New York (US), May 02, 2023 (GLOBE NEWSWIRE) -- Oil Shale Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), "Oil Shale Market Information by Process, Method, Product, End-User, and Region - Forecast till 2030", With a growth rate of 7.17% between 2022 and 2030, the oil shale market can surge from USD 3.2 billion in 2022 to USD 5.65 billion by 2030.
Market Synopsis
Oil and gas may be extracted from sedimentary rock formations called oil shale. Due to the presence of kerogen, an organic substance that burns when exposed to flame, oil shale may generate both oil and gas. Oil shale can be exploited as a source of petroleum, but historically, the oil and gas industry has avoided it due to the difficulties of extracting it.
Despite their shared names, "shale oil" and oil shale are not the same thing. The latter describes the unconventional oil that must be hydraulically fractured in order to be retrieved from oil shale deposits.
Oil shale is used extensively for the production of petroleum products as the large-scale usage of crude oil is causing the depletion of fossil fuel supplies, which may soon run out in the next decades. These elements are the primary drivers of market expansion for the oil shale industry.
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Market Competitive Landscape:
The affluent firms in the market for oil shale are
- American Shale Oil LLC
- AuraSource Inc
- Blue Ensign Technologies Ltd
- Chevron Corporation
- Electro-Petroleum Inc.
- Exxon Mobil Corporation
- Occidental Petroleum Corporation
- Chesapeake
- MARATHON OIL COMPANY
- Cabot Oil & Gas Corporation
- Halliburton Energy Services
- Among others.
Major market players are focusing on the R&D of the oil shale to refine it so as to make it a more efficient fuel to use. Majorly companies are also been focused on the extraction of the oil shale from the rocks as it is not an easy process to extract and a lot of water is been polluted in the extraction. New technology in In-Situ like fracturing in which oil is converted into the ground itself and then pumped out, in this process, there is no need to extract rock and crush them. New advanced technologies fracturing of rocks is done so as to extract the oil more efficiently.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 5.65 billion |
| CAGR | 7.17% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Process, Method, Product, End-User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America and Middle East Africa |
| Key Market Drivers | Fluctuating in demand for crude oil and huge shale reserves |
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Market USP Covered:
Market Drivers:
Oil shale is widely utilized in the production and consumption of electricity as a fuel for steam boilers. Oil shale is used in the production of several sectors, including the chemical and cement industries. The largest importer of oil shale is America, which also has the largest deposits. Due to this, a lot of other businesses, like transportation, will have a fantastic chance to greatly develop their company in importing and exporting. Additionally, since the cost of transportation is reduced, the price of any product on the market may be adjusted to be less expensive. Huge shale oil reserves are being used by several countries to fulfil their domestic petrochemical sector's needs and lessen their dependency on oil imports.
The surging use of petrochemical products, the introduction of revolutionary processes such direct crude cracking, and higher investment in the industry are all expected to contribute to the petrochemical industry's significant growth throughout the forecast period. Growth in the petrochemical sector is anticipated to increase shale oil consumption, supporting the market's expansion. So, fluctuating crude oil demand and vast shale deposits are contributing to the rise in oil shale market income.
Large-scale projects are currently attempting to build up refineries to produce the most chemicals feasible rather than transportation fuels as they would in a regular refinery. In December 2022, a connection will be made between the present Jubail refinery, which has a daily capacity of 440 thousand barrels, and the proposed local petrochemical complex at Satorp. The Final Investment Decision (FID) was completed by Saudi Aramco and TotalEnergies, advancing development. Both firms will invest about USD 11 billion, of which USD 4 billion would come from equity investments from Aramco (62.5%) and TotalEnergies (37.5%).
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Market Restraints:
The market could be constrained throughout the conjectured period by environmental concerns regarding fracking operations.
But developments in shale oil production technologies, such as those in horizontal drilling technology, are anticipated to make the shale oil reservoirs more feasible and may present a business opportunity for market participants.
COVID 19 Analysis
A conflict about the administration of the main oil market has emerged at the same time as COVID-19. This issue primarily concerns the market shares held by Saudi Arabia, the largest sovereign producer among OPEC members, and Russia, which has collaborated with OPEC as "OPEC+" along with Mexico and occasionally Norway. Conflicts over oil market management invariably lead to lower prices, and as a result, the world's oil business is currently suffering from the combined impacts of OPEC+ chaos and extremely low worldwide demand brought on by the epidemic. The computation of the OPEC and OPEC+ issue, the global demand issue, and the oversupply scenario has a negative influence on the demand and price of oil shale.
Due to the unpredictability of crude oil and natural gas prices, Break-Even (BE) prices for fracking operations, financial and technical limitations within the industry, development of the global hydrocarbon demand, political factors in the US, environmental sustainability, and societal sustainability, which in turn demonstrate the negative demand in the oil shale market, US shale oil and gas demand plummeted, prices collapsed, and bankruptcies were announced at exceptional rates.
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Market Segmentation
By Process
Extraction (mining), retorting, and refining are the three oil shale processes. Sedimentary rock mining is a step in the extraction process that can be carried out either on the surface or below. The new mining method entails extracting just liquid oil from the rocks using an internal heating procedure. In 2021, the sector responsible for a large portion of the revenue generated by the oil shale market—roughly 42.65%—was oil shale exploration.
By Method
In-Situ and Ex-Situ are two segments of the Oil Shale Market, with respect to technique. In terms of revenue from the global oil shale market, the In situ segment contributed around 63.19% in 2021, holding the lion's share of the market.
By Product
Gasoline, diesel, kerosene, and other products are included in the product-based segmentation of the oil shale market. In 2021, the gasoline market category retained the lion's share, accounting for around 43.14% of the total income generated by the oil shale market. The largest and fastest-growing part of the oil shale market is gasoline. This is because it has advantages and is used extensively in the production of energy, making about 25% of the electricity produced in the US.
Regional Insights
Since the United States has substantial oil shale deposits, mostly in the Green River Formation in Wyoming, Utah, and Colorado, North America controls the majority of the global market. The biggest known concentration of oil shale in the world and the largest exporter of oil shale are both claimed by the EIA to be contained within a total area of 16,000 square miles of oil shale resources.
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