Crude Oil Market Size, Share, Forecast, 2020-2027 | Global Opportunity Analysis and Industry Insights

Petroleum is the term constituting naturally occurring unprocessed crude oils and petroleum products that are made up of refined crude oil. Crude oil is refined and separated, most easily on the basis of boiling point, and is converted into a large number of consumer products such as petrol (or gasoline) and kerosene to asphalt and chemical reagents used to make plastics and pharmaceuticals. Moreover, crude oils are refined and separated into a mixture, which is further converted to simpler fractions to be further utilized as fuels, lubricants, and even as intermediate feedstock to the petrochemical industries.

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This report projects the trends and opportunities of the global crude oil market. This research study includes a qualitative and quantitative analysis with comprehensive research methodologies and reliable projections to understand the present overview and predict the market behavior during the forecast period.

The market witnessed significant demand owing to the rise in exploration across subsea oil & gas exploration sites. Moreover, developing economies such as China and India are emerging as leaders in the consumption of crude oil. This has resulted in technological developments in other sources of crude oil such as shale rock, thereby increasing U.S. oil production and in turn leading to market growth. However, the supply side of the oil market is highly influenced by geopolitics. Therefore, major producers of crude oil such as the Middle East and Africa are constantly struggling to maintain supply levels, which is, in turn, limits the market growth to some extent.

The global crude oil market is segmented based on derivatives, composition, type, application, and geography.

On the basis of derivatives, it is divided into paraffin, naphthene, aromatic, and asphaltic. Paraffin is further bifurcated into pentane and octane.

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Based on composition, the market is classified into hydrocarbon compounds, non-hydrocarbon compounds, organometallic compounds, and inorganic salts. Hydrocarbon compounds are further segmented into carbon and hydrogen. Organometallic compounds are further classified into sodium, calcium, magnesium, aluminum, and iron. Inorganic salts are further segmented into sodium and sulfur chloride.

Based on type, the market is divided into light distillates, light oils, medium oils, and heavy fuel oil.

Based on end-use, it is categorized as light commercial vehicles, passenger vehicles, mining, agriculture, and residential (in LPG).

Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Players

Key market players in this sector include Hess Corporation, ConocoPhillips, Noble Energy, Devon Energy Corporation, BP, Royal Dutch Shell, Sinopec, Marathon Oil, Husky Energy, and Suncor Energy.

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