Crude Oil Market By Type , By Composition By Extraction Process By End Use : Global Opportunity Analysis and Industry Forecast, 2024-2033

Description

Crude Oil Market

The crude oil market was valued at $2.6 trillion in 2023 and is projected to reach $3.0 trillion by 2033, growing at a CAGR of 1.5% from 2024 to 2033.

Crude oil is a naturally occurring liquid petroleum that is a mixture of several volatile hydrocarbons. The composition of crude oil comprises 82-87% carbon by weight and 12-15% hydrogen by weight. Crude oil is extracted from the geological formations present below the surface of Earth and is produced due to heating and compression of organic materials for long durations. Crude oil is refined to convert it into usable forms such as jet fuel and gasoline.

With increasing urbanization and industrialization, the demand for energy has surged globally, hence driving the growth of the crude oil market. In addition, the rapidly expanding automotive industry is rising the demand for crude oil as most of the vehicles across the globe rely on petroleum-based fuels for their operations. Currently, the deployment of AI and the Internet of Things technology into the processes associated with crude oil is trending in the market. These technologies are facilitating production efficiency, enabling remote monitoring of mining sites, and providing data-based analysis for quick & reliable decision-making. The integration of ingenious technologies is expected to enhance the safety of workers associated with crude-oil extraction.

However, the growth of the market remains highly dependent on economic conditions and geopolitical situations of countries. This leads to uncertainty in the market. Furthermore, rise in awareness pertaining to the hazardous climatic impact of burning crude oil-based fuels is reducing the demand for crude oil, hampering the market development. Despite the hindrances, the crude oil market is poised for several lucrative growth opportunities in the future due to constantly growing demand. According to the International Energy Agency, by 2028, the global demand for crude oil is expected to rise by 6% and is estimated to reach 105.7 million barrels per day owing to strong support from petrochemical and aviation sectors.

Segment Review

The crude oil market is segmented into type, composition, extraction process, end use, and region. On the basis of type, the market is divided into very light oil, light oil, medium oil, and heavy fuel oil. As per composition, it is classified into hydrocarbon compounds, non-hydrocarbon compounds, inorganic salts, and others. Depending on extraction process, it is bifurcated into conventional and unconventional. As per end use, it is categorized into transportation, industrial, residential, commercial, and power generation. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings

On the basis of type, the medium oil segment held the highest market share in 2023.

As per composition, the hydrocarbon compounds segment acquired a high stake in the market in 2023.

Depending on extraction process, the conventional segment accounted for a high market share in 2023.

As per end use, the transportation segment was the highest shareholder in 2023

Region wise, North America was the highest revenue generator in 2023.

Competition Analysis

The leading players operating in the global crude oil market include Saudi Arabian Oil Co., National Iranian Oil Company (NIOC), Exxon Mobil Corporation, China National Petroleum Corporation, bp p.l.c., Royal Dutch Shell, Chevron Corporation, KUWAIT PETROLEUM CORPORATION, TotalEnergies, and Petrobras. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.

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Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)

Capital Investment breakdown
Product Benchmarking / Product specification and applications
Supply Chain Analysis & Vendor Margins
Upcoming/New Entrant by Regions
Technology Trend Analysis
New Product Development/ Product Matrix of Key Players
Regulatory Guidelines
Additional company profiles with specific to client's interest
Additional country or region analysis- market size and forecast
Historic market data
Import Export Analysis/Data
Key player details (including location, contact details, supplier/vendor network etc. in excel format)
List of customers/consumers/raw material suppliers- value chain analysis
SWOT Analysis
Volume Market Size and Forecast

Key Market Segments

By Type

Very Light Oil
Light Oil
Medium Oil
Heavy Fuel Oil

By Composition

Hydrocarbon Compounds
Non-Hydrocarbon Compounds
Inorganic Salts
Others

By Extraction Process

Conventional
Unconventional

By End Use

Transportation
Industrial
Residential
Commercial
Power Generation

By Region

North America
- U.S.
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA

Key Market Players:

