Portland, OR, Feb. 23, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global conventional oil market garnered $2.5 trillion in 2021, and is estimated to generate $4.7 trillion by 2031, manifesting a CAGR of 6.4% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.5 trillion |
| Market Size in 2031 | $4.7 trillion |
| CAGR | 6.4% |
| No. of Pages in Report | 290 |
| Segments covered | Type, Sulphur Content, End-user Industry, and Region. |
| Drivers | Rise in automobile sales, owing to population growth and an increase in consumer buying capacity Increase in auto production Demand for traditional and synthetic materials |
| Opportunities | High level of technological advancement Increase in demand for high-performance engine oils owing to tactical vehicle processes and operational blueprints used by multinational automobile manufacturers |
| Restraints | The uncertainty generated by oil price swings |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global conventional oil market, owing to import & export restrictions and a rise in energy prices during the global lockdown.
- The economic slowdown induced by the COVID-19 pandemic, as well as the oil market collapse, had a significant impact on oil-exporting countries. The decrease in fossil fuel usage brought on by the growing need for decarbonization also had an impact on the larger oil sector, especially the need for conventional oil.
The research provides detailed segmentation of the global conventional oil market based on Type, Sulphur Content, End-user Industry, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on type, the middle distillates segment held the highest share in 2021, accounting for nearly two-fifths of the global conventional oil market, and is expected to continue its leadership status during the forecast period. However, the light distillate segment is expected to register the highest CAGR of 6.9% from 2022 to 2031.
Based on Sulphur content, the high Sulphur segment accounted for the highest share in 2021, contributing to more than half of the global conventional oil market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the low Sulphur segment is expected to manifest the highest CAGR of 6.7% from 2022 to 2031.
Based on end user industry, the automotive segment accounted for the highest share in 2021, holding more than one-third of the global conventional oil market, and is expected to continue its leadership status during the forecast period. However, the power segment is estimated to grow at the highest CAGR of 7.1% during the forecast period.
Based on region, LAMEA held the largest share in 2021, contributing to nearly two-fifths of the global conventional oil market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 6.9% during the forecast period. The research also analyzes regions including North America, Europe, and Asia-Pacific.
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Leading market players of the global conventional oil market analyzed in the research include BP p.l.c., Chevron Corporation, Eni, Exxon Mobil Corporation, Shell Plc., Total Energies SE, CNPC, EQUINOR ASA, PETROBRAS, Repsol.
The report provides a detailed analysis of these key players of the global conventional oil market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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