The global oil & gas industry experienced a 26% decline in patent filings in Q3 2024 compared with the previous quarter. The total number of grants dropped by 19%, resulting in overall patent publications decreasing by 26.4%, according to GlobalData’s Patent Analytics. GlobalData’s databook Oil & Gas: Patents Trends Q3 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 34,921 in Q3 2024, versus 47,459 in the prior quarter. Filings were down 18% year-on-year and decrease 26% quarter-on-quarter. This compares to an 18% year-on-year decrease in patent grants and 26% decline in quarter-on-quarter.
Most patenting activity has been in the Petrochemicals sector, where the number of patents filed Q2 2024 was 12541, a drop of 17% versus the previous quarter. The second-largest patent count was in Production (2938, down 34%) and then Refining in third (2825, down 36%).
The top five companies accounted for 12% 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 1,445, followed by LG Chem with 818 and BASF with 778.
Patenting activity was driven by China with a 30% share of total patent filings
The largest share of patent filings in the oil & gas industry in Q3 2024 was in China with 30%, followed by the US (15%) and Japan (9%). The share represented by China was 13% lower than the 43% share it accounted for in Q2 2024.
For further understanding of GlobalData's Oil & Gas: Patents Trends Q3 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.
