New York, USA, April 18, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global conventional oil market. According to the report, the global market is projected to surpass $4,690.2 billion and grow at a CAGR of 6.4% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the conventional oil market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Conventional Oil Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global conventional oil market. During the pandemic, as the number of confirmed cases increased, countries implemented precautions such as lockdowns to prevent the disease from spreading. The COVID-19 pandemic has brought about several uncertainties that have resulted in significant economic losses as many enterprises around the world came to a standstill. In addition to posing a significant risk to human health, the global COVID-19 pandemic altered people's employment and way of life. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Conventional Oil Market Growth
The key factor boosting the growth of the global conventional oil market is a significant rise in the need for conventional oil due to the increased demand for better equipment reliability and uptime across a variety of sectors. Furthermore, the increased usage of modern technology in conventional oil is estimated to unlock lucrative opportunities for market growth in the forecast period. However, growth in the use of synthetic oil and the high initial costs of conventional oil are anticipated to deter the market’s growth.
The report segments the global conventional oil market into type, sulfur content, end-user industry, and region.
Middle Distillates Sub-Segment to Grab a Foremost Share of the Market
The middle distillates sub-segment of the type segment is foreseen to observe leading growth in the forecast period. This growth is mainly because middle distillates are widely used globally as fuel for transportation, heating, and lighting.
High Sulfur Sub-Segment to Witness Rapid Growth
The high sulfur sub-segment of the sulfur content segment is predicted to grow enormously in the forecast period. This growth is mainly because high sulfur can be used in all types of factories, boilers, industrial buildings, and power plants.
Automotive Sub-Segment to Grab a Foremost Share of the Market
The automotive sub-segment of the product segment is foreseen to observe leading growth in the forecast period. This growth is mainly due to the extensive use of technology throughout the automotive sector, a rise in production, and the demand for both natural and synthetic materials.
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LAMEA Conventional Oil Market to Perceive Maximum Growth
The report analyzes the global conventional oil market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the LAMEA market is projected to observe significant growth in the estimated period. This growth is mostly because LAMEA, which contains five of the top ten oil-producing countries, produces about 27% of the world's oil.
Key Players of the Global Conventional Oil Market
The report states some of the foremost players operating in the global market including
- BP
- Eni
- Chevron
- ExxonMobil
- Total
- Shell
- CNPC
- Petrobras
- Equinor
- Repsol
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in February 2023, Shell, a multinational corporation of energy and petrochemical firms, launched the Helix SP HX8 0W-20 BS6 compliant passenger vehicle motor oil line developed for current turbocharged engines.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Conventional Oil Market:
- A Quick Look at the Major Diverging Points Between Conventional Oil and Synthetic Oil
- Global Conventional Oil Market to Experience Noteworthy Growth by 2031 with the Rising Demand for Engine Oil from the Automotive Sector
