Major players in the oil shale market are AuraSource Inc., BP Plc., Chevron Corporation, ExxonMobil Corporation, Independent Energy Partners Inc., Queensland Energy Resources Limited, Shell Plc., American Shale Oil LLC, Japan Petroleum Exploration Co. Ltd., Occidental Petroleum Corporation, Chesapeake Energy Corporation, Marathon Oil Corporation, American Resources Corporation, EQT Corporation, Japan Oil, Gas and Metals National Corporation, and Blue Ensign Technologies Limited.
The global oil shale market is expected to grow from $2.58 billion in 2022 to $2.92 billion in 2023 at a compound annual growth rate (CAGR) of 13.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oil shale market is expected to grow to $4.68 billion in 2027 at a CAGR of 12.5%.
The oil shale market consists of sales of carbonate-rich shale, siliceous shale, and cannel shale.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Oil shale refers to a kind of fine-grained sedimentary rock that is abundant in kerogen and rich in organic material. It refers to hydrocarbons that are locked up in shale rock and must be extracted by fracking.
North America was the largest region in the oil shale market in 2022.Europe was the second-largest region in the oil shale market.
The regions covered in the oil shale market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The product involved in oil shale are shale gasoline, shale diesel, kerosene, and others.Shale gasoline refers to a natural gas that is trapped in a minute or sub-microscopic pores in shale formations.
The technology involved are in-situ technology and ex-situ technology that are used for fuel, electricity, cement and chemicals, and other applications.
A surge in the crude oil price is expected to propel the growth of the oil shale market going forward.The crude oil price is the spot price for a barrel of benchmark crude oil.
The crude oil price is increasing due to economic growth, supply limitation, and the COVID-19 pandemic.Shale oil is utilized as a replacement for conventional crude oil because, unlike the crude oil extraction technique, shale oil extraction (fracking) allows one drilling well to collect more potential energy without having to dig additional wells.
For instance, in September 2022, according to a crude oil price report shared by Macro Trends, a US-based provider of historical charts covering the global stock, bond, commodity, and real estate markets, the average closing price of crude oil in 2022 is $97.40, an increase from $68.17 in 2021, which indicates an increase of 16.87%. whereas in 2020, the average closing price of crude oil was $39.68. Therefore, a surge in the crude oil price is driving the growth of the oil shale market.
Technological advancements have emerged as a key trend gaining popularity in the oil shale market.Major companies operating in the oil shale market are focused on innovating new technologies to sustain their position in the market.
For instance, in September 2021, ExxonMobil Corporation, a US-based oil and gas corporation, launched EMRD, a renewable diesel process technology with the purpose of increasing bio-feedstock yields.With the use of this revolutionary process technique, renewable diesel may be produced from feedstocks such as animal fats, vegetable oils, and unrefined cooking oil.
The Bio-Isomerization Dewaxing (BIDWTM) catalyst from ExxonMobil is used in the EMRD process, which is an integrated solution.This offers robust dewaxing for refiners and biofuel producers in both winter and summer modes.
In comparison to other internally developed zeolite-based substitutes, the BIDW catalyst displayed improved yields.
In January 2021, ConocoPhillips, a US-based crude oil producer, acquired Concho Resources for an amount of $13.3 billion. With this acquisition, ConocoPhillips is expected to perform differently on three major mandates such as supplying the globe with inexpensive energy, producing higher returns on capital, and exhibiting ESG (environmental, social, and governance) leadership. Concho Resources is a US-based independent oil and gas company that acquires, develops, and explores oil and natural gas properties.
The countries covered in the oil shale market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The oil shale market research report is one of a series of new reports that provides oil shale market statistics, including oil shale industry global market size, regional shares, competitors with oil shale market share, detailed oil shale market segments, market trends, and opportunities, and any further data you may need to thrive in the oil shale industry. This oil shale market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.