Portland, OR, Feb. 23, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the conventional oil market earned USD 2.5 trillion in 2021 and is estimated to generate USD 4.7 trillion by 2031, exhibiting a CAGR of 6.4% from 2022 to 2031. The report provides a comprehensive analysis of the changing dynamics of market, the main segments, the value chain, the competitive scenario and the regional panorama. . This research provides valuable guidance to major players, investors, shareholders and startups to design strategies for sustainable growth and gain a competitive edge in the market.
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Report coverage and details:
| Coverage of the report | Details |
| Forecast period | 2022–2031 |
| base year | 2021 |
| Market size in 2021 | 2.5 trillion dollars |
| Market size in 2031 | 4.7 trillion dollars |
| CAGR | 6.4% |
| Number of pages in the report | 290 |
| Segments covered | Type, Sulfur Content, End-User Industry and Region. |
| drivers | Increase in car sales, due to population growth and increased purchasing power of consumers
Increased car production Demand for traditional and synthetic materials |
| opportunities | High level of technological progress
Increased demand for high-performance motor oils due to tactical vehicle processes and operating models used by multinational automakers |
| restrictions | The uncertainty generated by oil price fluctuations |
Covid-19 scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global conventional oil market, due to import and export restrictions and an increase in energy prices during the global lockdown.
- The economic slowdown induced by the COVID-19 pandemic, as well as the collapse of the oil market, had a significant impact on oil exporting countries. The decline in fossil fuel use brought about by the growing need for decarbonization also had an impact on the larger oil sector, particularly the need for conventional oil.
The research provides detailed segmentation of the global conventional oil market by type, sulfur content, end-user industry, and region. The report discusses the segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize based on the highest revenue generating and fastest growing segments mentioned in the report.
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Based on type, the middle distillate segment held the highest share in 2021, accounting for nearly two-fifths of the global conventional oil market, and is expected to continue its leading status during the forecast period. However, the light distillates segment is expected to register the highest CAGR of 6.9% from 2022 to 2031.
Based on sulfur content, the high sulfur segment accounted for the highest share in 2021, contributing more than half of the global conventional oil market, and is expected to maintain the leadership in terms of revenue during the period forecast However, the low sulfur segment is expected to exhibit the highest CAGR of 6.7% from 2022 to 2031.
Based on end-user industry, the automotive segment accounted for the highest share in 2021, accounting for more than one-third of the global conventional oil market, and is expected to continue its leadership status during the period forecast However, the power segment is estimated to grow at the highest CAGR of 7.1% during the forecast period.
By region, LAMEA had the largest share in 2021, contributing nearly two-fifths of the global conventional oil market share, and is projected to maintain its dominant share in terms of revenue in 2031. Furthermore, the same region is expected to manifest the fastest CAGR of 6.9% during the forecast period. The research also looks at regions such as North America, Europe, and Asia-Pacific.
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Major players of the global conventional oil market analyzed in the research include BP plc, Chevron Corporation, Eni, Exxon Mobil Corporation, Shell Plc., Total Energies SE, CNPC, EQUINOR ASA, PETROBRAS, Repsol.
The report provides a detailed analysis of these key players in the global conventional oil market. These players have adopted various strategies such as new product launches, collaborations, expansion, joint ventures, agreements and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting the business performance, operating segments, product portfolio and strategic moves of the market players to display the competitive scenario.
Trend reports in the conventional oil industry (book now with 10% discount):
Crude Oil Market: Global Opportunity Analysis and Industry Forecast, 2022-2031
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Refinery Vacuum Distillation Units Market: Global Analysis and Industry Forecast, 2021-2030
Oil Refining Market: Global Opportunity Analysis and Industry Forecast, 2021-2030
Heavy Oil Market: Global Opportunity Analysis and Industry Forecast, 2021-2031
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Allied Market Research (AMR) is a full-service market research and business consulting firm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research offers global companies, as well as medium and small businesses, an unmatched quality of “Market research reports” and “Business Intelligence Solutions.” AMR has a specific vision to provide business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relationships with various companies and this helps us extract market data that helps us generate accurate research data tables and confirms the highest accuracy in our market forecasts. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high data quality and help clients in every possible way to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with senior managers of the main companies in the domain in question. Our secondary data acquisition methodology includes online and offline research and discussions with expert industry practitioners and analysts.
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