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(MoneyNewsWire.Net, August 22, 2018 ) The oil downstream activities market includes post extraction activities of crude oil and natural gas. The market in this report is segmented into refined petroleum products manufacturing, and asphalt, lubricating oil and grease manufacturing.
Refined petroleum products manufacturing– The petroleum refineries market comprises companies that convert crude petroleum to refined petroleum products such as gasoline, naptha, diesel fuel and liquefied petroleum gas. Petroleum refineries are large industrial complexes with extensive pipeline networks carrying crude oil and refined petroleum products between sub processing units.
Asphalt, lubricating oil and grease manufacturing– The petroleum products industry includes establishments manufacturing block, asphalt paving mixture, asphalt shingle, coating materials, petroleum lubricating oil and grease. Asphalt is a sticky, black and highly viscous liquid or semi-solid form of petroleum used for surfacing roads, flooring, and roofing.
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The global oil downstream activities market has shown modest growth in the past years with a CAGR of over 8.8%. The year 2017 recorded highest ever growth in this market with a net value of $125.9 billion, as per TBRC’s in-house consultants.
TBRC’s latest report shows the historic and future trends in the market for each year with sourced reasons to support the growth claims.
The report also shows the oil downstream activities market to grow at a higher CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.
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With increasing investments in digital technologies, oil refineries are adopting big data analytics technologies to improve performance and reduce costs. Big data is high-volume, high-velocity and high-variety information asset used for enhanced insight and decision making. Sources of big data in a refinery include process control systems, laboratory information systems, and asset management systems. For instance, a large refinery can have 100,000 distinct measurements and thus an enormous amount of data can be gathered and transformed into business knowledge to optimize production and maximize commercial potential. Big data analytics tools like analytic equations and neural networks are used to predict failure and poor performance in the refining process. Companies like GE, IBM, Oracle, SAS and EMC are offering analytics solutions to oil refineries. Refiners are adopting these technologies to perform operations with greater flexibility, as it improves access to manufacturing data at all organizational levels to drive quicker decisions.
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TBRC’s latest report will cover in depth understanding and calculated impacts of each market factor on a global as well as regional level, to analyze the best investment strategy for this market.
Companies included in the report are Royal Dutch Shell, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, BP Plc, and Chevron.
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