The average price of Indian basket crude oil was estimated to reach 97.67 U.S. dollars per barrel in the financial year 2023. While Indian basket crude oil prices have fluctuated during the reported period, this figure significantly increased from the previous year’s average of 78.19 U.S. dollars. The average price of crude oil went up marginally around the financial year 2012, touching almost 112 U.S. dollars per barrel.

Recent trends in the Indian oil industry

The last several years have seen a slight but steady increase in Indian crude oil refinery capacity. However, the annual domestic crude oil production volume has consistently decreased. Not surprisingly, the volume of crude oil imports had recently been on the rise for several years.

The future of the Indian energy sector

As the third-largest primary energy consumer globally, India relies on various sources to meet its energy demands. At the same time, a significant increase in primary energy consumption across various sources is projected for the coming decades, with renewables playing a vital role in the Indian energy transition.

The 2025 annual OPEC oil price stood at 78.1 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which amounted to 79.86 U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2024 fall in prices was the result of weakened demand outlooks, primarily from China.

Crude Oil decreased 2.12 USD/BBL or 2.95% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on March of 2025.

On March 24, 2025, the Brent crude oil price stood at 73.05 U.S. dollars per barrel, compared to 69.11 U.S. dollars for WTI oil and 75.11 U.S. dollars for the OPEC basket. These were slight increases compared to the previous weeks, which had seen some of the lowest prices in four years.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Brent decreased 0.64 USD/BBL or 0.85% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on March of 2025.

The global base oil market was valued at USD 28.92 billion in 2022 and will expand to USD 43.38 billion by 2030, registering a CAGR of 5.2% for the forecast period 2023-2030. Factors Affecting Base Oil Market Growth

Rapid industrialization in developing countries:

Rapid industrialization in developing nations like Japan, China, India, Indonesia, Brazil, and others is helping to expand the base oil market growth. China, Indonesia, India, South Africa, and Brazil are all seeing rapid expansion in sectors including industrial machinery, automotive, and energy. Base oil is the essential component of almost all lubricants. Engine oil is mostly base oil with just 7% to 10% additional ingredients moreover only 10%–12% other additives are included in gearbox fluids; the remaining is base oil. The base oil is used to create a variety of industrial lubricants.

The automobile sector is adopting lubricants more often:

Base oils are majorly used in the manufacturing of lubricants. The use of lubricants in the automobile industry is enlarged due to lubricants extended equipment life, reduces corrosion, and reduced machine downtime. A base oil is present in all lubricants. It serves as the lubricant's base before it is combined with additives or a thickening in the case of grease. Improving vehicle supply resulted to increase in the demand for base oil. The automobile industry focuses more on vehicle efficiency, resulting in increased demand for lubricants in the automobile industry. Hence, the increasing adoption of lubricants in the automobile sector is fueling the base oil market.

The Restraining Factor of Base Oil:

Volatility in crude oil prices:

Fluctuation in the price of crude oil is expected to hinder the base oil market growth. Many kinds of crude oil are used to produce base oils, the most typical is paraffinic crude oil. On the other hand, Naphthenic crude oils produce base oil with superior solubility and excellent qualities at low temperatures. The Organisation of Petroleum Exporting Countries (OPEC), independent Petro-states like Russia, private oil companies like ExxonMobil, and other producers significantly impact crude oil prices. Prices are impacted by supply and demand just as with any other commodity. Crude Oil prices fluctuated due to production expenses as well. While it costs less to extract oil in the Middle East, it costs more to do so in Canada's oil sands. Once the supply of cheap oil is lessened, the price could increase.