Saudi Arabian Oil Co.
National Iranian Oil Company (NIOC)
Exxon Mobil Corporation
China National Petroleum Corporation
bp p.l.c.
Royal Dutch Shell
Chevron Corporation
KUWAIT PETROLEUM CORPORATION
TotalEnergies
Petrobras

Product Code: A01917

CHAPTER 1: INTRODUCTION

1.1. Report Description
1.2. Key Market Segments
1.3. Key Benefits
1.4. Research Methodology
- 1.4.1. Primary Research
- 1.4.2. Secondary Research
- 1.4.3. Analyst Tools and Models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET LANDSCAPE

3.1. Market Definition and Scope
3.2. Key Findings
- 3.2.1. Top Investment Pockets
- 3.2.2. Top Winning Strategies
3.3. Porter's Five Forces Analysis
- 3.3.1. Bargaining Power of Suppliers
- 3.3.2. Threat of New Entrants
- 3.3.3. Threat of Substitutes
- 3.3.4. Competitive Rivalry
- 3.3.5. Bargaining Power among Buyers
3.4. Market Dynamics
- 3.4.1. Drivers
- 3.4.2. Restraints
- 3.4.3. Opportunities

CHAPTER 4: CRUDE OIL MARKET, BY TYPE

4.1. Market Overview
- 4.1.1 Market Size and Forecast, By Type
4.2. Very Light Oil
- 4.2.1. Key Market Trends, Growth Factors and Opportunities
- 4.2.2. Market Size and Forecast, By Region
- 4.2.3. Market Share Analysis, By Country
4.3. Light Oil
- 4.3.1. Key Market Trends, Growth Factors and Opportunities
- 4.3.2. Market Size and Forecast, By Region
- 4.3.3. Market Share Analysis, By Country
4.4. Medium Oil
- 4.4.1. Key Market Trends, Growth Factors and Opportunities
- 4.4.2. Market Size and Forecast, By Region
- 4.4.3. Market Share Analysis, By Country
4.5. Heavy Fuel Oil
- 4.5.1. Key Market Trends, Growth Factors and Opportunities
- 4.5.2. Market Size and Forecast, By Region
- 4.5.3. Market Share Analysis, By Country

CHAPTER 5: CRUDE OIL MARKET, BY COMPOSITION

5.1. Market Overview
- 5.1.1 Market Size and Forecast, By Composition
5.2. Hydrocarbon Compounds
- 5.2.1. Key Market Trends, Growth Factors and Opportunities
- 5.2.2. Market Size and Forecast, By Region
- 5.2.3. Market Share Analysis, By Country
5.3. Non-Hydrocarbon Compounds
- 5.3.1. Key Market Trends, Growth Factors and Opportunities
- 5.3.2. Market Size and Forecast, By Region
- 5.3.3. Market Share Analysis, By Country
5.4. Inorganic Salts
- 5.4.1. Key Market Trends, Growth Factors and Opportunities
- 5.4.2. Market Size and Forecast, By Region
- 5.4.3. Market Share Analysis, By Country
5.5. Others
- 5.5.1. Key Market Trends, Growth Factors and Opportunities
- 5.5.2. Market Size and Forecast, By Region
- 5.5.3. Market Share Analysis, By Country

CHAPTER 6: CRUDE OIL MARKET, BY EXTRACTION PROCESS

6.1. Market Overview
- 6.1.1 Market Size and Forecast, By Extraction Process
6.2. Conventional
- 6.2.1. Key Market Trends, Growth Factors and Opportunities
- 6.2.2. Market Size and Forecast, By Region
- 6.2.3. Market Share Analysis, By Country
6.3. Unconventional
- 6.3.1. Key Market Trends, Growth Factors and Opportunities
- 6.3.2. Market Size and Forecast, By Region
- 6.3.3. Market Share Analysis, By Country

