Crude Oil Market Size, Share, and Industry Analysis, By Derivative (Paraffin, Naphthene, Aromatic, and Asphaltic), By End-use (Plastics, Mining, Refining, Transportation, and Others), and Regional Forecast, 2024-2032

The mining segment primarily drives the crude oil market. Oil is extracted using different methods depending on geology and location. After the oil has been recovered, it is sent to refineries to create refined products we use daily, such as gasoline. Conventional oil is extracted from underground reservoirs using traditional drilling and pumping methods. In addition, oil recovery in oil sands uses the mining method and surface mining is used when oil sand deposits lie within 70 meters (200 feet) of the earth's surface.

The refining segment also drives the crude oil market. Refining breaks crude oil down into its various components, which are then selectively reconfigured into new products. Modern separation involves piping crude oil through hot furnaces. The resulting liquids and vapors are discharged into distillation units. Petroleum refineries refine crude oil into petroleum products for use as fuels for transportation, heating, paving roads, generating electricity, and feedstocks for making chemicals.

• The Government of India, through a special purpose vehicle called Indian Strategic Petroleum Reserve Limited (ISPRL), has established Strategic Petroleum Reserves (SPR) facilities with a total capacity of 5.33 Million Metric Tonnes (MMT) of crude oil. It will provide for about 9.5 days of crude oil requirement.

Crude oil is also known as petroleum. Petroleum products such as tar, asphalt, paraffin wax, and lubricating oils can be made from crude oil. It can also make items that are not generally connected with petroleum. Crude oil is used to produce perfume, fertilizer, and computers. As crude oil is the starting point for plastics, anything manufactured with plastic involves it.

By region, the major crude oil market consumers are China, Japan, and India in Asia Pacific; the U.S. and Canada in North America; Germany and France in Europe; and Saudi Arabia and the UAE in the Middle East & Africa.

• In 2022, the North American region dominated the crude oil market with approximately 52% of the market share.
• China accounted for 40% of the Asia Pacific crude oil market demand in the year 2022.
• In 2022, the U.S. surpassed a production rate of 13 million barrels per day (bpd) of crude oil, setting a record for the highest production level by any country.

Segmentation

Key Insights

The report covers the following key insights:

• Key Emerging Trends – For Major Regions
• Key Developments: Mergers, Acquisitions, Partnerships, and Others
• Latest Technological Advancements
• Insights on Sustainability
• Porters Five Forces Analysis
• Impact of COVID-19 on the Market

Analysis by Derivative

By derivative, the paraffin segment holds a significant share of the global crude oil market.

• Paraffin has a variety of practical uses in industries that range from medicine and agriculture to cosmetics. It is widely used in coolants for electrical systems and in hydraulic fluids.
• Besides, paraffin is commonly used as a fuel for jet engines and rockets and as a fuel or fuel component for diesel and tractor engines. Common paraffin uses include Paraffin wax, a white or colorless soft solid used as a lubricant, candles, crayons, electrical insulation, and petroleum jelly.

Analysis by End-use

By end-use, the plastic segment holds a considerable share of the global crude oil market.

• The production of plastics begins with the distillation of crude oil in an oil refinery. This separates the heavy crude oil into groups of lighter components called fractions.
• Plastic packaging is widely used in the crude oil market for storing and transporting products such as lubricants, motor oil, and various petroleum derivatives. Plastic offers lightweight, durable, and corrosion-resistant packaging solutions, ensuring the safe delivery of products to consumers and industrial users.

Regional Analysis

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Asia Pacific region holds a considerable share of the crude oil market. The transportation sector in the region is expanding rapidly, driven by rising income, urbanization, and increased trade activity. Crude oil-derived products such as gasoline, diesel, and jet fuel are essential for powering vehicles, ships, and airplanes, driving the demand for crude oil.

Global Oil Refinery Capacity, By Country, 2022

• U.S. – 17.94 mb/d
• China - 16.99 mb/d
• Russia - 6.86 mb/d
• India - 5.01 mb/d
• South Korea - 3.57 mb/d

Key Players Covered

The report includes the profiles of key players such as BP, Shell, Sinopec, Marathon Oil, Husky Energy, Suncor Energy, Saudi Aramco, Royal Dutch Shell, Exxon Mobil Corporation, BP Plc, and  Kuwait Petroleum Corporation.

Key Industry Developments

• In March 2024, the Bharat Petroleum Corporation Limited declared that it signed a deal with BP to purchase one million barrels per month of U.S. West Texas Intermediate (WTI) crude for four months.
• In March 2023, the Indian Oil Corporation made an announcement that it planned to invest USD 742 million in constructing a petrochemical complex situated in the state of Odisha's Paradip region.