Petroleum is the term constituting naturally occurring unprocessed crude oils and petroleum products that are made up of refined crude oil. Crude oil is refined and separated, most easily on the basis of boiling point, and is converted into large number of consumer products such as petrol (or gasoline) and kerosene to asphalt and chemical reagents used to make plastics and pharmaceuticals. Moreover, crude oils are refined and separated into mixture, which is further converted to simpler fractions to be further utilized as fuels, lubricants, and even as intermediate feedstock to the petrochemical industries.
This report projects the trends and opportunities of the global crude oil market. This research study includes a qualitative and quantitative analysis with comprehensive research methodologies and reliable projections to understand the present overview and predict the market behavior during the forecast period.
The market witnessed significant demand owing to rise in exploration across subsea oil & gas exploration sites. Moreover, the developing economies such as China and India are emerging as leader in consumption of crude oil. This has resulted in the technological developments in other sources of crude oil such as from shale rock, thereby increasing the U.S. oil production and in turn leading to market growth. However, supply side of oil market is highly influenced by geopolitics. Therefore, major producers of crude oil such as Middle East and Africa are constantly struggling to maintain supply levels, which is in turn limits the market growth to some extent.
The global crude oil market is segmented based on derivative, composition, type, application, and geography. On the basis of derivatives, it is divided into paraffin, naphthene, aromatic, and asphaltic. Paraffin are further bifurcated into pentane and octane. Based on composition, the market is classified into hydrocarbon compounds, non-hydrocarbon compounds, organometallic compounds, and inorganic salts. Hydrocarbon compounds are further segmented into carbon and hydrogen. Organometallic compounds are further classified into sodium, calcium, magnesium, aluminum, and iron. Inorganic salts are further segmented into sodium and sulfur chloride. Based on type, the market is divided into light distillates, light oils, medium oils, and heavy fuel oil. Based on end-use, it is categorized as light commercial vehicles, passenger vehicles, mining, agriculture, and residential (in LPG). Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key market players in this sector include Hess Corporation, ConocoPhillips, Noble Energy, Devon Energy Corporation, BP, Royal Dutch Shell, Sinopec, Marathon Oil, Husky Energy, and Suncor Energy.
Key Benefits for Stakeholders:
- This report provides a quantitative analysis of the current trends, estimations, and dynamics through 20170-2023, which assists to identify the prevailing market opportunities.
- Major countries in each region are studied as per key trends, developments, and presence of industry players in the market.
- The region-wise and country-wise market conditions are comprehensively analyzed in the report.
- Key players of the crude oil market are also listed.
- This study evaluates the value chain to understand the competitive environment across geographies.
- An in-depth analysis of segmentation is provided to elucidate the prevailing market opportunities.
Crude Oil Market Key Segments:
- Hydrocarbon Compounds
- Non-Hydrocarbon Compounds
- Organometallic Compounds
- Inorganic Salts
- Light Distillates
- Light Oils
- Medium Oils
- Heavy Fuel Oil
- Light Commercial Vehicles
- Passenger Vehicles
- Residential (in LPG)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA