According to the latest report by IMARC Group, titled “Oil Shale Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global oil shale market reached a value of US$ 3.3 Billion in 2022. Oil shale refers to a sedimentary rock that contains solid organic materials that offer petroleum products and various solid by-products. In terms of its mineral content, it can be differentiated into siliceous, cannel, and carbonate-rich shale. Oil shale is primarily utilized for the extraction of liquid hydrocarbon shale oil. The oil is extracted from oil shale by applying the process of fracking, which involves injecting water at a high pressure into the layers of shale for releasing oil. Shale oil offers an excellent commercial value as it can be further refined into various products ranging from liquefied petroleum gas (LPG) and gasoline to diesel fuel. Oil shale also offers valuable solid by-products, which include nahcolite, sulfur, alumina, and ammonia. Other than this, spent shale can be used in the manufacturing of cement.
Global Oil Shale Market Trends:
With a significant rise in the demand for energy, the oil and energy industries are investing in the development of alternative methods to generate energy. This is majorly contributing to the growth of the global oil shale market. It is further supported by a rapid depletion and high production cost of crude oil. Other than this, leading players have been focusing on improving oil shale production techniques for mitigating barriers to commercialization, which is fueling the market growth. These enhancements include advancements in the horizontal drilling technology and reduction in the usage of water. Moreover, several countries across the globe are currently investing in exploring domestic shale oil deposits to reduce their dependency on oil imports, which is driving the market growth. Furthermore, the increasing utilization of geospatial infrastructure for the effective management of the multitude of oil shale data is creating a positive outlook for the market across the globe. Looking forward, the market is projected to expand at a CAGR of 7.63% during 2023-2028.
- On the basis of the product, the market has been segmented into shale gasoline, shale diesel, kerosene, and heavy oil.
- Based on the process, the market has been categorized into oil shale exploration, ore preparation, oil shale retortion, shale oil refining, and others.
- On the basis of the technology, the market has been divided into in-situ, and ex-situ.
- Based on the application, the market has been divided into electricity, fuel, cement and chemicals, and others.
- On a regional basis, the market has been segregated into North America (United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being American Resources Inc., AuraSource Inc., BP p.l.c., Chevron Corporation, Eesti Energia AS, Exxon Mobil Corporation, Independent Energy Partners Inc., Japan Oil, Gas and Metals National Corporation, Queensland Energy Resources and Royal Dutch Shell plc.
|Base Year of the Analysis
||Product, Process, Technology, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||American Resources Inc., AuraSource Inc., BP p.l.c., Chevron Corporation, Eesti Energia AS, Exxon Mobil Corporation, Independent Energy Partners Inc., Japan Oil, Gas and Metals National Corporation, Queensland Energy Resources and Royal Dutch Shell plc
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