CHAPTER 7: CRUDE OIL MARKET, BY END USE

7.1. Market Overview
- 7.1.1 Market Size and Forecast, By End Use
7.2. Transportation
- 7.2.1. Key Market Trends, Growth Factors and Opportunities
- 7.2.2. Market Size and Forecast, By Region
- 7.2.3. Market Share Analysis, By Country
7.3. Industrial
- 7.3.1. Key Market Trends, Growth Factors and Opportunities
- 7.3.2. Market Size and Forecast, By Region
- 7.3.3. Market Share Analysis, By Country
7.4. Residential
- 7.4.1. Key Market Trends, Growth Factors and Opportunities
- 7.4.2. Market Size and Forecast, By Region
- 7.4.3. Market Share Analysis, By Country
7.5. Commercial
- 7.5.1. Key Market Trends, Growth Factors and Opportunities
- 7.5.2. Market Size and Forecast, By Region
- 7.5.3. Market Share Analysis, By Country
7.6. Power Generation
- 7.6.1. Key Market Trends, Growth Factors and Opportunities
- 7.6.2. Market Size and Forecast, By Region
- 7.6.3. Market Share Analysis, By Country

CHAPTER 8: CRUDE OIL MARKET, BY REGION

8.1. Market Overview
- 8.1.1 Market Size and Forecast, By Region
8.2. North America
- 8.2.1. Key Market Trends and Opportunities
- 8.2.2. Market Size and Forecast, By Type
- 8.2.3. Market Size and Forecast, By Composition
- 8.2.4. Market Size and Forecast, By Extraction Process
- 8.2.5. Market Size and Forecast, By End Use
- 8.2.6. Market Size and Forecast, By Country
- 8.2.7. U.S. Crude Oil Market
  - 8.2.7.1. Market Size and Forecast, By Type
  - 8.2.7.2. Market Size and Forecast, By Composition
  - 8.2.7.3. Market Size and Forecast, By Extraction Process
  - 8.2.7.4. Market Size and Forecast, By End Use
- 8.2.8. Canada Crude Oil Market
  - 8.2.8.1. Market Size and Forecast, By Type
  - 8.2.8.2. Market Size and Forecast, By Composition
  - 8.2.8.3. Market Size and Forecast, By Extraction Process
  - 8.2.8.4. Market Size and Forecast, By End Use
- 8.2.9. Mexico Crude Oil Market
  - 8.2.9.1. Market Size and Forecast, By Type
  - 8.2.9.2. Market Size and Forecast, By Composition
  - 8.2.9.3. Market Size and Forecast, By Extraction Process
  - 8.2.9.4. Market Size and Forecast, By End Use
8.3. Europe
- 8.3.1. Key Market Trends and Opportunities
- 8.3.2. Market Size and Forecast, By Type
- 8.3.3. Market Size and Forecast, By Composition
- 8.3.4. Market Size and Forecast, By Extraction Process
- 8.3.5. Market Size and Forecast, By End Use
- 8.3.6. Market Size and Forecast, By Country
- 8.3.7. France Crude Oil Market
  - 8.3.7.1. Market Size and Forecast, By Type
  - 8.3.7.2. Market Size and Forecast, By Composition
  - 8.3.7.3. Market Size and Forecast, By Extraction Process
  - 8.3.7.4. Market Size and Forecast, By End Use
- 8.3.8. Germany Crude Oil Market
  - 8.3.8.1. Market Size and Forecast, By Type
  - 8.3.8.2. Market Size and Forecast, By Composition
  - 8.3.8.3. Market Size and Forecast, By Extraction Process
  - 8.3.8.4. Market Size and Forecast, By End Use
- 8.3.9. Italy Crude Oil Market
  - 8.3.9.1. Market Size and Forecast, By Type
  - 8.3.9.2. Market Size and Forecast, By Composition
  - 8.3.9.3. Market Size and Forecast, By Extraction Process
  - 8.3.9.4. Market Size and Forecast, By End Use
- 8.3.10. Spain Crude Oil Market
  - 8.3.10.1. Market Size and Forecast, By Type
  - 8.3.10.2. Market Size and Forecast, By Composition
  - 8.3.10.3. Market Size and Forecast, By Extraction Process
  - 8.3.10.4. Market Size and Forecast, By End Use
- 8.3.11. UK Crude Oil Market
  - 8.3.11.1. Market Size and Forecast, By Type
  - 8.3.11.2. Market Size and Forecast, By Composition
