Global Conventional Oil Market Expected to Grow Substantially Owing to Growing Demand for Conventional Oil as Engine Oil [240-Pages] | Described by Research Dive

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28 Apr, 2023, 10:30 GMT

The global conventional oil market is expected to grow primarily due to increasing demand for conventional oil as engine oil. Automotive sub-segment is expected to flourish immensely. The market in the LAMEA region is predicted to grow at a high CAGR by 2031

NEW YORK, April 28, 2023 /PRNewswire/ -- Global Conventional Oil Market Forecast Analysis:

As per the report published by Research Dive, the global conventional oil market is expected to register a revenue of $4,690.2 billion 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– Most dominant in 2021
      The growing utilization of middle distillates as fuel for heating, lighting, and transportation is expected to push the growth of this sub-segment further.
  • Sulfur Content: low sulfur and high sulfur
    • High sulfur– Highest market share in 2021
      The growing use of sulfur-rich crude oil in power plants, industries, and construction activities is expected to augment the growth rate of the market in the 2022-2031 timeframe.
  • End-use Industry: automotive, chemical, power, industrial, and others
    • Automotive– Most lucrative in 2021
      The increase in automotive manufacturing and sales, especially in the Asia-Pacific and North America region has led to a growth in demand for conventional oil which is anticipated to push the market forward.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • LAMEA – Significant market share in 2031
      The presence of five of the top ten oil producing nations in this region is predicted to propel the market in the forecast period.

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Dynamics of the Global Conventional Oil Market

The increasing demand for conventional oil as engine oil is expected to make the conventional oil market a highly profitable one in the forecast period. Additionally, growing use of modern technology for extraction of crude oil is predicted to propel the market forward. However, according to market analysts, growing use of synthetic oil might become a restraint in the growth of the market.

Development of superior engine oil for automotive applications is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increase in demand for energy-dense crude oil in transportation sector is expected to propel the conventional oil market forward in the coming period.

COVID-19 Impact on the Global Conventional Oil Market

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The conventional oil market, too, was negatively impacted due to the pandemic. The lockdowns and travel restrictions affected the global supply chains which impacted the supply of oil around the world. Additionally, since various end-use industries were shut down, the demand for conventional oil was reduced which further affected the market.

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Key Players of the Global Conventional Oil market

The major players of the market include

  • BP
  • Shell
  • Equinor
  • Chevron
  • Total
  • Petrobras
  • Eni
  • CNPC
  • Repsol
  • ExxonMobil

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.

For instance, in October 2020, Chevron, a multinational petroleum refineries company, announced the acquisition of Noble Energy, a hydrocarbon exploration company. This acquisition by Chevron is anticipated to boost its market share massively in the next few years.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and 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 firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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