The Italy oil & gas downstream market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 0.5% during 2023–2031.The growth of the market is attributed to the rising disposable income, stable political environment, and increasing foreign investment.
Downstream operations involve converting oil & gas into the finished product. This includes refining crude oil into gasoline, natural gas liquids, and diesel. Oil & gas operations can be divided into upstream, midstream, and downstream. The refining process takes place in midstream, while downstream operation includes distribution of oil & gas. Refinery technicians carefully combine a variety of streams from the processing units to produce gasoline. Octane level and vapor pressure ratings are the key factors that determine the gasoline blend.
Downstream stage refers to the filtering of raw materials obtained during the upstream phase , which is also known as refining crude oil and purifying natural gas. 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. Petroleum is the primary material for a multitude of chemical products, such as pharmaceuticals, fertilisers, solvents, and plastics. Petroleum refineries change crude oil into petroleum products for its usage in transportation, heating, paving roads, and generating electricity, and as feed stock for producing various chemicals.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing production of oil is expected to boost the demand for the oil & gas downstream market during the forecast period.
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Rising exploration of oil wells and increasing production of fossil fuels are projected to drive the market growth.
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Reducing transportation cost of oil is estimated to propel the market expansion in the projected timeline.
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Growing adoption of gas to liquid technology to high-quality petroleum products is anticipated to spur the market growth.
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Expanding usage of natural gas as a substitute to crude oil as gas is one of the key drivers fueling the market growth. Natural gas is the cleanest burning fossil fuel and is abundant, versatile, and easily affordable, which has increased its demand in the country.
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Rapid growth of the renewable energy sector can challenge the growth of the market in the coming years.
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Sluggish growth of oil & gas downstream industry due to economic slowdown across countries owing to the COVID-19 outbreak is anticipated to hamper the market expansion. However, declining cases of the virus is expected to help the market recover soon.
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Increasing R&D investment and ongoing technological advancement in the oil & gas sector is projected to create significant opportunities for the market players in the projected timeline.
Scope of the Report
The report on the Italy oil & gas downstream market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Italy Oil and Gas Downstream Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Refineries and Petrochemicals
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Geographical Zone
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Italy
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Esso Italiana Srl, Eni SPA, PJSC Lukoil Oil Company, Total SA, and Anonima Petroli Italiana.
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Italy Oil & Gas Downstream Market Segment Insights
Refineries segment is projected to register at healthy CAGR
The refineries segment is anticipated to expand at a healthy CAGR during the forecast period. Increasing government investment in the oil & gas refineries sector is expected to drive the market growth. Refining breaks crude oil down into various components, which are selectively reconfigured into new products. Rising number of players entering the oil & gas industry and increasing investment by private players are expected to propel the market segment.
Petrochemical plants segment is anticipated to account for a large market share
The petrochemical plants segment is anticipated to hold a large market share during the forecast period owing to increasing number of initiatives and adoption of latest technology in the oil & gas downstream market. Growing oil & gas consumption is expected to drive the market growth. The downstream stage of the petrochemical industry includes hydro desulphurization. This process removes poisonous hydrogen sulfide from crude oil and raw natural gas. Each stage of the petrochemical plants plays an important role in providing the petrochemical products.
Segments
Segments Covered in the Report
The Italy oil & gas downstream market has been segmented as
Refineries
Petrochemicals
Country
Key Players
Competitive Landscape
Key players competing in the Italy oil & gas downstream market include Esso Italiana Srl, Eni SPA, PJSC Lukoil Oil Company, Total SA, and Anonima Petroli Italiana.
Major industry players are engaging in partnerships and mergers to expand their market share.
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