Oil Downstream Products Global Market Report 2022

Oil Downstream Products Global Market Report 2022

  • March 2022 •
  • 400 pages •
  • Report ID: 6247577 •
  • Format: PDF
Major companies in the market include Royal Dutch Shell, BP plc, Exxon Mobil, Saudi Aramco, PJSC Lukoil, Chevron, Total SA, Marathon Petroleum Corporation, Valero Energy Corp, and Bharat Petroleum Corporation Limited.

The global oil downstream products market is expected to grow from $2,042.01 billion in 2021 to $2,534.61 billion in 2022 at a compound annual growth rate (CAGR) of 24.1%. The growth 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 market is expected to reach $3,181.88 billion in 2026 at a CAGR of 6%.

The global oil downstream products market is expected to grow from $2538.57 billion in 2021 to $2884.23 billion in 2022 at a compound annual growth rate (CAGR) of 13.6%. The growth 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 market is expected to reach $4712.92 billion in 2026 at a CAGR of 13.1%.

The oil downstream products 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 products are refined petroleum products, asphalt, lubricating oil and grease.Refined petroleum products are extracted from crude oil using catalytic cracking and fractional distillation methods.

Physical and chemical characteristics of refined petroleum products vary depending on the type of crude oil and subsequent refining processes. The various fraction of products includes light distillates, middle distillates, heavy oils that are used for fuel, chemical and other applications.

Asia Pacific was the largest region in the oil downstream products market in 2021.North America was the second largest region in the oil downstream products market.

The regions covered in the oil downstream products market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Disruption in supply of oil in certain markets due to political instability and extremism was one of the major factors affecting the growth of global oil downstream activities market.Oil supplies from major crude oil exporters such as Libya, Iraq, Nigeria and Columbia were getting disrupted due to political instability and terrorist attacks on oil and gas wells and refineries, thus affecting the growth of the market.

For instance, in December 2020, in a terrorist attack, explosives were used to set fire to two wells in a small oilfield in northern Iraq , thereby causing significant disruption to oil and gas supplies.

To reduce the pollution levels, companies have started adopting the gas to liquid technology which produce high quality petroleum products.The gas to liquid technology is the conversion of natural gas to high quality liquid products such as transportation fuels, motor oils, naphtha, diesel and waxes.

This technology uses natural gas as a substitute to crude oil as gas and is considered to be the cleanest burning fossil fuel and is abundant, versatile and easily affordable.The by- products obtained by using the GTL technology are colorless, odorless and contain negligent amounts of impurities.

For Instance, Shell, Chevron and PetroSA have adopted this technology to produce transportation fuels, oils and by products to produce plastics, detergents and cosmetics.

The countries covered in the oil downstream products 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.