Oil & Gas Downstream Market Size (2024 - 2029)

The oil and gas downstream market is projected to experience growth over the forecast period, driven by factors such as increased refining capacity in regions like Asia-Pacific and the Middle East, along with rising industrialization in developing countries. However, the expansion of the market is expected to face challenges due to the growing prevalence of fuel-efficient and electric vehicles in both developed and emerging economies. Despite these challenges, advancements in digitalization and modernization within the refining and petrochemical sectors are anticipated to lower costs and process losses, presenting opportunities for market growth. The Asia-Pacific region, particularly China, Southeast Asia, and India, currently leads in market demand.

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Market Size of Oil & Gas Downstream Industry

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Oil & Gas Downstream Market Summary
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

Major Players

Oil & Gas Downstream Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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).

Over 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 & gas downstream market during the forecast period.

On the other hand, the growing share of fuel-efficient vehicles and increasing penetration of electric vehicles in both developed and emerging economies are expected to hinder market 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 & gas downstream market, with the majority of the demand coming from China, Southeast Asia, and India.

Oil & Gas Downstream Industry Segmentation

The oil and gas downstream market consists of all the assets beyond the midstream or transport segment of the hydrocarbon value chain. It is focused on processing raw hydrocarbon feedstock such as crude oil and natural gas to produce refined and specialty products through various industrial processes.

The market is segmented by type and geography. By type, the market is segmented into refinery and petrochemical plants. The report also covers the market size and forecasts for the oil & gas downstream market across major regions, such as Asia-Pacific, North America, Europe, South America, and the Middle East and Africa. 

For each segment, the market sizing and forecasts have been done based on revenue (USD).

Type
Refineries
Petrochemical Plants
Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})
North America
United States
Canada
Rest of North America
Europe
Germany
France
United Kingdom
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Chile
Rest of South America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle-East and Africa
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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.

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Oil & Gas Downstream Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2028

    3. 1.3 Oil & Gas Production Scenario (2012-2028)

    4. 1.4 Oil & Gas Consumption Scenario (2012-2028)

    5. 1.5 Refinery Throughput Capacity (2012-2028)

    6. 1.6 Key Projects Information

      1. 1.6.1 Existing Projects

      2. 1.6.2 Projects in Pipeline

      3. 1.6.3 Upcoming Projects

    7. 1.7 Crude Oil Price Trend Analysis (2012-2022)

    8. 1.8 Recent Trends and Developments

    9. 1.9 Government Policies and Regulations

    10. 1.10 Market Dynamics

      1. 1.10.1 Drivers

        1. 1.10.1.1 Increasing Refining Capacity across Asia-Pacific and the Middle-East

        2. 1.10.1.2 Rising Industrialization in Developing Countries

      2. 1.10.2 Restraints

        1. 1.10.2.1 Increasing Penetration of Electric Vehicles

    11. 1.11 Supply Chain Analysis

    12. 1.12 Porter's Five Forces Analysis

      1. 1.12.1 Bargaining Power of Suppliers

      2. 1.12.2 Bargaining Power of Consumers

      3. 1.12.3 Threat of New Entrants

      4. 1.12.4 Threat of Substitutes Products and Services

      5. 1.12.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Refineries

      2. 2.1.2 Petrochemical Plants

    2. 2.2 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

        3. 2.2.1.3 Rest of North America

      2. 2.2.2 Europe

        1. 2.2.2.1 Germany

        2. 2.2.2.2 France

        3. 2.2.2.3 United Kingdom

        4. 2.2.2.4 Italy

        5. 2.2.2.5 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 India

        3. 2.2.3.3 Japan

        4. 2.2.3.4 Australia

        5. 2.2.3.5 Rest of Asia-Pacific

      4. 2.2.4 South America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Chile

        4. 2.2.4.4 Rest of South America

      5. 2.2.5 Middle-East and Africa

        1. 2.2.5.1 Saudi Arabia

        2. 2.2.5.2 United Arab Emirates

        3. 2.2.5.3 South Africa

        4. 2.2.5.4 Rest of Middle-East and Africa

Oil & Gas Downstream Market Size FAQs

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.

In 2024, the Oil & Gas Downstream Market size is expected to reach USD 1.15 trillion.

Oil & Gas Downstream Market Report Snapshots

Oil and Gas Downstream Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)