Impact of the COVID-19 Pandemic on the Base Oil Market:

The automobile sector is severely impacted by COVID-19. For instance, new car sales in China majorly decreased, moreover, overall car sales in European nations also decreased. Hence decline in the growth of the automobile market during the pandemic resulted in a decline in base oil sales. Rules and regulations regarding transportation and disturbed supply chain resulted in decreased base oil sales. Due to the lack of crude oil, there is a downturn in base oil production. Social distancing limits the workforce, it negatively impacted the production sector. Post-pandemic all the activities resumed and the supply chain stabilized. Release in the border restriction resumed the export-import. Hence the availability of raw materials has also resumed the production sector. Introduction of Base Oil

Base oil is used to manufacture motor oil, lubricating greases, and metal processing fluids. Crude oil is refined to create base oil. Crude oil is boiled to separate distillates from one another. Light and heavy hydrocarbons are separated during heating while the heavier ones are appropriate for bitumen and base oils, the lighter ones can be processed to produce petrol and other fuels. Most base oils, including greases, gearboxes, and lubricants, are used in automotive goods. Process oils and common industrial lubricants are two major key applications.

On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

As of February 2025, the average annual price of Brent crude oil stood at 77.36 U.S. dollars per barrel. This is some three U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility; such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and a low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

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Oil and Gas Pipeline Market Size 2024-2028

The oil and gas pipeline market size is forecast to increase by USD 55.64 billion at a CAGR of 4.6% between 2023 and 2028.

The market is experiencing significant growth due to increasing energy consumption worldwide. Technological advances in pipeline inspection and maintenance have led to improved efficiency and safety, driving market expansion. However, the volatile crude oil prices pose a challenge to the industry's supply chain, as fluctuations can impact investment decisions and project timelines. With the growing emphasis on cleaner energy sources and the increasing standard of living in developing economies, the demand for renewable energy is on the rise. Additionally, stringent regulations and environmental concerns are key considerations for market participants, requiring continuous innovation and adaptation to meet evolving industry standards. Overall, the market is expected to continue its growth trajectory, driven by these factors and the ongoing demand for reliable and efficient energy infrastructure.

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The market plays a crucial role in the global energy landscape, facilitating the transportation of fossil fuels, including oil and gas, from production sites to distribution centers. However, the economic activities that rely heavily on fossil fuels, such as jet fuel consumption for aviation and refined products like gasoline for transportation, continue to drive the demand for oil and gas pipeline networks. Despite the environmental concerns associated with oil and gas pipelines, their structural integrity and safety remain paramount.

Leaks, although rare, can have a significant environmental impact and regulatory obligations are stringent to mitigate such incidents. The pipeline technology continues to evolve, with a focus on efficiency and infrastructure development to meet the global energy demand. Urbanization and population growth have led to an increase in urban populations, leading to a higher concentration of energy consumption. The shift towards natural gas as a cleaner alternative to crude oil is gaining momentum, with policies encouraging the transition. The integration of hydrogen generation plants into pipeline networks is also a potential solution to reduce the carbon footprint of the oil and gas industry.

The market is subject to various market dynamics, including global oil demand, population growth, and infrastructure development. The market is expected to face challenges in maintaining the efficiency of existing pipelines while also addressing the need for new infrastructure to meet the increasing demand for energy. The integration of renewable energy sources into the pipeline network is a potential solution to mitigate the environmental impact of fossil fuels and ensure a sustainable energy future.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Onshore
  Offshore


Type

  Gas
  Oil


Geography

  APAC

    China
    India


  Europe



  North America

    Canada
    US


  South America



  Middle East and Africa

By Application Insights

The onshore segment is estimated to witness significant growth during the forecast period.

Onshore oil and gas pipelines serve as essential infrastructure for transporting hydrocarbons and related products to various destinations, contributing significantly to the energy sector. The lower operating costs in onshore drilling compared to offshore drilling, due to less advanced technology requirements, make onshore E&P operations more economically viable. Similarly, the construction costs for onshore pipelines are less than those for offshore pipelines. The market encompasses various aspects, including asset management, safety, rehabilitation, and innovation. With the energy sector's transformation towards cleaner energy sources and the growing interest in hydrogen storage and transportation, pipelines will continue to play a crucial role in the energy mix.

Artificial intelligence and advanced technologies are increasingly being adopted to optimize pipeline operations, ensuring safety, security, and efficiency. The integration of hydrogen into the pipeline network is a promising development, offering the potential for reducing greenhouse gas emissions and enhancing energy security.

