H1 2023: The Crude Oil price trajectory in the Asian region exhibited varied dynamics throughout first half of 2023. In Q1 2023, Asian market participants began choosing Russian crude oil to maximize profits, attracted by its cost-effectiveness. The sluggish recovery of China posed a global concern within the crude oil market, hindering the anticipated price surge globally. Notably, key Asian nations, including India, defied Western and U.S. banned and sanctions to initiate crude oil imports from Russia. Furthermore, a notable uptick in global crude oil inventory levels ensued, spurred by unexpectedly subdued demand in the international market amid a simultaneous increase in inventory levels. In the second quarter, the crude oil landscape in the Chinese market exhibited persistent volatility. The sluggish economic growth observed in both China and the United States exerted influence on the fluctuating prices of crude oil. Despite elevated inventories held by OPEC+ nations, prices demonstrated an overall rise in April on a monthly basis. However, OPEC+'s announcement of a production cut aimed at safeguarding margins contributed to a decline in prices during May in China. Moreover, the lethargic economic growth and escalating concerns about a recession in the United States impacted the demand fundamentals for crude oil in China.
The global Crude Oil market stood around 4395 thousand tonnes in 2022 and is expected to grow at a steady CAGR of 3.12% during the forecast period until 2032.
Crude oil, a pivotal commodity in the global energy landscape, serves as a foundational resource with multifaceted applications across industries. Foremost, it is a primary feedstock for fuel production, yielding essential energy sources like gasoline, diesel, jet fuel, and heating oil, vital for transportation and industrial operations. Beyond fuels, crude oil plays a central role in the petrochemical sector, serving as the precursor for a spectrum of valuable products, including plastics, synthetic rubber, solvents, and various chemicals crucial to manufacturing processes. Moreover, crude oil-derived base oils are integral in lubricant manufacturing, supporting the smooth functioning of engines and machinery by reducing friction and wear. Its role extends to asphalt production, contributing significantly to the construction of roads and infrastructure. In certain power plants, crude oil is utilized for electricity generation, although its prevalence in this domain is overshadowed by alternatives like natural gas and coal. Crude oil is also the source of bitumen, a key component in asphalt and road construction. Additionally, it contributes to fertilizer production, supporting agricultural practices and enhancing crop yields. Waxes derived from specific crude oil fractions find application in diverse sectors, including cosmetics, candles, and packaging materials. The versatility of crude oil underscores its critical role in driving industrial processes, economic activities, and maintaining the infrastructure essential for contemporary living.
The crude oil market is intricately linked to diverse end-use sectors, each wielding significant influence. Foremost, the Transportation Sector is steering the market dynamics through fluctuations in gasoline and diesel demand dictated by travel patterns, fuel efficiency trends, and shifting consumer behaviours. Simultaneously, Industrial and Manufacturing Activities propel demand, with economic growth, manufacturing output, and overall industrial endeavours dictating the need for crude oil in petrochemical, plastics, and lubricant production. The Petrochemical Industry, a crucial player, hinges on crude oil as a feedstock for a spectrum of products, with innovations and changing consumer preferences shaping demand. Additionally, the Power Generation sector in certain regions relies on crude oil, subject to shifts in energy policies, renewable energy advancements, and regulatory changes. Meanwhile, Residential and Commercial Heating, Aviation, Consumer Goods, Road Construction, and the Shipping Industry collectively underscore the multifaceted impact of crude oil across a spectrum of applications, ranging from heating and aviation fuel to asphalt production and maritime transport. Throughout the projection period, the petrochemical industry is anticipated to exhibit significant increase in the demand of Crude Oil and reach nearly 6000 thousand tonnes in the forecast period of 2032.
