"Innovative Market Solutions to Help Businesses Make Informed Decisions"

Hydrocarbon Market Size, Share & Industry Analysis, By Type (Aliphatic and Aromatic), By Application (Pharmaceuticals, Energy, Industrial, and Others), and Regional Forecast, 2024-2032

Last Updated: September 23, 2024 | Format: PDF | Report ID: FBI110313

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global hydrocarbon market size was valued at USD 412.6 billion in 2023 and is projected to grow from USD 429.4 billion in 2024 to USD 595.9 billion by 2032 at a CAGR of 4.2% during the forecast period. Asia Pacific dominated the hydrocarbon market with a market share of 53.27% in 2023.


Hydrocarbon is an organic compound consisting of hydrogen and carbon. These compounds are the fundamental constituents of crude oil, natural gas, and coal and serve as a primary energy source worldwide. It can be of simple structures, such as methane, with one carbon atom and four hydrogen atoms, to more complex forms, such as octane found in gasoline. It plays a crucial role as a component in fuels, such as gasoline and diesel, powering various modes of transportation. They also serve as key ingredients in the production of plastics, providing raw materials for countless everyday products. Increasing energy and plastic industries are expected to drive market growth.


The COVID-19 pandemic significantly reduced global demand for the product due to lockdowns and travel restrictions, leading to unprecedented drops in oil and gas prices. The financial strain pushed many energy companies to accelerate the transition towards renewable energy sources, while others faced severe financial difficulties. Market volatility increased, with prices experiencing extreme fluctuations. Investors began to reassess this sector's long-term viability, encouraging investment shifts towards sustainable and renewable energy sources.


Hydrocarbon Market Trends


Increasing Product Use as Refrigerants is Boosting Market Growth


The growing adoption of hydrocarbon refrigerants is significantly contributing to market expansion. These substances are recognized for their eco-friendly properties, increasing demand in various sectors. With these refrigerants, industries can lower their carbon footprint while maintaining efficiency in cooling systems. This shift towards sustainable solutions highlights the crucial role of these refrigerants in the future of refrigeration. Furthermore, the versatility of these refrigerants supports a broad range of applications, from domestic refrigerators to large-scale industrial cooling systems. As regulatory pressures increase against high global warming potential (GWP) refrigerants, the market is experiencing a significant shift towards low-GWP alternatives. The use of hydrocarbon refrigerants will fuel market growth.


Request a Free sample to learn more about this report.


Hydrocarbon Market Growth Factors


Growing Product Demand from Pharmaceutical Industry to Drive Market Growth


The growing product demand in the pharmaceutical industry is expected to drive market growth significantly. The product is becoming increasingly essential with its versatile applications, from solvents to reagents in synthesis processes. This surge is attributed to the expanding production of pharmaceuticals necessitated by a growing global population and the rise in chronic diseases. Additionally, advancements in drug formulation and delivery methods have amplified the need for high-purity hydrocarbons. Companies in the sector are ramping up their production capabilities to meet this growing demand. Moreover, ongoing research and development activities are exploring new ways to use the product, further propelling the market growth. Furthermore, the increasing need for saturated hydrocarbon in the pharmaceutical industry is expected to propel the hydrocarbon market growth.


RESTRAINING FACTORS


Hazardous Environmental Impact and Regulations to Impede Market Growth


The growing environmental concerns and stringent regulations are anticipated to hinder the market growth. As governments globally intensify efforts to combat climate change, restrictions on exploration and production are becoming more prevalent. The process of product extraction can lead to water contamination. For instance, oil spills, hydraulic fracturing (fracking) fluid leaks and industrial waste disposal into water bodies can harm aquatic life and pollute drinking water sources. In addition, tightened regulations on product processing can elevate operational costs, dampening market expansion. It can raise costs for producers, potentially hindering the market growth.


