China Oil and Gas Downstream Market Size

Statistics for the 2023 & 2024 China Oil and Gas Downstream market size, created by Mordor Intelligence™ Industry Reports. China Oil and Gas Downstream size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of China Oil and Gas Downstream Industry

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China Oil and Gas Downstream Market- Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 4.58 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

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China Oil & Gas Downstream Market Analysis

The China oil and gas downstream market is expected to grow at a CAGR of over 4.58% during the forecast period of 2020- 2025. The taxation policies and development plans like increasing refining capacity and pipeline projects have been driving the downstream market. However, the volatile crude oil prices over the recent period and the continued switch to lower energy intensity in China and an increase in electric vehicle supplies are expected to hinder the growth of the oil and gas downstream market.

  • China leads the global oil refinery market, in terms of refining capacity. The region is expected to add about 3,721 million barrels per day (b/d) of new refining capacity in the next three years by adding new refineries.
  • The country's total refinery coking capacity, catalytic cracker capacity, and hydro-cracking capacity are expected to increase during the forecast period. The total coking capacity is expected to increase from 1991 mbd in 2018 to 2371 mbd in 2023.
  • As of 2019, China has a total of 179 active crude oil refineries and around 12 planned and announced refineries are expected to commence operations by 2023. The top three active refineries in China, in terms of the crude distillation unit capacity, are Maoming, Zhenhai, and Huizhou with 472 mbd, 462 mbd, and 440 mbd, respectively.
  • In December 2019, Russia's Gazprom opened the 'Power of Siberia' pipeline to China, to significant media and industry interest. The 8,100 kilometre long pipeline has been a substantial undertaking and will significantly impact China's gas market, providing up to 10% of China's entire gas supply by 2022.

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