The escalation in global oil demand, coupled with the
integration of new technologies aimed at reducing greenhouse gas
(GHG) emissions, is driving significant shifts in the crude oil
industry. Moreover, advancements in technology, such as carbon
capture and storage (CCS), hydrogen production from hydrocarbons
with carbon capture (blue hydrogen), and enhanced efficiency in
extraction and refining processes, are enabling oil producers to
mitigate environmental impacts.
WILMINGTON, Del., Aug. 14, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Crude Oil
Market by Type (Very Light Oil, Light Oil, Medium Oil
and Heavy Fuel Oil), Composition (Hydrocarbon Compounds,
Non-Hydrocarbon Compounds, Inorganic Salts and Others), Extraction
Process (Conventional and Unconventional), and End Use
(Transportation, Industrial, Residential, Commercial and Power
Generation): Global Opportunity Analysis and Industry Forecast,
2024-2033". According to the report, the crude oil market was
valued at $2.6 trillion in 2023, and
is estimated to reach $3.0 trillion
by 2033, growing at a CAGR of 1.5% from 2024 to 2033.
Download PDF Brochure:
https://www.alliedmarketresearch.com/request-sample/2248
Prime determinants of growth
The global crude oil market is experiencing growth due to
escalation in global oil demand and integration with new
technologies to reduce GHG emissions. However, inconsistent
government regulations hinder the market growth. Moreover,
technological advancements in extraction presents additional
opportunities for the crude oil market. Enhanced oil recovery (EOR)
technologies have played a crucial role in extracting additional
hydrocarbons from mature oil fields. Techniques such as thermal
injection (such as steam flooding) and chemical injection
(including polymers and surfactants) help improve reservoir sweep
efficiency and recoverability of oil. These methods extend the
productive life of existing wells and optimize resource utilization
that makes operations more economically viable.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base Year
|
2023
|
Market Size in
2023
|
$2.6
trillion
|
Market Size in
2033
|
$3.0
trillion
|
CAGR
|
1.5 %
|
No. of Pages in
Report
|
420
|
Segments
Covered
|
Type, Composition,
Extraction Process, End Use, and Region
|
Drivers
|
- Escalation in global oil demand
- Integration with new technologies to reduce
GHG emissions
|
Opportunity
|
- Technological advancements in extraction
|
Restraint
|
- Inconsistent government regulations
|
Medium oil segment to maintain its dominance by 2033
By type, the medium oil segment held the highest market share in
2023 and is estimated to maintain its leadership status during the
forecast period. The price of crude oil, which serves as a primary
feedstock for refining into medium oils such as diesel fuel and
kerosene, heavily influences production levels. Economic growth
rates and industrial activities drive demand for medium oil
products, as they are essential for transportation, heating, and
industrial processes.
Procure Complete Report (420 Pages PDF with Insights, Charts,
Tables, and Figures) @ https://bit.ly/3yqKszO
Hydrocarbon compounds segment is expected to lead the market
by 2033
By composition, the hydrocarbon compounds segment held the
highest market share in 2023 and is estimated to dominate during
the forecast period. The composition of hydrocarbon compounds in
crude oil is influenced by the type of organic material. Geological
factors such as temperature, pressure, and the presence of
catalysts influence the chemical reactions that transform organic
matter into hydrocarbons. Higher temperatures favor the formation
of lighter hydrocarbons through processes such as cracking, while
lower temperatures promote the preservation of heavier compounds
such as long-chain alkanes and aromatics.
Conventional segment to maintain its dominance by
2033
By extraction process, the conventional segment held the highest
market share in 2023 and is estimated to maintain its leadership
status during the forecast period. Conventional extraction methods
are cost-effective relative to complex or advanced techniques. They
typically involve established technologies and infrastructure that
are well-suited to the geology and scale of the oil reservoirs
being exploited. This cost-effectiveness is particularly important
in mature oil fields where maximizing extraction efficiency is
paramount to maintaining profitability.