Hydrocarbon Market Segmentation Analysis


By Type Analysis


Aliphatic Segment Dominated in 2023 Due to Their Wide Usage as Solvents


Based on type, the market is bifurcated into aliphatic and aromatic.


Aliphatic accounted for the dominant market share in 2023. The widespread use of aliphatic product type in various industries as solvents is a major factor driving their popularity. They are known for their effectiveness in dissolving or dispersing different substances and find applications in pharmaceuticals, paints & coatings, cleaning and degreasing products. Aliphatic type includes products such as methane, ethane, propane, and butane, making them highly versatile and suitable for a wide range of applications. This further contributes to the segment’s dominance in the market. This dominance is further emphasized by the key role of aliphatic compounds within the solvent category, owing to their safe and efficient properties in various applications. Additionally, this segment is fundamental in the development of lubricants, enhancing performance through its hydrocarbon chain structure.


The aromatic segment is expected to register significant growth during the forecast period. Aromatic products are key ingredients in synthesizing dyes, synthetic fibers, and agrochemicals. They also play a crucial role in manufacturing pharmaceuticals, providing compounds for aspirin and other drugs. Additionally, they are used in making plastics and resins, enhancing the durability and performance of these materials. Furthermore, due to their stable structure, they are widely utilized in the formulation of solvents.


By Application Analysis


To know how our report can help streamline your business, Speak to Analyst


Energy Segment Held Dominance Driven by Increasing Product Consumption as Fuel


In terms of application, the market is segmented into pharmaceuticals, energy, industrial, and others.


The energy segment held the largest market share in 2023. The energy segment is growing at the fastest rate as the product is highly combustible and used as an important energy source worldwide. The product is used as gasoline, kerosene, diesel, and jet fuel. As fuel consumption patterns rise, especially in industrial and emerging economies, the energy segment is forecasted to expand strongly. This growth is driven by factors such as population growth, urbanization, and a rise in transportation and manufacturing activities. It underscores the urgent need for sustainable energy solutions alongside traditional energy sources to meet global demand.


The pharmaceuticals segment is predicted to witness notable growth in the coming years. In the pharmaceutical segment, the product is used as solvents for drug production and as excipients in various formulations. The product is critical in synthesizing active pharmaceutical ingredients (APIs), aiding in the purification and hydrocarbon extraction processes. Moreover, they are used to manufacture medical plastics, offering safe and sterile packaging solutions for pharmaceutical products, propelling the segment growth. Further, in the industrial segment, the product is used to manufacture plastics, fertilizers, and synthetic materials, crucial for various sectors, including construction, agriculture, and consumer goods.


REGIONAL INSIGHTS


The market is segmented by region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.


Asia Pacific Hydrocarbon Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


Asia Pacific occupies the dominant hydrocarbon market share and is the fastest-growing region in the market. The market in this region is significantly influenced by rapid industrialization and urbanization, leading to an increased demand for energy. Additionally, the expanding automotive sector in countries, such as China and India fuels the demand for oil and gas. Investments in exploration and production activities, particularly in Southeast Asia, will further drive the market growth. Moreover, government policies and initiatives aimed at securing energy supply also play a crucial role in shaping the market in this region, thereby accelerating the region’s market growth.


To know how our report can help streamline your business, Speak to Analyst


The market in North America is primarily driven by booming shale gas production, technological advancements in extraction methods, increasing demand for cleaner energy sources, and significant investments in infrastructure and pipeline expansions. These factors will collectively contribute to the region's dynamic growth and development.


Europe is expected to showcase significant growth in the global market during the forecast period. The market in Europe is influenced by a strong focus on renewable energy transition, stringent environmental policies leading to innovative recovery technologies, geopolitical factors affecting oil and gas imports, and growing investments in natural gas as a bridge fuel towards cleaner energy sources. Together, these elements shape the trajectory of the region's market.