  - 8.3.11.3. Market Size and Forecast, By Extraction Process
  - 8.3.11.4. Market Size and Forecast, By End Use
- 8.3.12. Rest of Europe Crude Oil Market
  - 8.3.12.1. Market Size and Forecast, By Type
  - 8.3.12.2. Market Size and Forecast, By Composition
  - 8.3.12.3. Market Size and Forecast, By Extraction Process
  - 8.3.12.4. Market Size and Forecast, By End Use
8.4. Asia-Pacific
- 8.4.1. Key Market Trends and Opportunities
- 8.4.2. Market Size and Forecast, By Type
- 8.4.3. Market Size and Forecast, By Composition
- 8.4.4. Market Size and Forecast, By Extraction Process
- 8.4.5. Market Size and Forecast, By End Use
- 8.4.6. Market Size and Forecast, By Country
- 8.4.7. China Crude Oil Market
  - 8.4.7.1. Market Size and Forecast, By Type
  - 8.4.7.2. Market Size and Forecast, By Composition
  - 8.4.7.3. Market Size and Forecast, By Extraction Process
  - 8.4.7.4. Market Size and Forecast, By End Use
- 8.4.8. Japan Crude Oil Market
  - 8.4.8.1. Market Size and Forecast, By Type
  - 8.4.8.2. Market Size and Forecast, By Composition
  - 8.4.8.3. Market Size and Forecast, By Extraction Process
  - 8.4.8.4. Market Size and Forecast, By End Use
- 8.4.9. India Crude Oil Market
  - 8.4.9.1. Market Size and Forecast, By Type
  - 8.4.9.2. Market Size and Forecast, By Composition
  - 8.4.9.3. Market Size and Forecast, By Extraction Process
  - 8.4.9.4. Market Size and Forecast, By End Use
- 8.4.10. South Korea Crude Oil Market
  - 8.4.10.1. Market Size and Forecast, By Type
  - 8.4.10.2. Market Size and Forecast, By Composition
  - 8.4.10.3. Market Size and Forecast, By Extraction Process
  - 8.4.10.4. Market Size and Forecast, By End Use
- 8.4.11. Australia Crude Oil Market
  - 8.4.11.1. Market Size and Forecast, By Type
  - 8.4.11.2. Market Size and Forecast, By Composition
  - 8.4.11.3. Market Size and Forecast, By Extraction Process
  - 8.4.11.4. Market Size and Forecast, By End Use
- 8.4.12. Rest of Asia-Pacific Crude Oil Market
  - 8.4.12.1. Market Size and Forecast, By Type
  - 8.4.12.2. Market Size and Forecast, By Composition
  - 8.4.12.3. Market Size and Forecast, By Extraction Process
  - 8.4.12.4. Market Size and Forecast, By End Use
8.5. LAMEA
- 8.5.1. Key Market Trends and Opportunities
- 8.5.2. Market Size and Forecast, By Type
- 8.5.3. Market Size and Forecast, By Composition
- 8.5.4. Market Size and Forecast, By Extraction Process
- 8.5.5. Market Size and Forecast, By End Use
- 8.5.6. Market Size and Forecast, By Country
- 8.5.7. Brazil Crude Oil Market
  - 8.5.7.1. Market Size and Forecast, By Type
  - 8.5.7.2. Market Size and Forecast, By Composition
  - 8.5.7.3. Market Size and Forecast, By Extraction Process
  - 8.5.7.4. Market Size and Forecast, By End Use
- 8.5.8. South Africa Crude Oil Market
  - 8.5.8.1. Market Size and Forecast, By Type
  - 8.5.8.2. Market Size and Forecast, By Composition
  - 8.5.8.3. Market Size and Forecast, By Extraction Process
  - 8.5.8.4. Market Size and Forecast, By End Use
- 8.5.9. Saudi Arabia Crude Oil Market
  - 8.5.9.1. Market Size and Forecast, By Type
  - 8.5.9.2. Market Size and Forecast, By Composition
  - 8.5.9.3. Market Size and Forecast, By Extraction Process
  - 8.5.9.4. Market Size and Forecast, By End Use
- 8.5.10. Rest of LAMEA Crude Oil Market
  - 8.5.10.1. Market Size and Forecast, By Type
  - 8.5.10.2. Market Size and Forecast, By Composition
  - 8.5.10.3. Market Size and Forecast, By Extraction Process
  - 8.5.10.4. Market Size and Forecast, By End Use

