Global Unconventional Oil Market Report and Forecast 2024-2032

Global Unconventional Oil Market Size

The global unconventional oil market reached approximately USD 354.89 billion in 2023. The market is projected to grow at a CAGR of 4.4% between 2024 and 2032, reaching a value of around USD 522.88 billion by 2032.

Global Unconventional Oil Market Outlook

The global unconventional oil market value is increasing due to a combination of several factors. This includes the gradual depletion of conventional oil reserves that have prompted energy companies to seek alternative sources of oil, such as deep-water deposits and tar sands. Moreover, technological breakthroughs in horizontal drilling and hydraulic fracturing have made oil extraction from inaccessible formations extremely feasible in economic terms.

The increase in energy prices globally has prompted investments in the extraction of conventional oil despite its high costs. Geopolitical instability has highlighted the need for bolstering energy security worldwide, which is further expected to create lucrative unconventional oil market opportunities over the forecast period.

Digital Oilfield Technologies and Stricter Environmental Regulations are Some of the Key Unconventional Oil Market Trends

• The market is segmented by technology, with shale oil expected to lead the market with a compound annual growth rate (CAGR) of 4.8%. This growth is driven by the rising demand for electricity globally. 

• As per the unconventional oil industry analysis, oil sands follow with a projected CAGR of 4.7%, due to the gradual depletion of conventional oil sources. 

• Tight oil is anticipated to grow at a CAGR of 4.2% as it gaining traction due to technological advancements in oil extraction processes.

• Other technologies are projected to grow at a CAGR of 4.0%, due to favourable government policies and infrastructure development.

The Rising Demand for Energy from Steel and Aluminium Production Industries is Driving the Unconventional Oil Market Growth

• In terms of application, the transportation segment is anticipated to dominate the market, with a CAGR of 5.0%. The increasing vehicle ownership globally is boosting the unconventional oil market revenue. 

• The industrial segment is projected to grow at a CAGR of 4.7%, driven by the growing demand for fuel for producing synthetic rubber, plastics, and other chemicals. 

• The residential segment is expected to grow at a CAGR of 4.5%, due to the growing demand for heating and cooling spaces. 

• The unconventional oil demand growth in the commercial segment is expected to grow at a CAGR of 4.2%, with unconventional oils being widely used for maintaining adequate temperature levels.

• Other applications of unconventional oils are expected to grow at a CAGR of 4.0%, due to the rising demand for maintaining energy security and meeting the requirements for high power generation.

Global Unconventional Oil Market Regional Analysis

• The market is expected to experience varied growth rates across different regions from 2024 to 2032. The Asia Pacific significantly contributes to the unconventional oil market share, growing at a CAGR of 5.7% during 2024-2032. This growth is driven by rapid industrialisation and urbanisation in countries like China and India. 

• The Middle East and Africa is expected to grow at a CAGR of 4.8%, supported by the increasing demand for energy for fuelling industrial growth and development. 

• Latin America is projected to grow at a CAGR of 4.2%, reflecting the region's strong commitment towards boosting its energy security. 

• North America remains a significant market with a projected CAGR of 3.6%, driven by technological advancements in extraction and refining processes for unconventional oils. 

• The demand for the Europe unconventional oil market is expected to grow at a CAGR of 3.4%, driven by increasing government support for creating fuel reserves in the country.

Unconventional Oil Market Regional Insight

North America

USA: Projected to grow at a CAGR of 3.6%, driven by technological advancements and soaring electricity demand across various sectors.

Canada: Expected to grow at a CAGR of 4.1%, due to the ongoing efforts for exploration of unconventional oil reserves.

Unconventional Oil Industry Statistics in Europe

UK: Anticipated to grow at a CAGR of 4.0%, driven by strong policies promoting the shift towards unconventional oils and technological advancements.

Germany: Expected to grow at a CAGR of 3.2%, supported by technological advancements and increasing adoption of unconventional oils in residential and industrial applications.

