Crude Oil Market

2021-2030 Analysis and Review Crude Oil Market

Crude Oil Market

Crude Oil Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030

08-03-2022 REP-HC-139337 110 pages Format

Global crude oil market is expected to grow at a CAGR of 4.79% during forecast period of 2022-2030. Crude oil refers to mixture of hydrocarbons that exist underground geologic formations in liquid form and drilled out of earth surface in same form. Crude oil is a non-renewable source of energy obtained from drilling earth and is found alongside natural gas and saline water. Global crude oil market refers to the market of unrefined petroleum (naturally occurring hydrocarbons). Through the process of fractional distillation, crude oil is refined and processed to obtain diesel, petrol, kerosene and other petroleum products that have myriad of applications ranging from acting as a fuel in combustion engines to raw material for plastics manufacturing. Crude oil finds application in gasoline, diesel fuel & heating oil, jet fuel, LPG, asphalt and others.  The report scope is widely characterized on the basis of type of crude oil that includes heavy crude oil and light crude oil. The total market revenue is calculated based on the net consumption of crude oil globally. 

crude oil market

Rising Transportation Sector is the Key Driving Factor for Crude Oil

Global crude oil market is primarily driven by rising transportation sector and increasing export activities. Growing adoption of gasoline, diesel, jet fuel and others in transportation sector is fueling up the demand for crude oil in global crude oil market. Jet fuel segment in global crude oil market is expected to grow at fastest pace in terms of revenue with around 8.32% market share in 2021. Growing aviation industry serves as primary factor for jet fuel market across the globe. It is expected that 7.8 billion passengers would be travelling by air in 2036. In addition, increasing investment in purchasing aircrafts and building infrastructure to cater travel increment is expected to boost jet fuel market. In addition, according to the India Brand Equity Foundation (India), aviation sector in India is projected to receive an investment of approximately $25 billion over the period 2017-2027. 

Gasoline Contributes the Largest Market Revenues

Gasoline dominates the application segment of global crude oil market by capturing largest market share of over 33.8% in 2021 and anticipated to grow at a CAGR of 4.9% during forecast period. Rising automobile sales globally is expected to be a key driver for global crude oil market by gasoline application segment since gasoline acts as one of the primary fuel for the automobiles. The growing automobile sales is expected to boost the global gasoline market. However, emergence of electric vehicle is the largest restraint for use of gasoline in automobile segment. 

Light Crude Oil Dominates the Crude Oil Segment by Type

Light crude oil dominates the type segment of global crude oil market by capturing largest market share of over 84% in 2021. Light crude oil market is anticipated to grow at a CAGR of 4.9% during forecast period. Light crude oils have a low wax content, highly fluid, spread rapidly on solid or water surfaces and are flammable in nature. These properties of light crude oil make it an ideal choice for the production of diesel and gasoline fuel. High demand of diesel and gasoline for the production of energy is the key driver for the growth of light crude oil market as oil is the primary source for energy globally. 

APAC Leads the Global Market

Geographically, crude oil market has been segmented into North America, Europe, Asia Pacific and Rest of World (ROW). Asia Pacific accounts the largest share in crude oil market by capturing largest market share in terms of revenue of around 37.30% in 2021. Crude oil demand in Asia Pacific is primarily driven by increasing plastic industry, refineries, transportation industry and others. India Brand Equity Foundation (India), China is world’s largest producer of plastics and polymers and largest market for vehicle. 

Crude Oil Market to Remain Highly Competitive

Partnership and collaboration is the primary strategy adopted by companies in global crude oil market. The intensity of competitive rivalry in global crude oil market is expected to remain at high level over the forecast period 2022-2030. Global crude oil market is highly consolidated with the presence of big players such as BP Global (United Kingdom), Chevron Corporation (United States), China National Petroleum Corporation (China), Exxon Mobil (United States), Gazprom (Russia) and others. Companies are trying to compete with each other by providing the crude oil products at competitive prices or by similar quality at highly competitive prices for products in crude oil market. Companies are focusing on new product development, merger and acquisition and collaborative research and development to sustain in the market and strengthen their respective positions in the global crude oil market which is also increasing the competition. 

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2022 to 2030. 

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region. 

By Application (2020-2030; US$ Bn)

  • Gasoline
  • Diesel fuel& heating oil
  • Jet fuel
  • LPG
  • Asphalt
  • Others

By Type (2020-2030; US$ Bn)

  • Heavy crude oil
  • Light crude oil 

By Region (2020-2030; US$ Bn)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Bn)

  • Pre Covid-19 situation
  • Post Covid-19 situation 

Key questions answered in this report

  • What are the key market segments in current scenario and in the future by product categories?
  • What are the key market segments in current scenario and in the future by regions?
  • What is the key impact of Covid-19 over market revenues and market determinants in the global crude oil market?
  • What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
  • What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
  • How to overcome the current market challenges and leverage the opportunities in each of the market segment?
  • Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
  • What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth

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