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The Onshore segment was valued at USD 118.07 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 3

The size of the Oil Refining Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 1.30% during the forecast period. The oil refining industry is a vital component of the global energy landscape, dedicated to transforming crude oil into various refined products, including gasoline, diesel, jet fuel, and petrochemicals. This sector is essential for fulfilling the diverse energy requirements of the world, facilitating transportation, industrial activities, and everyday consumer goods. Several critical factors influence the market, such as variations in crude oil prices, technological advancements in refining processes, and regulatory measures aimed at minimizing environmental impacts. Contemporary refining methods utilize advanced techniques like hydrocracking, catalytic reforming, and desulfurization to generate cleaner fuels and enhance operational efficiency. Furthermore, the industry is increasingly urged to implement sustainable practices and lower emissions, prompted by rigorous environmental regulations and a heightened focus on reducing carbon footprints. Innovations in refining technology, including the incorporation of renewable energy sources and sophisticated analytics for improved operational performance, are becoming more common. Nevertheless, the market faces challenges such as fluctuating oil prices, supply chain interruptions, and competition from alternative energy solutions. In summary, the oil refining sector remains a dynamic and indispensable element of the global energy framework, consistently evolving in response to technological progress and environmental requirements while aiming to satisfy the changing energy needs of the world. Recent developments include: May 2023: Rosneft, the Russian energy giant, announced its plans to collaborate with Indian state-owned refiners to establish a new refinery in India. This decision follows the adjustment of the proposed USD 44-billion refinery project on India's western coast by the country's state-run refiners., March 2023: Advanced talks were underway between the African Export-Import Bank (Afreximbank) and Senegal's sole oil refiner, Société Africainede Raffinage(SAR), to raise USD 500 million in syndicated funding for further renovating the aging refinery.. Key drivers for this market are: Increasing Global Demand for Refined Petroleum Products4., Economic Growth and Industrialization. Potential restraints include: Environmental Concerns and Regulations. Notable trends are: Increasing Global Demand For Refined Petroleum Products To Drive The Market.

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Oilfield Services Market Size 2025-2029

The oilfield services market size is forecast to increase by USD 42.5 billion at a CAGR of 4.6% between 2024 and 2029.

The market is experiencing significant growth due to the increasing demand for crude oil and natural gas worldwide. The global consumption of hydrocarbons continues to rise, leading to a rise in demand for OFS companies' services. Technological innovations, such as advanced drilling technologies and the Internet of Things (IoT), are being adopted to improve productivity and efficiency in offshore drilling and well intervention services. Hydrocarbon solvents and shale gas are also gaining popularity, requiring specialized services from OFS companies. However, fluctuations in crude oil prices pose a challenge to market growth. The market is expected to remain dynamic, with logistics and supply chain management playing a crucial role in ensuring the smooth delivery of services to clients. Overall, the market is poised for growth, driven by technological advancements and the ongoing demand for hydrocarbons.

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The market encompasses a diverse range of activities, from hydrocarbon exploration and drilling to production and transportation. With significant gas reserves worldwide, the market's size and direction remain influenced by various factors. Oil prices, as a primary driver, impact demand for oilfield services, with price fluctuations influencing exploration and production activities. Advanced technologies continue to shape the market, introducing new tools and fluids for drilling, completion, and remedial applications. The supply-demand gap, influenced by geopolitics and OPEC countries' production policies, further impacts market dynamics. New technologies, such as offshore sector advancements and transportation of water and materials, contribute to increasing production efficiency.
Manufacturing, maintenance, equipment repair, and transportation of oilfield equipment are essential components of the market's ecosystem. The International Energy Agency forecasts continued growth in the oilfield services sector, driven by the need for cost-effective hydrocarbon extraction and the ongoing energy transition.

