"Recent innovation in drilling and extraction technologies can lead to more efficient and cost-effective methods for extracting unconventional oil resources. This includes improved hydraulic fracturing techniques, drilling automation, and enhanced reservoir modelling. Ongoing exploration and discovery of new unconventional oil reserves in various regions around the world can significantly expand the market. As technology improves, it becomes more feasible to tap into previously uneconomical resources. Integrating carbon capture and utilization technologies into unconventional oil production can reduce greenhouse gas emissions and align global efforts to combat climate change."
WILMINGTON, Del., Nov. 10, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Unconventional Oil Market by Type (Heavy Oil, Extra Heavy Oil, Bitumen, and Oil Shale), Extraction Method (Traditional Drilling Techniques and Advanced Extraction Techniques), and Application (Oil and Gas and Lubricant): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report. the Unconventional Oil Market was valued for $666.0 billion in 2022 and is estimated to reach $940.3 billion by 2032, exhibiting a CAGR of 3.6% from 2023 to 2032.
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Prime determinants of growth
The growth of the unconventional oil market is primarily influenced by stringent government regulations, climate change concerns, technological advancements, rising consumer demand, and resource scarcity. These factors collectively drive innovation and adoption of drilling and extraction technologies to address environmental challenges and promote sustainability.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $666.0 Billion |
Market Size in 2032 | $940.3 Billion |
CAGR | 3.6 % |
No. of Pages in Report | 452 |
Segments covered | Type, Extraction Method, Application, and Region. |
Drivers | Technological advancement in hydraulic fracturing |
Escalation in global oil demand | |
Opportunities | Integration with new technologies to reduce GHG emissions |
Restraints | Inconsistent government regulations |
Impact Scenario
The Russia-Ukraine war has various impacts on the unconventional oil market.
- The global energy crisis triggered by the war in Ukraine has resulted in an unprecedented reshuffling of global trade flows. The ongoing war has created political and economic instability, resulting in a decline in consumer purchasing power within the region.
- Global oil markets could tighten significantly in the coming months, as production cuts by the OPEC+ alliance cause an upswing in global oil supplies. Nevertheless, burgeoning petrochemical demand and strong consumption growth in emerging and developing economies will offset a contraction in advanced economies.
The oil shale segment to maintain its leadership status throughout the forecast period
Based on type, the oil shale segment held the highest market share in 2022, accounting for more than one-third of the global unconventional oil market revenue, and is estimated to maintain its leadership status throughout the forecast period. Oil shale is used as a source of energy through various methods, such as surface retorting, in-situ conversion, or underground mining. These processes yield synthetic crude oil, shale gas, and other hydrocarbon products, which can be further refined into various fuels like gasoline, diesel, and jet fuel.
However, the heavy oil segment is projected to manifest a CAGR of 3.5% from 2023 to 2032, as heavy oil is used as a fuel in power plants, industrial boilers, and other combustion processes. It provides a source of heat and electricity, contributing to the energy needs of communities and industries.
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The advanced extraction techniques segment to maintain its leadership status throughout the forecast period
Based on extraction method, advanced extraction techniques segment held the highest market share in 2022, accounting for nearly three-fourths of the global unconventional oil market revenue, and is estimated to maintain its leadership status throughout the forecast period. It can be adjusted over time to respond to changes in emission reduction targets, technological advancements, and economic conditions.
However, traditional drilling techniques segment is projected to manifest a CAGR of 4.1% from 2023 to 2032. Traditional drilling methods are used to assess the geology and potential of unconventional oil deposits such as in mining, exploration and extraction of coal, copper, gold, and minerals.
The oil and gas segment to maintain its leadership status throughout the forecast period
Based on the application, the oil and gas held the highest market share in 2022, accounting for nearly four-fifths of the global unconventional oil market revenue, and are estimated to maintain their leadership status throughout the forecast period. The transportation industry heavily relies on petroleum-based fuels such as gasoline and diesel. These fuels are derived from crude oil and are used to power cars, trucks, ships, and airplanes. Oil and gas are used as raw materials to produce a wide range of petrochemical products, such as plastics, chemicals, and synthetic materials.
However, lubricant segment is projected to manifest a CAGR of 4.0% from 2023 to 2032, usage of high-quality lubricants can reduce the need for frequent maintenance and repairs, making unconventional oil extraction operations more cost-effective.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than three-fourths of the global unconventional oil market revenue, and is likely to dominate the market during the forecast period. Furthermore, the Asia-Pacific region is expected to witness the fastest CAGR of 4.5% from 2023 to 2032. The Asia-Pacific region presents significant growth potential in unconventional oil. Emerging markets, such as India, China, and Southeast Asian countries, have witnessed rapid industrial growth which will lead to increased demand for unconventional oil.
Leading Market Players: -
- ExxonMobil Corporation
- Chevron
- ConocoPhillips
- Suncor Energy Inc.
- Canadian Natural
- Imperial Oil Limited
- Petro'leo Brasileiro S.A. - Petrobras
- PDVSA- Petroleos De Venezuela, S.A.
- Sasol Limited
- Continental Resources Inc.
The report provides a detailed analysis of these key players in the global unconventional oil market. These players have adopted different 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 business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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