Major companies in the oil downstream products market include Royal Dutch Shell; Exxon Mobil Corporation; China Petroleum & Chemical Corporation; BP Plc and Chevron. The global oil downstream products market is expected to grow from $2042.
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oil Downstream Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018853/?utm_source=GNW
01 billion in 2020 to $2534.61 billion in 2021 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 $3181.88 billion in 2025 at a CAGR of 6%.
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 oil downstream products market is segmented into refined petroleum products and asphalt, lubricating oil and grease.
Asia Pacific was the largest region in the global oil downstream products market, accounting for 30% of the market in 2020. North America was the second largest region accounting for 18% of the global oil downstream products market. South America was the smallest region in the global oil downstream products market.
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.
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, Nigeria and Columbia constituted 74% of all attacks on oil and gas assets in 2016 , thereby causing significant disruption to oil and gas supplies.
The oil downstream activities market was mainly driven by rapid growth in emerging markets in the historic period. Emerging markets growth was aided by rising disposable income, stable political environment and increasing foreign investments in these countries. For instance, according to the IMF, China’s GDP grew from $11 trillion in 2015 to $13.6 trillion in 2018. Additionally, according to the World Economic Outlook Reports by the IMF, emerging markets and developing economies together registered a growth of 4.0% in 2015 and this increased to 4.5% in 2018. Thus, strong economic growth boosted the demand for products such as diesel, gasoline, asphalt and this drove the oil downstream activities market during the historic period.
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