The global oil downstream activities market size is expected to grow from $2.54 trillion in 2021 to $2.88 trillion 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 $4.71 trillion in 2026 at a CAGR of 13.1%.
What is the Global Oil Downstream Activities Market?
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.
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What drives the Global Oil Downstream Activities Market?
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.
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Global Oil Downstream Activities Market Segments
The global oil downstream activities market is segmented:
By Type: Refined Petroleum Products Manufacturing, Asphalt, Lubricating Oil and Grease Manufacturing
By Fraction: Light Distillates, Middle Distillates, Heavy Oils
By Application: Crude Petroleum Comprises, Natural Gas Extraction Comprises
By Geography: The regions covered in the oil downstream activities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Oil Downstream Activities Global Market Report 2022 provides market size and growth forecasts for the global oil downstream activities market, global oil downstream activities market share, oil downstream activities market segments and geographies, oil downstream activities market competitive landscape including leading competitors’ revenues, profiles and market shares. The oil downstream activities market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Oil Downstream Activities Industry Playersinclude Royal Dutch Shell, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, BP Plc, and Chevron. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
