Expansion in Transportation Sector Drives the Global Crude Oil Market at 3.18% Cagr by 2026
“According to a new market research report published by Inkwood Research, “the Global Crude Oil Market is escalating at a CAGR of 3.18% over the estimated years of 2018-2026.”
“Browse 40 market Data Tables and 50 Figures spread over 148 Pages, along with an in-depth TOC on Global Crude Oil Market forecast 2018-2026.”
Crude oil is the mixture of hydrocarbons that are extracted from underground geologic formations in black or yellow-coloured liquid form. It is drilled down the earth’s surface and it is the non-renewable form of energy. It is available alongside natural gas and saline water. Fractional distillation is mainly employed to refine and process crude oil. The global crude oil market offers the naturally occurring hydrocarbons known commonly as the crude oil. The market mainly finds massive application in the extraction of gasoline, diesel fuel & heating oil, jet fuel, LPG, asphalt, etc.
The ongoing expansion of the transportation industry, the demand of the petroleum products alongside the fertilizers and petrochemicals in many sectors, the rising rate of crude oil import & export, and the increasing establishments of functional oil rigs across the world are mainly propelling the market demand for crude oil. The growing number of oil refineries and their expanding refining capacity amid the strong demand have raised the export of crude oil. Also, the high economic advancement in the developing countries with their densely populated consumer base has further pushed the demand of the market.
Growth in Transportation Industry is driving the Crude Oil Market
The global crude oil market is driven by several factors but the factor of the rising transportation sector and increasing export activities take the crown in driving the market growth magnanimously. Growing adoption of gasoline, diesel, jet fuel and others in the transportation sector is fueling up the demand for crude oil in global scenario. The rapid evolution of the transportation sector globally is the key factor that is raising the implementation of crude oil products such as Liquefied Petroleum Gas (LPG), petrol, kerosene, jet fuels, diesel, etc. The amplifying vehicle sales throughout the globe is increasing the demand for petroleum products that is boosting the growth of crude oil market.
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Gasoline will Hold the Majority Share in the Global Crude Oil Market
The market fragment representing gasoline had dominated the application segment for the global market for crude oil when it had captured the largest market share of over XX% in 2017 with an estimated revenue of approximately $XX billion. The escalating automobile sales throughout the world is expected to be a key driver for the global crude oil market by gasoline application segment since gasoline acts as one of the commonly used fuels for automobile vehicles. Moreover, according to the International Council on Clean Transportation (ICCT) Europe, gasoline is the preferred fuel for sports vehicle and small/mini vehicles with a sharp growth in the share of passenger cars that are powered by Gasoline Direct Injection. The increased sales of gasoline-powered vehicle across several developed regions is also expected to drive the global crude oil market growth over the forecast period.
The Asia Pacific Leads the Global Market for Crude Oil by revenue
Asia Pacific crude oil market is anticipated to have the largest growth rate during the forecast period of 2018-2026. The crude oil market based on the Asia Pacific language is mainly propelled by high import and consumption of crude oil which is attributable to the established transport and plastic manufacturing sector and strategic steps undertaken among the countries for promotion of further oil explorations and the advancement of the aviation sector that has created demand for jet fuels. Gasoline, LPG, & diesel that are derived from the crude oil functions as the main fuel for vehicles and the growing sales of vehicles have also formed lucrative opportunities for the growth of crude oil industry in the APAC region.
The competition in the Crude oil market is found to be hugely utilized by the contemporary market players, through research, innovation, investments and other strategic steps for enhancing the production rate and minimize the fluctuation in crude oil prices across the globe. Lukoil, Gazprom, Oil and Natural Gas Corporation Limited (ONGC), Sinopec OR China Petroleum & Chevron Corporation, Saudi Aramco, Chevron Corporation, Royal Dutch Shell, Exxon Mobil Corporation, Kuwait Petroleum Corporation, Total SA, National Iranian Oil Corporation (NIOC), Pemex (Petróleos Mexicanos), Marathon Petroleum Corporation, Cairn India, and BP Global are mainly involved in the progress of the global crude oil market.
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