Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, a global Energy & Power market research firm has published competitive intelligence and market research report on the “Conventional Oil Market“. The Conventional Oil market size was valued at USD 2687.32 Bn in 2022. The total Conventional Oil Market revenue is expected to grow at a CAGR of 3.8 percent from 2023 to 2029, reaching USD 3493.71 Bn during the forecast period.
| Market Size in 2022 | USD 2687.32 Bn |
| Market Size in 2029 | USD 3493.71 Bn |
| CAGR | 3.8 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 260 |
| No. of Tables | 125 |
| No. of Charts and Figures | 115 |
| Segment Covered | By Type, Sulphur content, and End-user |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Conventional Oil Market Scope and Research Methodology
The objective of the report is to present a comprehensive analysis of the Conventional oil Market. The Conventional oil Market is segmented by Type, Sulphur content, and End-user. The Conventional oil Market report is an investor guide that provides a comprehensive analysis of the competitive benchmarking of major market players in the market by revenue, financial status, portfolio, growth strategies, and geographical presence.
Major service providers in the Conventional oil Market are listed by region, total market revenue, financial status, advancements in Conventional oil service adopted by the market players, and mergers & acquisitions. Data for analysis from the Conventional oil industry research is collected by both primary and secondary research methods.
The report is a detailed analysis of the Conventional oil Market by country, regional and global presence. Conventional oil market size was estimated using a bottom-up approach. The new entrants in the Conventional oil Market were researched for growth prospects and future business outlooks. Restraints, drivers, challenges, and opportunities preventing the market growth are provided in the Conventional oil Market report.
Conventional Oil Market Overview
Conventional oil is a form of hydrocarbon from the decomposition of dead plants and organisms. Intense heat and pressure in this material lead to the generation of oil. Conventional oil is produced by using traditional drilling methods. The oil requires advanced production methods due to its geological formation. It is a global source of energy, used in transportation, and industrial processes.
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Technological advancements in the Conventional Oil industry to influence the market growth
Advancements such as development in extraction methods or the use of advanced oil recovery techniques to extract oil are expected to influence the Conventional Oil Market growth. The advancement leads to an increase in production and extends the lifespan of conventional oil reserves. Advanced drilling techniques reduces cost and increase production. Use of digital technologies such as AI and IoT is used in the conventional oil market. These technologies are used to increase production and prevent equipment failures with its safety. Advanced oil recovery techniques are used to extract oil from the oil reservoirs. Growth in the transportation industry and demand for goods and services is expected to fuel the Conventional Oil market growth.
Adoption of renewable energy sources is expected to restrain the Conventional Oil Market growth. Renewable energy sources are becoming popular due to climate change, environmental sustainability, and declining cost of renewable energy technologies.
North America region to dominate the Conventional Oil Market over the forecast period
In North America, the United States held the largest Conventional Oil Market share accounting 38.9 percent over the forecast period. The presence of a large oil field and high level of investment in oil infrastructure are expected to fuel the Conventional Oil Market growth in the region. The United States has a well-developed oil infrastructure with storage facilities and consumption of conventional oil.
The Middle East and Africa region is expected to witness significant growth in the market over the forecast period. Political instability in the region lead to disruption of supply and is expected to restrain the regional market growth. Income for governments and providing employment opportunities are factors expected to influence the Conventional Oil market growth in the region.
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Conventional Oil Market Segmentation
By Type:
- Light Distillate
- Middle Distillates
- Heavy Ends
- Others
By Sulphur content:
- Low Sulphur
- High Sulphur
By End user:
- Automotive
- Chemical
- Power Generation
- Industrial
- Others
Based on End User, the automotive segment held the largest market share of 42.6 percent in 2022 and is expected to hold the largest market share over the forecast period. The automotive sector is the largest end-user segment in the industry. Increased demand for transportation is expected to increase the demand for conventional oil products in the automotive industry.
Power generation segment is expected to hold a significant market share over the forecast period. The chemical industry is largest end-user of conventional oil. Demand for petrochemicals and other chemical products is expected to boost the Conventional oil market growth.
Conventional Oil Key Players include:
- BP
- Chevron
- Eni
- ExxonMobil
- Shell
- Total
- CNPC
- Equinor
- Petrobras
- Repsol
- Saudi Aramco
- ConocoPhillips
- Total
- PetroChina
- Gazprom
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Key questions answered in the Conventional Oil Market are:
- What is Conventional Oil?
- What was the Conventional Oil market size in 2021?
- What is the expected Conventional Oil market size by 2029?
- What is the growth rate of the Conventional Oil Market?
- Which are the factors expected to drive the Conventional Oil market growth?
- Which factors are expected to restrain the Conventional Oil market growth?
- Which segment dominated the Conventional Oil market growth?
- What is the demand pattern for the Conventional Oil market?
- Which region held the largest share in the Conventional Oil market?
- Who are the key players in the Conventional Oil market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Type, Sulphur content, and End-user Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Energy & Power research firm, has also published the following reports:
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Automotive Gear Oil Market: The total market size is expected to reach USD 4.64 Bn by 2029 from USD 3.85 Bn in 2022 at a CAGR of 2.7 percent during a forecast period. Synthetic-based high-performance gear oil in automotive sector is expected to boost market growth.
Base Oil Market: The total market size was valued at USD 30.13 Bn in 2021 and the total revenue is expected to grow at 5 percent through 2022 to 2029, reaching USD 44.52 Bn by 2029. High demand due to advanced engine technology's compatibility with fast-moving parts is expected to fuel the market growth.
Compressor Oil Market: The total market size was valued at USD 12.71 Bn in 2021 and the total revenue is expected to grow at a CAGR of 6.6 percent through 2022 to 2029, reaching USD 21.20 Bn. Improved consumer knowledge and purchasing power, high-quality compressor oil is expected to influence the market growth.
Tight Oil Market: The total market size is expected to reach USD 1500.60 Mn by 2029 with a CAGR of 7.2 percent during the forecast period. Rising global oil demand, the oil & gas companies are increasing the offshore drilling and exploration activities is expected to restrain the market growth.
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