The global oil & gas industry experienced a 22% decline in patent filings in Q3 2023 compared with the previous quarter. The total number of grants dropped by 9%, resulting in overall patent publications decreasing by 22.4%, according to GlobalData’s Patent Analytics. GlobalData’s databook Oil & Gas: Patents Trends Q3 2023 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
Notably, the number of patent applications in the oil & gas industry was 34,425 in Q3 2023, versus 44,331 in the prior quarter. Filings were down 22% year-on-year and decrease 22% quarter-on-quarter. This compares to a 22% year-on-year decrease in patent grants and 22% decline in quarter-on-quarter.
Most patenting activity has been in the Petrochemicals sector, where the number of patents filed Q2 2023 was 11886, a drop of 13% versus the previous quarter. The second-largest patent count was in Refining (2953, down 33%) and then Production in third (2869, down 13%).
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 973, followed by BASF with 846 and China National Petroleum with 844.
Patenting activity was driven by China with a 37% share of total patent filings
The largest share of patent filings in the oil & gas industry in Q3 2023 was in China with 37%, followed by the US (13%) and Japan (10%). The share represented by China was 3% lower than the 40% share it accounted for in Q2 2023.
For further understanding of GlobalData's Oil & Gas: Patents Trends Q3 2023, buy the databook here.