Market Size of Oil & Gas Downstream Industry
| 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
*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.
