According to IMARC Group's latest research report, titled "Oil Shale Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on the oil shale market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global oil shale market size reached US$ 3.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 4.9 Billion by 2027, exhibiting a growth rate (CAGR) of 7.73% during 2022-2027.
Oil Shale Market Outlook:
Oil shale refers to a sedimentary rock that contains solid organic materials. These materials offer petroleum products and various solid by-products. Oil shale is usually extracted by applying the process of fracking, which involves injecting water at high pressure. It can be further refined into liquefied petroleum gas (LPG), gasoline, diesel fuel, etc. Oil shale also provides valuable solid by-products, such as nahcolite, sulfur, alumina, ammonia, etc. It finds extensive applications in the manufacturing of cement across the globe.
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Oil Shale Market Growth:
The rising investments in the development of alternative methods to generate energy, on account of the escalating demand for energy, are primarily augmenting the oil shale market. Furthermore, continuous advancements in horizontal drilling technology, the growing construction of new power plants, the inflating income levels of individuals, and the high production cost of crude oil are positively influencing the global market. Apart from this, key market players are extensively focusing on improving oil shale production techniques to mitigate barriers to commercialization, which is acting as another significant growth-inducing factor. Moreover, the launch of various favorable policies by government bodies for exploring domestic shale oil deposits to reduce their dependency on oil imports is stimulating the market growth. Besides this, the increasing utilization of geospatial infrastructures for the effective management of the multitude of oil shale data and the development of new in situ methods for shale oil extraction are also bolstering the market growth. Additionally, the introduction of innovative technologies for minimizing the overall operating costs in the mining industry is expected to fuel the oil shale market in the coming years.
Key Market Segmentation:
Competitive Landscape with Key Players:
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
Royal Dutch Shell plc.
Breakup by Product:
Shale Gasoline
Shale Diesel
Kerosene
Heavy Oil
Breakup by Process:
Oil Shale Exploration
Ore Preparation
Oil Shale Retortion
Shale Oil Refining
Others
Breakup by Technology:
In-situ
Ex-situ
Breakup by Application:
Electricity
Fuel
Cement and Chemicals
Others
Breakup by Region:
North America (United States, Canada)
Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
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