Crude Oil Market to Grow at an Estimated CAGR of 4.79% During the forecast Period 2021-2030

Global crude oil market is expected to grow at a CAGR of 4.79% during the 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.

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Crude oil extracted from the earth’s crust through the process of fractional distillation is refined to obtain include gasoline, kerosene, distillates, residuals and others. These products extensively find application in power generation, petrochemical, road freight, passenger vehicles, aviation, shipping and others. Increase in crude oil export is one of the key drivers for the growth in the crude oil market. The demand for crude oil exports are surging due to increasing demand for petroleum-based products around the world, Asia pacific is expected to be the fastest-growing region. Further, growing number of oil refineries and expanding refining capacity amid a strong recovery in demand have led to increasing exports of crude oil.

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.

Jet fuels market is expected to rise at a highest CAGR of 5.2% in the forecast period. Jet fuel is used to drive the jet turbine engines of aircrafts, growth in the aviation sector act as the primary driver for the growth of jet fuels market. The aviation industry across the globe is growing rapidly owing to a positive economic shift globally. According to The International Air Transport Association (IATA) (Canada), it is expected that 7.8 billion passengers would be travelling by air in 2036 up from 4 billion passengers in 2017. Further, IATA estimates that Asia Pacific would be a key region observing an increment of 2.1 billion passengers during 2017-2036. With growth in population commuting by air the demand for jet fuels would grow synonymously driving the growth in crude oil market.

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.

KEY MARKET MOVEMENTS

• Global crude oil market is expected to grow at a CAGR of 4.79% during forecast period of 2022-2030.
• 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.
• Jet fuels market is expected to rise at a highest CAGR of 5.2% in the forecast period.
• 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.