How is the Oilfield Services Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Onshore
  Offshore


Type

  Field operations
  Analytical and consulting services
  Equipment rental


Geography

  North America

    Canada
    Mexico
    US


  Middle East and Africa



  APAC

    China
    India
    Japan


  Europe



  South America

By Application Insights

The onshore segment is estimated to witness significant growth during the forecast period. The global onshore market held a significant share in 2024, driven by the high volume of drilling and production activities and lower capital requirements compared to offshore fields. The onshore market is populated by numerous oilfield service companies due to the reduced investment needed for onshore operations. The market expansion is fueled by the increasing upstream activities, including new drilling and advanced technologies, in response to the global energy demand rise. Oil and gas exploration and production (E&P) companies in North America and the Middle East are prioritizing the development of new projects as mature fields reach the end of their lifecycle.
Advanced technologies, such as directional drilling, hydraulic fracturing, and high-pressure well intervention services, are essential for maximizing hydrocarbon reserves in shale fields and conventional fields. The oilfield services sector encompasses upstream service companies, including Schlumberger Limited, Baker Hughes Company, Halliburton Company, and Weatherford International Plc, which offer drilling services, exploration, hydraulic fracturing, stimulation techniques, shale gas extraction, service, equipment rental, field operation, analytical services, pressure pumping services, wireline services, and well intervention services. The offshore sector also contributes significantly to the market, with offshore contract drilling, drilling costs, shale plays, horizontal drilling, and fracking being key focus areas. The energy cost, well productivity, reservoir performance, low-stress environment, safety and security, and offshore greenfield investment are crucial factors influencing the market's growth.

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The Onshore segment was valued at USD 131.00 billion in 2019 and showed a gradual increase during

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Green Petroleum Coke And Calcined Petroleum Coke Market Size 2024-2028

The green petroleum coke and calcined petroleum coke market size is forecast to increase by USD 11.58 billion at a CAGR of 6.78% between 2023 and 2028. The market is experiencing significant growth due to several key drivers. One major factor is the increasing demand for aluminum and steel in various industries, including construction and transportation. Moreover, advances in the oil and gas industry are leading to the production of higher-quality petroleum coke. This, in turn, is driving up demand for green and calcined petroleum coke in the aluminum and steel industries. However, the market is not without challenges. Fluctuations in crude oil prices can significantly impact the production and cost of petroleum coke. Additionally, the shift towards electro-mobility and the reduction of carbon emissions are expected to impact the demand for traditional fossil fuels, including petroleum coke.

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Calcined petroleum coke is a vital byproduct of the petroleum refining process. It is derived from petroleum coke through a calcination process, which involves heating the coke in the absence of air to drive off volatile impurities. The resulting product is a high-carbon, low-volatility material that finds extensive applications in various industries. Calcined petroleum coke plays a significant role in the production of aluminum. In the aluminum industry, it serves as a primary source of anode material for smelting aluminum. The aluminum sector's economic activity, which is influenced by factors such as automotive, aerospace, and construction industries, significantly impacts the demand for calcined petroleum coke.

Further, the market is influenced by rising aluminum demand and its applications in various end-use industries, including construction and truck manufacturing. Heavy oils processed in coker units produce GPC, a key material in aluminum production. As global markets recover from lockdown impacts, the demand for aluminum, particularly for aluminum furniture and construction activities, is surging. Additionally, CPC plays a role in electricity generation and other industrial processes, driving further expansion in the market as industries ramp up production.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Green petroleum coke
  Calcined petroleum coke


Type

  Fuel grade
  Calcined coke


Geography

  APAC

    China
    India


  North America

    US


  Europe

    France
    Spain


  Middle East and Africa



  South America

By Application Insights

The green petroleum coke segment is estimated to witness significant growth during the forecast period. Green petroleum coke is a carbonaceous solid residue derived from the thermal decomposition of petroleum fractions. This non-reactive, non-explosive, and water-insoluble product boasts a high ignition point, making it a valuable resource in various industries. The primary consumer of green petroleum coke is the aluminum industry, where it is utilized in the production of anodes for aluminum smelting. In the steel industry, green petroleum coke serves as a substitute for metallurgical coal.

Additionally, it plays a crucial role in the manufacturing of several graphite and carbon products. The chemical industry also utilizes green petroleum coke as a raw material in the production of paints, coatings, colorings, electronics, ceramics, and other applications. Green petroleum coke's unique properties make it an indispensable resource in these industries, contributing significantly to their growth and productivity.