Based on region, Asia Pacific region is the leading consumer of Crude Oil all across the globe. The Asia-Pacific region is set to uphold its position as the largest consumer of crude oil, fuelled by a confluence of factors. Rapid economic growth, particularly in powerhouse economies like China and India, drives heightened industrialization, urbanization, and a surge in energy consumption. The region's substantial and growing population, coupled with increasing urbanization, sustains a persistent demand for crude oil to meet the burgeoning needs of industries and urban centres. As a manufacturing and industrial hub, the Asia-Pacific region heavily relies on crude oil-derived products, ensuring a consistent and significant demand. Ongoing infrastructure development projects, a thriving transportation sector, and investments in energy and government initiatives further contribute to the sustained consumption of crude oil. Crude oil plays a pivotal role in the United States, serving as a versatile resource across diverse sectors. Foremost, it dominates the transportation realm, powering cars, trucks, buses, and trains through the production of gasoline and diesel fuels. The industrial sector heavily relies on crude oil for manufacturing processes, acting as a key feedstock for the production of petrochemicals, plastics, and synthetic rubber. In residential and commercial spheres, crude oil is utilized for heating purposes, and in some regions, it contributes to electricity generation. The aviation industry depends on jet fuel, a refined product of crude oil, for the propulsion of airplanes and helicopters. Additionally, crude oil is indispensable in the creation of asphalt for road construction, while its by-products find applications in consumer goods, construction materials, lubricants, and various chemical compounds. The agricultural sector benefits from crude oil-derived diesel fuel to power essential machinery. Overall, crude oil serves as an integral component in powering, sustaining, and advancing various facets of the U.S. economy.
Based on the end-user industry, the global Crude Oil market is segmented into Light Distillates, Middle Distillates, Fuel Oil, and Others. Among these, Light Distillates is dominating as a consumer, with a market share of more than 35% of the total demand in 2022. Light distillates, extracted from the initial distillation phase of crude oil, assume a pivotal role in diverse industrial applications. Notably, naphtha, a significant constituent of light distillates, emerges as a crucial feedstock for gasoline production, fueling internal combustion engines in automobiles and contributing significantly to the transportation sector. Kerosene, another variant of light distillate, holds strategic importance in jet fuel production, serving as a vital component for the aviation industry. Furthermore, specific light distillates contribute to the formulation of diesel fuel, widely utilized in trucks, buses, and various vehicles. Extending beyond fuel applications, light distillates serve as integral solvents in laboratories and industrial processes, playing a crucial role in the creation of cleaning agents, degreasers, and various household products. In the agricultural sector, they are instrumental in the formulation of pesticides and herbicides. Moreover, light distillates function as essential feedstock for the petrochemical industry, undergoing processes such as cracking to yield ethylene and propylene, which are fundamental in the production of diverse chemicals and plastics.
Significant players in the Global Crude Oil market are Sinopec, Occidental Petroleum, Shell, BP PLC, ONGC, National Iranian Oil Company, Cenovus Energy, Rosneft Oil Co, Hess, Oil and Natural Gas Corporation, Oil India Limited, Cairn India, Reliance Industries Limited, China National Petroleum Corporation, China National Offshore Oil Corporation, and Others.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Crude Oil which covers production, demand and supply of Crude Oil market in the globe.
• To analyse and forecast the market size of Crude Oil
• To classify and forecast Global Crude Oil market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Crude Oil market in the globe.
To extract data for Global Crude Oil market, primary research surveys were conducted with Crude Oil suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Crude Oil market over the coming years.
ChemAnalyst calculated Crude Oil demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical extraction and supply and demand of Crude Oil across the globe. ChemAnalyst sourced these values from industry experts, and company representatives and externally validated through analyzing historical sales data of respective to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Crude Oil and other stakeholders
• Organizations, forums and alliances related to Crude Oil distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Crude Oil customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Crude Oil s market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
4395 thousand tonnes
Market size Volume by 2032
6000 thousand tonnes
Growth Rate
CAGR of 3.12% from 2023 to 2032
Base Year
2022
Estimated Year
2023
Historical Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Foreign Trade.
Segments covered
By End-Use: (Light Distillates, Middle Distillates, Fuel Oil, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Crude Oil market in terms of value and volume.
2. Demand by End- Use
Discover which end-user industry (Light Distillates, Middle Distillates, Fuel Oil, and Others) are creating a market and the forecast for the growth of the Crude Oil market.
3. Demand by Region
Analyzing the change in demand of Crude Oil in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
4. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Crude Oil. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
5. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Crude Oil.
6. Country-wise Export
Get details about quantity of Crude Oil exported by major countries.
7. Country-wise Import
Get details about quantity of Crude Oil imported by major countries.
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supply of the product in the market at a Global level.
What is the expected global market size of Crude Oil in terms of volume for 2032?
Ans:
The global market size of Crude Oil is expected to reach approximately 4395 thousand tonnes by 2032, and it is expected to further expand with a CAGR of 3.12%.
Q2.
What are the major end-use industries of Crude Oil?
Ans:
Crude Oil is used in end use industries including Light Distillates, Middle Distillates, Fuel Oil, and Others.
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