Categories: Market Research

(2024-2033) Oil Shale Market Size, Share, Trends, Industry Growth Analysis and Forecast | AuraSource Inc., BP PLC, Chevron Corporation, ExxonMobil Corporation, Independent Energy Partners Inc., Queensland Energy Resources Limited

The Oil Shale Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Oil Shale Global Market Report 2024, The oil shale market size has grown rapidly in recent years. It will grow from $2.91 billion in 2023 to $3.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to energy security concerns, fluctuating oil prices, geopolitical factors, environmental regulations, resource availability and reserves.

The oil shale market size is expected to see rapid growth in the next few years. It will grow to $5.31 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to energy transition and demand, global energy policies, economic factors and oil prices, environmental considerations and regulations, infrastructure development. Major trends in the forecast period include sustainable practices, market diversification, investment in research & development, adaptation to energy transition, global market dynamics.

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.

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The oil shale market covered in this report is segmented –

1) By Product: Shale Gasoline, Shale Diesel, Kerosene, Other Products
2) By Technology: In-Situ Technology, Ex-Situ Technology
3) By Application: Fuel, Electricity, Cement and Chemicals, Other Applications

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.

The oil shale market report table of contents includes:

1. Executive Summary

2. Oil Shale Market Characteristics

3. Oil Shale Market Trends And Strategies

4. Oil Shale Market – Macro Economic Scenario

5. Global Oil Shale Market Size and Growth

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31. Global Oil Shale Market Competitive Benchmarking

32. Global Oil Shale Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Oil Shale Market

34. Oil Shale Market Future Outlook and Potential Analysis

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