The market in Latin America is primarily shaped by the region's abundant natural resources, varying political and economic stability influencing investment and operational costs, increasing exploration and production activities, especially in offshore reserves, and an evolving regulatory framework aimed at attracting foreign investment while balancing environmental concerns.


Several factors are significantly influencing the market in the Middle East & Africa. Firstly, the vast reserves of conventional oil and gas in countries such as Saudi Arabia, Iran, and Qatar play a critical role. In addition, the increasing global demand for energy, fueled by industrial growth and advancements, propels the market. Geopolitical stability and strategic alliances within the region often dictate market dynamics. Furthermore, investments in technology and infrastructure for production and exportation further bolster the market's growth.


KEY INDUSTRY PLAYERS


Key Players Adopted Agreement and Partnership Strategies to Gain Competence in Market


The competitive landscape of the market depicts a consolidated and competitive market. Global players in the market have made agreements and partnerships and are heavily investing in developing better technologies to improve product output. Superior operational efficiency and novel technology development are the strategies used by the market leaders for their growth. Additionally, major players focus on acquisition and expansion activities to increase their market share.


List of Top Hydrocarbon Companies:



KEY INDUSTRY DEVELOPMENTS:



  • June 2024: Chevron Corporation and Sonatrach signed a Memorandum of Understanding (MOU) to collaborate on developing hydrocarbon resources in Algeria's Ahnet and Berkine basins. Sonatrach is Algeria's national oil company. This strategic agreement marks a significant step in boosting exploration and production efforts in these gas-rich areas.

  • February 2022: TotalEnergy SE agreed to acquire BP’s retail network in Mozambique. This acquisition will help the company enhance its wholesale fuel business and logistics assets, ultimately increasing its network and availability of hydrocarbons.

  • July 2020: Reliance Industries Ltd. and BP Plc. collaborately started their new Indian fuels and mobility joint venture, Reliance bp Mobility Limited (RBML). The new venture will help the company grow rapidly and cater to India’s fast-growing demands for energy and mobility.


REPORT COVERAGE


An Infographic Representation of Hydrocarbon Market

To get information on various segments, share your queries with us



The report provides a detailed analysis of the market. It focuses on key aspects, such as leading companies, types, and applications. Besides this, it offers insights into the market and current industry trends, highlighting key industry developments. In addition to the factors mentioned above, the report encompasses several factors contributing to the market growth.


To gain extensive insights into the market, Request for Customization


Report Scope & Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Unit



Value (USD Billion)



Growth Rate



CAGR of 4.2% from 2024 to 2032



Segmentation



By Type



  • Aliphatic

  • Aromatic



By Application



  • Pharmaceuticals

  • Energy

  • Industrial

  • Others



By Region



  • North America (By Type, By Application, By Country)


    • U.S. (By Application)

    • Canada (By Application)


  • Europe (By Type, By Application, By Country)


    • Germany (By Application)

    • U.K. (By Application)

    • France (By Application)

    • Italy (By Application)

    • Rest of Europe (By Application)


  • Asia Pacific (By Type, By Application, By Country)


    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • South Korea (By Application)

    • Rest of Asia Pacific (By Application)


  • Latin America (By Type, By Application, By Country)


    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)


  • Middle East & Africa (By Type, By Application, By Country)


    • Saudi Arabia (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)







Frequently Asked Questions

Fortune Business Insights says that the global market size was valued at USD 412.6 billion in 2023 and is projected to record a valuation of USD 595.9 billion by 2032.

In 2023, the Asia Pacific market value stood at USD 219.8 billion.

Recording a CAGR of 4.2%, the market will exhibit steady growth during the forecast period.

Based on application, energy is the leading application segment in the market.

Growing product demand from the pharmaceutical industry will drive the market growth.

Asia Pacific held the highest market share in 2023.

Innovations in cleaner and more efficient extraction technologies are expected to drive product adoption in the market.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts
Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 180
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Chemicals & Materials Clients
Citibank
Petronas
Mobil
BASF
Mckinsey
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X