Insights Into The Crude Oil Market’s Growth Opportunities Through 2023-2032 – Includes Crude Oil Market Analysis
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The rising demand for fossil fuels to cater to energy needs from around the world, especially in developing countries such as China and India, and the expected stabilization of oil and gas prices are expected to drive innovation in crude oil manufacturing, thus driving the market during the forecast period.
The global crude oil market is expected to grow from $2747.78 billion in 2022 to $2904.09 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The crude oil market size is expected to grow from $3481.5 billion in 2027 at a CAGR of 4.6%.
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Global Crude Oil Market Segments Include:
- By Type:Transport, Industrial, Other Types
- By Derivatives:Paraffin, Naphthene, Aromatic, Asphaltic
- By Nature:Organic, Conventional
- By Geography:The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global crude oil market in 2021.
Major Market Players in the crude oil market include Royal Dutch Shell, Exxon Mobil Corporation BP Plc, Rosneft, and Kuwait Petroleum Corporation.
Digital oilfield technology is recently being used by Oil and gas extraction companies, to enhance oil and gas production. Digital technologies in oil fields include high-performance drill bits, advanced electrical submersible pumps, and 3D seismic imaging and reservoir modelling. Oilfields digitization facilitates efficient utilization of human resources and thus optimizes the profitability of oil production by ten percentage points.
The Crude Oil Global Market Report 2023 provides a crude oil market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The crude oil market forecast analyzes crude oil market size, crude oil market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Crude oil refers to a naturally occurring, unrefined petroleum substance made up of organic compounds and hydrocarbon deposits. Crude oil is mostly utilised as a fuel and combustible, but it is also essential as a raw material in the production of chemicals.
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