The China oil & gas market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 5.5% during 2023–2031. The growth of the market is attributed to growing demand for energy with the rising population in the country.
Oil & natural gas are major industries in the energy market and play an influential role in the global economy as they are world's primary fuel sources. The processes and systems involved in producing and distributing oil & gas are highly complex, capital-intensive, and require state-of-the-art technology.
China ranks seventh in oil production and second in crude oil consumption in the world. However, higher levels of natural gas or liquefied natural gas (LNG) consumption are expected to depend on more pipeline imports from the other countries.
China began to take drastic measures with its internal oil reserve programs as domestic oil production in China supplies only two-thirds of its requirements. The estimated consumption of crude oil was about 600 million tons in 2020. As techniques for extracting and refining fossil fuels are improved, petroleum and natural gas has become sought-after resources.
Market Trends, Drivers, Restraints, and Opportunities:
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Increasing exploration of unconventional gas resources is one of the major drivers that is contributing to the growth of the China oil & gas market.
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Rising technological advancements has resulted in the adoption of different types of drilling for oil & gas extraction, such as horizontal and directional drilling, which is expected to augment the market growth.
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Rising adoption of alternate transportation modes for oil & gas can restraint the market growth.
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Growing demand for renewable energy to reduce the rising carbon foot print can hinder the market growth.
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Stringent US sanctions can hinder the growth of the market.
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Growing number of government investments in the oil & gas industry is anticipated to create lucrative opportunities during the forecast period.
Scope of the Report
The report on the China oil & gas 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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Oil & Gas Market - China 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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Sectors (Upstream [Onshore and Offshore], Midstream [Transportation and Storage], and Downstream [Refineries and Petrochemical Plants])
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Regional scope
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North America, Latin America, Europe, Asia Pacific and Middle East & Africa
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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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China National Petroleum Corp., China Petroleum & Chemical Corporation (Sinopec), China National Offshore Oil Corporation (CNOOC), Exxon Mobil Corporation, Chevron Corporation, BP Plc, and Royal Dutch Shell Plc.
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China Oil & Gas Market Segment Insights:
Downstream segment to account a major market share
Based on sectors, the market is divided into upstream, midstream, and downstream. The upstream is divided into onshore and offshore. The midstream segment is further segmented into transportation and storage. The downstream segment is sub-segmented into refineries and petrochemical plants. The downstream segment is anticipated to account for a major market share owing to the rising demand for petroleum products. Out of all petroleum products, road-gasoline is expected to a higher demand of around 140 MT, followed by road-diesel of 90 MT. Thus, rising demand for petroleum products in various sectors is expected to expand the downstream sector.
The upstream segment is anticipated to account for a considerable market share during the forecast period. Growing demand for sustainable extraction practices/technology is expected to proliferate the growth of the market. Conversely, the midstream segment is expected to grow at a steady rate owing to increasing demand for storage facilities due to rising energy demand in the country.
Segments
The china oil & gas have been segmented on the basis of
Sectors
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Upstream
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Midstream
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Downstream
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Refineries
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Petrochemical Plants
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Key Players
- China National Petroleum Corp
- China Petroleum & Chemical Corporation (Sinopec)
- China National Offshore Oil Corporation (CNOOC)
- Exxon Mobil Corporation
- Chevron Corporation
- BP Plc
- Royal Dutch Shell Plc.
Competitive Landscape
The major players of the market are China National Petroleum Corp., China Petroleum & Chemical Corporation (Sinopec), China National Offshore Oil Corporation (CNOOC), Exxon Mobil Corporation, Chevron Corporation, BP Plc, and Royal Dutch Shell Plc.
Companies are coping with changes in end-use demand patterns and supply composition. The rise in environmental concerns rising focus on impact-focused investing, and growing adoption of creative strategies have encouraged major industry players to engage in R&D activities to reduce the environment burden. Moreover, they are engaging in partnerships with government state bodies and local players to expand their market share.
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