Transportation segment is expected to lead the market by
2033
By end use, the transportation segment held the highest market
share in 2023 and is estimated to dominate during the forecast
period. Crude oil is versatile and refined into various products
such as gasoline, diesel, and jet fuel, each tailored for specific
transportation needs. Gasoline is predominantly used in passenger
vehicles, diesel powers heavy-duty trucks and buses, while jet fuel
is essential for aviation. This versatility ensures that crude oil
meets the diverse requirements of different modes of
transportation, from personal cars to industrial vehicles and
aircraft.
For Purchase Inquiry:
https://www.alliedmarketresearch.com/crude-oil-market/purchase-options
North America is expected to
experience fastest growth during the forecast period
By region, North America was
the fastest growing region in terms of revenue in 2023.
Environmental considerations exert increasing influence over crude
oil prices in North America.
Regulatory changes aimed at reducing carbon emissions, promoting
renewable energy sources, or addressing environmental
sustainability impact the demand for fossil fuels. Policies related
to energy transitions such as subsidies for electric vehicles or
renewable energy projects impact on the long-term demand
projections for oil, thereby influencing price expectations among
investors and market participants.
Leading Market Players:
- Saudi Arabian Oil Co.
- National Iranian Oil Company (NIOC)
- Exxon Mobil Corporation
- China National Petroleum Corporation
- bp p.l.c.
- Royal Dutch Shell
- Chevron Corporation
- KUWAIT PETROLEUM
CORPORATION
- TotalEnergies
- Petrobras
The report provides a detailed analysis of these key players in
the global crude oil market. These players have adopted different
strategies such as new product launches, collaborations, expansion,
joint ventures, agreements, and others to increase their market
share and maintain dominant shares in different regions. The report
is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
Trending Reports in Crude Oil Industry:
Oil Well Inspection Services Market Size, Share,
Competitive Landscape and Trend Analysis Report, by Well Type, by
Technology, by Application, by End Use: Global Opportunity Analysis
and Industry Forecast, 2024-2033
Oilfield Services Market Size, Share, Competitive
Landscape and Trend Analysis Report, by Type, by Application, by
Service: Global Opportunity Analysis and Industry Forecast,
2023-2032
Oil and Gas Separator Market Size, Share,
Competitive Landscape and Trend Analysis Report, by Type, by Vessel
Type, by Technology, by Application: Global Opportunity Analysis
and Industry Forecast, 2023-2032
Oil Refining Market Size, Share, Competitive
Landscape and Trend Analysis Report, by Complexity Type, Product
Type, Fuel Type and Application: Global Opportunity Analysis and
Industry Forecast, 2021-2030
Crude Oil Pipelines Market Size, Share, Competitive
Landscape and Trend Analysis Report, by Type and, by Application:
Global Opportunity Analysis and Industry Forecast, 2023-2032
Crude Oil Carriers Market Size, Share, Competitive
Landscape and Trend Analysis Report, by Capacity: Global
Opportunity Analysis and Industry Forecast, 2023-2032
Modular Refineries Market Size, Share, Competitive
Landscape and Trend Analysis Report, by Type, by Capacity, by End
Use: Global Opportunity Analysis and Industry Forecast,
2023-2032
About us:
Allied Market Research (AMR) is a full-service market research
and business-consulting wing of Allied Analytics LLP based in
Wilmington, Delaware. Allied
Market Research provides global enterprises as well as medium and
small businesses with unmatched quality of "Market Research
Reports" and "Business Intelligence Solutions." AMR has a targeted
view to provide business insights and consulting to assist its
clients to make strategic business decisions and achieve
sustainable growth in their respective market domain.
We are in professional corporate relations with various
companies and this helps us in digging out market data that helps
us generate accurate research data tables and confirms utmost
accuracy in our market forecasting. Allied Market Research CEO
Pawan Kumar is instrumental in
inspiring and encouraging everyone associated with the company to
maintain high quality of data and help clients in every way
possible to achieve success. Each and every data presented in the
reports published by us is extracted through primary interviews
with top officials from leading companies of domain concerned. Our
secondary data procurement methodology includes deep online and
offline research and discussion with knowledgeable professionals
and analysts in the industry.
Contact us:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power
Follow Us on
| Facebook | LinkedIn | YouTube
Logo:
https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/crude-oil-market-to-reach-3-0-trillion-globally-by-2033-at-1-5-cagr-allied-market-research-302221869.html