The global oil & gas industry experienced a 13% decline in patent filings in Q1 2024 compared with the previous quarter. The total number of grants dropped by 10%, resulting in overall patent publications decreasing by 13.7%, according to GlobalData’s Patent Analytics. GlobalData’s databook Oil & Gas: Patents Trends Q1 2024 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
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Notably, the number of patent applications in the oil & gas industry was 35,833 in Q1 2024, versus 41,504 in the prior quarter. Filings were down 10% year-on-year and decrease 13% quarter-on-quarter. This compares to a 10% year-on-year decrease in patent grants and 13% decline in quarter-on-quarter.
Most patenting activity has been in the Petrochemicals sector, where the number of patents filed Q4 2023 was 12425, a drop of 11% versus the previous quarter. The second-largest patent count was in Production (3109, down 4%) and then Refining in third (2985, down 12%).
The top five companies accounted for 14% of patenting activity
Analysis of patenting activity by companies shows that the largest number of patents filed over the last quarter was by China Petrochemical with 1,855, followed by China National Petroleum with 1,002 and LG with 880.
Patenting activity was driven by China with a 38% share of total patent filings
The largest share of patent filings in the oil & gas industry in Q1 2024 was in China with 38%, followed by the US (13%) and Japan (11%). The share represented by China was 1% higher than the 36% share it accounted for in Q4 2023.
For further understanding of GlobalData's Oil & Gas: Patents Trends Q1 2024, buy the databook here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
