Crude Oil Market – Global Industry Analysis and Forecast (2023-2029)

Crude Oil Market reached a value of US $ 1424.38 Bn. in 2022. and expected to reach US$ 1613.84 Bn. by 2029, at a CAGR of 1.8% through out the forecast period.
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
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.
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 2022. 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 2022. 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.
Crude Oil Market Regional Insights:
Asia Pacific region held the largest market share accounted for 48% in 2022, 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 2022.

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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Crude Oil Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 1424.38 Bn.


Forecast Period 2023 to 2029 CAGR:
1.8%
Market Size in 2029:
US $ 1613.84 Bn.


 Segments Covered:
by Product Type
Paraffin
Naphthene
Aromatics
Asphaltic


by Application
Transportation
Mining
Agriculture
Refining



Crude Oil Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Crude Oil Market Key Players are:
1. Royal Dutch Shell
2. Exxon Mobile Corporation
3. BP Plc.
4. Rosneft
5. Kuwait Petroleum Corporation.
6. Hess
7. ConocoPhillips
8. Noble Energy
9. Devon Energy
10.BP
11.Shell
12.Sinopec
13.Marathon Oil
14.Husky Energy Suncor Energy
15.Saudi Aramco
16.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 2029?
Ans. The market size of the Crude Oil Market by 2029 is US $ 1613.84 Bn.

4] What is the forecast period for the Crude Oil Market?
Ans. The Forecast period for the Crude Oil Market is 2023-2029.

5] What was the market size of the Crude Oil Market in 2022?
Ans. The market size of the Crude Oil Market in 2022 was US $ 1424.38 Bn.