore drilling services. Onshore drilling entails driving a drilling rig deep into the earth to reach fossil fuels. Onshore drilling services include the construction of oil and gas wells for production, exploration, and appraisal, as well as other types of wells such as vertical, deviated, and horizontal wells. The various services offered include directional drilling, non-directional drilling and the machine parts used are rigs, pipes, bits, reamers and others. The global oil and gas wells drilling services market size is expected to grow from $112.66 billion in 2021 to $121.03 billion in 2022 at a compound annual growth rate (CAGR) of 7.4%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The oil and gas well drilling service market is expected to reach $154.62 billion in 2026 at a CAGR of 6.3%. The rapid pace of innovation in the oil and gas exploration and drilling technologies is boosting production volumes and reducing production costs. Technological advances are allowing oil and gas wells drilling companies to enhance oil and gas recovery rates and considerably reduce production costs. For instance, 3D seismic technology is being used to optimize exploration and drilling processes to enhance oil and gas production levels and cut down costs associated with exploration and drilling. Other areas of rapid technological advances in the oil and gas market include hydraulic fracturing and horizontal drilling. Thus, advancements and innovation in exploration and drilling technologies are expected to drive the oil and gas wells drilling services market during the forecast period. The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the oil and gas wells drilling services market in 2020 as fears over COVID-19 resulted in lower oil prices, exasperated by a price war when the members of the OPEC cartel were unable to agree on production cuts in February 2020, resulting in a decline in the dollar price of WTI Crude per barrel falling from around $50 to around $25. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of lockdown and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the oil and gas wells drilling services market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. In addition, current oil prices are uneconomic for many operators and are likely to result in lower supply in the medium term, as operators cut activity or cease trading, resulting in an upturn in prices. Oil and gas wells drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy. 3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to 20% and reduction in non-productive drilling time by 20%. These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites. For instance, some of the major companies offering 3D visualization technology companies include eDrilling, Hexagon, Mechdyne, Landmark. Major companies in the oil and gas wells drilling services market include Baker Hughes Co, Schlumberger Ltd., Halliburton, China Oilfield Services Ltd., Transocean Ltd., Helmerich & Payne, Inc., Weatherford International plc, Nabors Industries Ltd., Valaris PLC, and Saipem. North America was the largest region in the oil and gas wells drilling services market in 2021. The Middle East was the second largest region in the oil and gas wells drilling services market. The regions covered in the oil and gas wells drilling market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oil and gas wells drilling services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The global oil and gas wells drilling services market is segmented - 1) By Type: Onshore Drilling Services, Offshore Drilling Services 2) By Service: Directional Drilling, Non-Directional Drilling 3) By Machine Parts: Rigs, Pipes, Bits, Reamers, Others