Crude Oil Market reached a value of US $ 1374.46 Bn. in 2020. Paraffin is one of the dominating segment of the Global Crude Oil Market.
Crude Oil Market Overview:Crude oil is one of the most economically mature commodity markets in the world. It is an unprocessed petroleum product that forms naturally in underground pools or reservoirs and remains liquid at atmospheric pressure and temperature. Crude oil is refined and processed into diesel, petrol, kerosene, and other petroleum products, which have a wide range of uses, from fuel for combustion engines to a raw ingredient for the production of plastics. In 2019, Crude Oil was the world's 1st most traded product, and it represent 5.44% of total world trade. In 2019 the top exporters of Crude Oil were Saudi Arabia (US $ 145Bn.), Russia (US $ 123Bn.), Iraq (US $ 73.8Bn.), Canada (US $ 67.8Bn.), and United States (US $ 61.9Bn.), While the top importers of Crude Oil were China (US $ 204Bn.), United States (US $123 Bn.), India (US $ 92.7Bn.), South Korea (US $ 67.4Bn.), and Japan (US $ 64Bn.). To know about the Research Methodology :- Request Free Sample Report Though market forecasting through 2027 is based on real output, demand, and supply of 2020, 2020 numbers are also estimated on real numbers published by key players as well all-important players across the world. Market forecasting till 2027 is done based on past data from 2016 to 2019 with the impact of global lockdown on the market in 2020 and 2021.
Crude Oil Market Dynamics:Crude oil market growth is continuously increasing due to factors like booming transportation industry, the growth in export and import of crude oil, rising demand for petroleum products, growing demand for fertilizers and petrochemicals in the agriculture sector, Increased number of active oil regions across several geographies, etc. crude oil use as bunker fuel for marine transport and as jet fuel for aviation are two further transportation-related applications. The rising need for crude oil is inevitable as the demand for petrochemical goods rises. Some of the primary end-use categories of crude oil include detergents, plastics, synthetic rubber, and synthetic textiles. Growing demand for fertilizer and pesticides is boosting crude oil demand to a great amount. The global Crude oil supply is 0.0927 billion barrels per day (Bbpd), whereas the global crude oil demand is 0.0981 Bbpd. The Asia Pacific area consumes the most crude oil, followed by North America and Europe. The Asia Pacific holds the majority of the world's oil reserves, accounting for 48% of all known and identified reserves. OPEC produces almost 40% of the world's crude oil, has about 75% of proven oil reserves, and exports 55% of all oil traded internationally. Although OPEC, the world's largest oil-producing region, has some influence over global pricing, its power is fast dwindling as new sources from non-OPEC countries are discovered and produced. By 2050, the world's population is expected to grow by 2 billion, to 9.7 billion from 7.7 billion. This means that this additional population requires extra public and private transportation, and also household and personal grooming products such as detergents, plastics, and cosmetics. These factors are expected to enhance crude oil demand, helping to maintain the global crude oil market on a high growth path. Despite the fact that the global crude oil industry has various development drivers, it is constrained by several factors. Fluctuations in crude oil prices and the adverse effect of seasonal changes on crude oil demand and supply are two major factors limiting the global crude oil market's growth. There is concern that political unrest in these countries will result in the interruption of oil production.
The COVID-19 pandemic reduced global crude oil production by 6.1%:A significant drop in global demand induced by the COVID-19 pandemic and lockdown measures, international oil prices fell by more than a third in 2020 (-35 % for Brent, at US$42/bbl). As a result, in April 2020, OPEC+ has decided to lower global crude oil production by 0.0097 billion gallons per day, from 1 May 2020 to 30 June 2020 to reduce global oversupply and firm up depressed oil prices. As of August 2020, restrictions were lifted and the global cut was restricted to 7.7 mb/d. In 2020, US crude oil production (17 % of global output) dropped by 3.4 %, widening the gap with Saudi Arabia. In 2020, the U.S. has produce 42% more oil than Saudi Arabia. Overall, oil production in the Middle East declined by -8.8%, with Saudi Arabia dropping 7%, Russia falling 8.6%, and Nigeria falling 14%. It dropped 4.5 % in Canada but increased by 1.6 % in China and 7.1 % in Brazil.
Worldwide Crude Oil Production in 2020 by Country:
Global Crude Oil Market Segment Analysis:On the basis of Product type, the Crude Oil Market is segmented into Paraffin, Naphthene, Aromatic and Asphaltic. The Paraffin segment held the largest market share accounting for 43% in 2020. The crude oils present contain wax contents of up to 32.5%, and Paraffin wax consists mostly of normal paraffin content of 80%–90%. The presence of Paraffins has a profound effect on the melting point, boiling point, and solubility of these compounds in crude oil is fueling the product demand for this segment. Based on Application, the Crude Oil Market is segmented into Transportation, Mining, and Agriculture. The transportation segment held the largest market share accounting for 34% in 2020. The growing transportation sector is driving the adoption of crude oil products such as gasoline, diesel, kerosene, liquefied petroleum gas (LPG), jet fuels, and so on. Growing vehicle sales around the world are heading up demand for petroleum products, which is boosting the crude oil market's growth.
