The oil demand landscape is changing, and that could affect a range of companies from electric vehicle companies to airlines to oil producers, according to Goldman Sachs.

The firm doesn’t anticipate peak oil demand this decade, but anticipates demand growth to be anemic beyond 2025. Much of that will be due to electrification, and the firm’s estimates put demand for transport oil peaking in 2026.

That said, the slowdown will be offset by growth for petrochemicals and jet fuel, according to analysts led by Nikhil Bhandari said.

Ultimately, this will lead to winners and losers across industries.