CHAPTER 9: COMPETITIVE LANDSCAPE

9.1. Introduction
9.2. Top Winning Strategies
9.3. Product Mapping of Top 10 Player
9.4. Competitive Dashboard
9.5. Competitive Heatmap
9.6. Top Player Positioning, 2023

CHAPTER 10: COMPANY PROFILES

10.1. Saudi Arabian Oil Co.
- 10.1.1. Company Overview
- 10.1.2. Key Executives
- 10.1.3. Company Snapshot
- 10.1.4. Operating Business Segments
- 10.1.5. Product Portfolio
- 10.1.6. Business Performance
- 10.1.7. Key Strategic Moves and Developments
10.2. National Iranian Oil Company (NIOC)
- 10.2.1. Company Overview
- 10.2.2. Key Executives
- 10.2.3. Company Snapshot
- 10.2.4. Operating Business Segments
- 10.2.5. Product Portfolio
- 10.2.6. Business Performance
- 10.2.7. Key Strategic Moves and Developments
10.3. Exxon Mobil Corporation
- 10.3.1. Company Overview
- 10.3.2. Key Executives
- 10.3.3. Company Snapshot
- 10.3.4. Operating Business Segments
- 10.3.5. Product Portfolio
- 10.3.6. Business Performance
- 10.3.7. Key Strategic Moves and Developments
10.4. China National Petroleum Corporation
- 10.4.1. Company Overview
- 10.4.2. Key Executives
- 10.4.3. Company Snapshot
- 10.4.4. Operating Business Segments
- 10.4.5. Product Portfolio
- 10.4.6. Business Performance
- 10.4.7. Key Strategic Moves and Developments
10.5. Bp P.l.c.
- 10.5.1. Company Overview
- 10.5.2. Key Executives
- 10.5.3. Company Snapshot
- 10.5.4. Operating Business Segments
- 10.5.5. Product Portfolio
- 10.5.6. Business Performance
- 10.5.7. Key Strategic Moves and Developments
10.6. Royal Dutch Shell
- 10.6.1. Company Overview
- 10.6.2. Key Executives
- 10.6.3. Company Snapshot
- 10.6.4. Operating Business Segments
- 10.6.5. Product Portfolio
- 10.6.6. Business Performance
- 10.6.7. Key Strategic Moves and Developments
10.7. Chevron Corporation
- 10.7.1. Company Overview
- 10.7.2. Key Executives
- 10.7.3. Company Snapshot
- 10.7.4. Operating Business Segments
- 10.7.5. Product Portfolio
- 10.7.6. Business Performance
- 10.7.7. Key Strategic Moves and Developments
10.8. KUWAIT PETROLEUM CORPORATION
- 10.8.1. Company Overview
- 10.8.2. Key Executives
- 10.8.3. Company Snapshot
- 10.8.4. Operating Business Segments
- 10.8.5. Product Portfolio
- 10.8.6. Business Performance
- 10.8.7. Key Strategic Moves and Developments
10.9. TotalEnergies
- 10.9.1. Company Overview
- 10.9.2. Key Executives
- 10.9.3. Company Snapshot
- 10.9.4. Operating Business Segments
- 10.9.5. Product Portfolio
- 10.9.6. Business Performance
- 10.9.7. Key Strategic Moves and Developments
10.10. Petrobras
- 10.10.1. Company Overview
- 10.10.2. Key Executives
- 10.10.3. Company Snapshot
- 10.10.4. Operating Business Segments
- 10.10.5. Product Portfolio
- 10.10.6. Business Performance
- 10.10.7. Key Strategic Moves and Developments