Global Artificial Intelligence (AI) in Oil and Gas Market 2023

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The Oil Downstream Products Global Market Report 2023 by The Business Research Company, provides oil downstream products market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/oil-downstream-products-global-market-report

According to The Business Research Company’s Oil Downstream Products Global Market Report 2023, the market size is expected to grow from$2,876.28 billion in 2022 to $2,972.96 billion in 2023 at a compound annual growth rate (CAGR) of 3.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global oil downstream products market is expected to grow to $3,313.63 billion in 2027 at a CAGR of 2.7%.

Disruption in the 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.

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The oil downstream products market is segmented:

1) By Type: Refined Petroleum Products, Asphalt, Lubricating Oil And Grease

2) By Fraction: Light Distillates, Middle Distillates, Heavy Oils

3) By Application: Fuel, Chemical, Other Applications

To reduce the pollution levels, companies have started adopting the gas to liquid technology which produce high quality petroleum products. 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 oil downstream products market report table of contents includes: