The global oil & gas industry experienced a 34% decline in the number of environmental sustainability-related patent applications in Q1 2024 compared with the previous quarter. The total number of environmental sustainability-related grants dropped by 16% in Q1 2024, 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 environmental sustainability-related patent applications in the oil & gas industry was 5,957 in Q1 2024, versus 8,999 in the prior quarter.
The top five companies accounted for 12% of patenting activity
Analysis of patenting activity by companies shows that China Petrochemical filed the most environmental sustainability patents within the oil & gas industry in Q1 2024. The company filed 207 environmental sustainability-related patents in the quarter, compared with 427 in the previous quarter. It was followed by LG with 202 environmental sustainability patent filings, BASF (140 filings), and Toyota Motor (106 filings) in Q1 2024.
Patenting activity was driven by China with a 28% share of total patent filings
The largest share of environmental sustainability related patent filings in the oil & gas industry in Q1 2024 was in China with 28%, followed by the US (17%) and Japan (14%). The share represented by China was 56% lower than the 84% 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.