France: Projected to grow at a CAGR of 3.1%, reflecting stable demand and advancements in unconventional oil exploration technology.

Italy: Expected to grow at a CAGR of 2.8%, driven by efforts to boost its self-sufficiency in energy production.

Asia Pacific

India: Leading at the highest regional CAGR of 6.5%, reflecting rapid industrial growth and increasing technological advancements.

China: Expected to grow at a CAGR of 5.5%, driven by significant industrialisation and the diversification of existing fuel reserves.

Japan: Projected to grow at a CAGR of 3.4%, supported by technological advancements and investments in the exploration of new reserves.

Australia: Expected to grow at a CAGR of 3.9%, driven by expanding urbanisation and the increasing fuel demand from the maritime industry.

Latin America

The unconventional oil industry in Brazil is projected to grow at a CAGR of 4.8%, supported by expanding industrial activities and the rising fuel demand from the aviation industry.

Mexico: Expected to grow at a CAGR of 4.1%, to boost its resilience to supply chain disruptions.

Middle East and Africa

Saudi Arabia: Projected to grow at a CAGR of 5.0%, due to significant investments in diversifying the sources of fuel for driving its economic growth.

Key Questions Answered in This Report:

• How has the global unconventional oil market performed historically, and what are the growth expectations for the future?

• What are the primary factors influencing demand and growth in the global unconventional oil market?

• What are the key segments within the global unconventional oil market, and how are they expected to evolve over the forecast period?

• What are the major challenges and opportunities facing stakeholders in the global unconventional oil market?

• Who are the key players in the global unconventional oil market, and what strategies are they employing to maintain a competitive edge?

• What are the regulatory and policy factors influencing unconventional oil market globally or regionally?

• How competitive is the global unconventional oil market according to Porter's five forces analysis, including factors like bargaining power of buyers and suppliers?

• What are the current trends shaping the global unconventional oil market landscape, and how are they expected to evolve in the future?

• How are technological advancements impacting the global unconventional oil market, and what role do innovation and R&D play in driving growth?

• What are the consumer preferences and buying behavior trends influencing the global unconventional oil market?

• How sustainable are current growth rates in the global unconventional oil market, and what factors could potentially disrupt these trends?

• What are the regional dynamics within the global unconventional oil market, and how do they contribute to overall market growth?

• What are the economic factors influencing the global unconventional oil market, such as GDP growth, inflation rates, and currency fluctuations?

• How are demographic shifts, such as aging populations or urbanization trends, affecting demand in the global unconventional oil market?

• What are the key strategic partnerships, mergers, and acquisitions shaping the competitive landscape of the global unconventional oil market?

• What are the regulatory and legal frameworks impacting the global unconventional oil market globally or in key regions?

• How are changing consumer lifestyles and preferences influencing product or service demand within the global unconventional oil market?

• What are the emerging market trends and niche opportunities within the global unconventional oil market that stakeholders should be aware of?

• How resilient is the global unconventional oil market to external shocks or disruptions, such as geopolitical tensions or natural disasters?

• What are the potential barriers to market entry and growth for new players in the global unconventional oil market?

Key Benefits for Stakeholders:

Expert Market Research's industry report provides a comprehensive quantitative analysis of various market segments, historical and current market trends, and forecasts the dynamics of the Global unconventional oil market spanning from 2018 to 2032.

The research report delivers up-to-date insights into the market drivers, challenges, and opportunities shaping the global unconventional oil industry.

Stakeholders can leverage Porter's five forces analysis to assess the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. This analysis aids in evaluating the competitiveness and attractiveness of the global unconventional oil market.

The competitive landscape section enables stakeholders to gain a deep understanding of their competitive environment. It offers insights into the current market positions of key players, their strategies, and their market shares.

Additionally, the report highlights emerging trends, regulatory influences, and technological advancements that are pivotal for stakeholders navigating the global unconventional oil market landscape.

Key Highlights of the Report