Global Crude Oil Market Regional Insights:Asia Pacific region held the largest market share accounted for 48% in 2020, and is expected to grow at a CAGR of 1.9% during the forecast period. The region growth is attributed to the increased exploitation across subsea oil and gas exploration. Furthermore, growing economies such as China and India are becoming leaders in crude oil consumption. In terms of crude oil consumption, accounting for nearly 17% of the global crude consumption in 2020. North America region is expected to witness significant growth at a CAGR of 1.93% during the forecast period. The presence of major players along with the rising adoption of crude oil in various end-use industries is fueling the crude oil market growth in the region. The U.S. utilizes nearly 45% of their entire oil requirement for making gasoline and driving their ever-growing transportation sector. The objective of the report is to present a comprehensive analysis of the Global Crude Oil Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Global Crude Oil Market dynamics, structure by analyzing the market segments and project the Global Crude Oil Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence of Global Crude Oil Market make the report investor’s guide.
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Global Crude Oil Market Report Coverage Details Base Year: 2020 Forecast Period: 2021-2027 Historical Data: 2016 to 2020 Market Size in 2020: US $ 1374.46 Bn. Forecast Period 2021 to 2027 CAGR: 1.8% Market Size in 2027: US $ 1557.28 Bn. Segments Covered: by Product Type • Paraffin • Naphthene • Aromatics • Asphaltic by Application • Transportation • Mining • Agriculture • Refining
Global Crude Oil Market, by Region• North America • Europe • Asia Pacific • The Middle East and Africa • South America
Global Crude Oil Market Key Players• Royal Dutch Shell • Exxon Mobile Corporation • BP Plc. • Rosneft • Kuwait Petroleum Corporation. • Hess • ConocoPhillips • Noble Energy • Devon Energy • BP • Shell • Sinopec • Marathon Oil • Husky Energy Suncor Energy • Saudi Aramco • Gazprom
Frequently Asked Questions:1] What segments are covered in the Crude Oil Market report? Ans. The segments covered in the Crude Oil Market report are based on Type and Application. 2] Which region is expected to hold the highest share in the Crude Oil Market? Ans. The Asia Pacific region is expected to hold the highest share in the Crude Oil Market. 3] What is the market size of the Crude Oil Market by 2027? Ans. The market size of the Crude Oil Market by 2027 is US $ 49.39 Bn. 4] What is the forecast period for the Crude Oil Market? Ans. The Forecast period for the Crude Oil Market is 2020-2027. 5] What was the market size of the Crude Oil Market in 2020? Ans. The market size of the Crude Oil Market in 2020 was US $ 28.63 Bn.
1. Global Crude Oil Market: Research Methodology 2. Global Crude Oil Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Crude Oil Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Crude Oil Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Crude Oil Market Segmentation 4.1. Global Crude Oil Market, by Product Type(2020-2027) • Paraffin • Naphthene • Aromatics • Asphaltic 4.2. Global Crude Oil Market, by Application (2020-2027) • Transportation • Mining • Agriculture • Refining 5. North America Crude Oil Market(2020-2027) 5.1. Global Crude Oil Market, by Product Type(2020-2027) • Paraffin • Naphthene • Aromatics • Asphaltic 5.2. Global Crude Oil Market, by Application (2020-2027) • Transportation • Mining • Agriculture • Refining 5.3. North America Crude Oil Market, by Country (2020-2027) • United States • Canada • Mexico 6. European Crude Oil Market (2020-2027) 6.1. European Crude Oil Market, by Product Type(2020-2027) 6.2. European Crude Oil Market, by Application (2020-2027) 6.3. European Crude Oil Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Crude Oil Market (2020-2027) 7.1. Asia Pacific Crude Oil Market, by Product Type(2020-2027) 7.2. Asia Pacific Crude Oil Market, by Application (2020-2027) 7.3. Asia Pacific Crude Oil Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Crude Oil Market (2020-2027) 8.1. The Middle East and Africa Crude Oil Market, by Product Type(2020-2027) 8.2. The Middle East and Africa Crude Oil Market, by Application (2020-2027) 8.3. The Middle East and Africa Crude Oil Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Crude Oil Market (2020-2027) 9.1. Latin America Crude Oil Market, by Product Type(2020-2027) 9.2. Latin America Crude Oil Market, by Application (2020-2027) 9.3. Latin America Crude Oil Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Royal Dutch Shell 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Exxon Mobile Corporation 10.3. BP Plc. 10.4. Rosneft 10.5. Kuwait Petroleum Corporation. 10.6. Hess 10.7. ConocoPhillips 10.8. Noble Energy 10.9. Devon Energy 10.10. BP 10.11. Shell 10.12. Sinopec 10.13. Marathon Oil 10.14. Husky Energy Suncor Energy 10.15. Saudi Aramco 10.16. Gazprom