The global conventional oil market is expected to grow mainly due to the increasing demand for conventional oil as motor oil. The automotive sub-segment is expected to grow tremendously. The market in the LAMEA region is expected to grow at a high CAGR by 2031
NEW YORK, April 28, 2023 /PRNewswire/ — Global Conventional Oil Market Forecast Analysis:
According to the report published by Research Dive, the world conventional oil market it is expected to record an income of 4,690.2 million dollars by 2031 at a CAGR of 6.4% during the forecast period 2022-2031.
Segments of the conventional oil market
The report has divided the conventional oil market into the following segments:
- type: light distillates, middle distillates, heavy ends and others
- Middle distillates – The most dominant in 2021
The increasing utilization of middle distillates as fuel for heating, lighting and transportation is expected to further drive the growth of this sub-segment.
- Sulfur content: low sulfur and high sulfur
- high sulphur- Higher market share in 2021
The growing use of sulfur-rich crude oil in power plants, industries, and construction activities is expected to increase the market growth rate over the period 2022-2031.
- End use industry: automotive, chemical, electrical, industrial and others
- automotive- The most profitable of 2021
The increase in automotive manufacturing and sales, especially in the Asia-Pacific i North America The region has led to a growth in demand for conventional oil that is expected to drive the market.
- region: North America, europe, Asia-Pacificand LAMEA
- LAMEA – Major market share in 2031
The presence of five of the top ten oil producing nations in this region is expected to drive the market during the forecast period.
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Dynamics of the world conventional oil market
The growing demand for conventional oil as motor oil is expected to make the conventional oil market highly profitable during the forecast period. Moreover, increasing use of modern technology for crude oil extraction is expected to propel the market forward. However, according to market analysts, the increasing use of synthetic oil could become a restraint on the market growth.
The development of superior motor oil for automotive applications is expected to offer numerous growth opportunities to the market during the forecast period. Moreover, increasing demand for energy-dense crude oil in the transportation sector is expected to drive the conventional oil market in the coming period.
Impact of COVID-19 on the global conventional oil market
The Covid-19 pandemic disrupted the routine lifestyle of people worldwide and the subsequent lockdowns adversely affected industrial processes across all sectors. The conventional oil market was also adversely affected due to the pandemic. Lockdowns and travel restrictions affected global supply chains affecting oil supplies around the world. Also, as several end-use industries were shut down, the demand for conventional oil was reduced, which further affected the market.
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Key players in the global conventional oil market
Major market players include
- BP
- Shell
- equinox
- Chevron
- total
- Petrobras
- Eni
- CNCC
- Repsol
- ExxonMobil
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain market growth.
For example, in October 2020, Chevron, a multinational oil refining company, announced the acquisition of Noble Energy, a hydrocarbon exploration company. This acquisition of Chevron is expected to increase its market share massively in the coming years.
Granular research on specific regions or segments of the conventional oil market and 10% discount
What the report covers
In addition to the information summarized in this press release, the final report covers crucial market aspects such as SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis and regional analysis) and the company. profiles (company overview, operating business segments, product portfolio, financial performance and latest strategic moves and developments).
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About Research Dive
Research Dive is a market research company based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are based solely on its exclusive data model, bound by the 360-degree research methodology, which guarantees a thorough and accurate analysis. With unprecedented access to multiple paid data resources, a team of expert researchers, and a strict work ethic, the company delivers extremely accurate and reliable insights. By sifting through relevant news releases, government publications, decades of commercial data, and technical and white papers, Research Dive delivers the necessary services to its clients within the required time frame. His expertise focuses on examining market niches, targeting their key drivers and spotting threatening obstacles. Complementarily, he also has a seamless collaboration with leading industry enthusiasts which further gives an edge to his research.
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