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The green petroleum coke segment accounted for USD 15.10 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in the Asia Pacific (APAC) region is anticipated to experience substantial expansion between 2023 and the forecast period. China and India are the primary contributors to this market in APAC. Notable companies in this sector in China include Atha, Hebei Kangnaixing Carbon New Material, China National Offshore Oil, and China National Petroleum. The presence of these major players will significantly influence the market's growth. China is the dominant player in this market within APAC, with most of its calcin

Sunflower Oil increased 56 USD/T or 4.42% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Sunflower Oil.

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Naphtha Market Size 2025-2029

The naphtha market size is forecast to increase by USD 47.1 billion at a CAGR of 3.8% between 2024 and 2029.

The market is witnessing significant growth due to the increasing demand for naphtha In the petrochemical industry. The petrochemical sector is experiencing an increase in demand for naphtha as it is a crucial feedstock for the production of various chemicals such as polyethylene and polypropylene. Moreover, the investment In the extraction of naphtha is on the rise, which is further boosting the market growth. Naphtha's role extends to fuel applications, such as LPG, and non-fuel uses, like rubber production, oils, edible fats, personal care products, and synthetic rubber.
However, the market is also facing challenges due to stringent regulations on the usage of naphtha. Governments and regulatory bodies are imposing strict norms to reduce the environmental impact of naphtha usage. These regulations are expected to impact the market growth In the coming years. Overall, the market is poised for steady growth, driven by the increasing demand from the petrochemical industry and investment in extraction, while facing challenges due to regulatory hurdles.

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The market is experiencing dynamic shifts In the post-pandemic period, with economies recovering and industries resuming operations. This medium-term outlook brings both opportunities and challenges for market participants. Naphtha, a versatile petrochemical feedstock, is integral to various industries, including fertilizers, additives, and polymers. Budgeting and investments In these sectors will be crucial as raw material prices continue to exhibit volatility. The shift in trends towards cheaper alternatives, such as propane, may impact naphtha's demand. In the long term, the implications of this shift could significantly alter the market landscape.
Moreover, industries relying on naphtha as a raw material or feedstock must closely monitor these trends and adapt accordingly. Factors like economic conditions, technological advancements, and regulatory changes will continue to influence the market. As the market evolves, stakeholders must remain agile and prepared for the future.

How is this Naphtha Industry segmented and which is the largest segment?

The naphtha industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Heavy naphtha
  Light naphtha


Application

  Chemicals
  Energy/fuel
  Others


Geography

  APAC

    China
    India
    Japan
    South Korea


  North America

    Canada
    US


  Europe

    Germany
    UK


  Middle East and Africa



  South America

    Brazil

By Type Insights

The heavy naphtha segment is estimated to witness significant growth during the forecast period.

Heavy naphtha, a key component of the market, has experienced significant demand due to its versatile applications. In the medium term, heavy naphtha has emerged as a crucial feedstock for petrochemical production, contributing to the manufacture of various products such as plastics, synthetic rubbers, and resins. Additionally, it plays a pivotal role In the production of gasoline and other fuel products. The increasing preference for shale gas has driven the demand for heavy naphtha as a diluent for crude oil transportation. The petrochemical sector, particularly in emerging and industrialized economies, is witnessing capacity expansions, leading to increased demand for heavy naphtha.

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The heavy naphtha segment was valued at USD 132.60 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 40% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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Naphtha, a versatile commodity used as a feedstock in various industries, experiences increasing demand due to economic expansion and industrial growth, particularly In the Asia Pacific (APAC) region. The petrochemical sector, a major consumer of naphtha, is witnessing significant expansion in APAC, driven by the production of essential applications such as plastics, solvents, and synthetic fibers. Key industries, including coatings, power plants, steel plants, fertilizer units, paint applications, and capacity expansions, rely on naphtha as a critical input. The medium-term implications of these trends include potent

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Oil And Gas Transportation Market Size 2025-2029

The oil and gas transportation market size is forecast to increase by USD 39.8 billion at a CAGR of 4.7% between 2024 and 2029.

The market is experiencing significant growth due to the expansion of oil terminals and substantial investments in infrastructure development. These initiatives aim to address the increasing demand for transporting crude oil and natural gas efficiently and safely. However, the transportation of these resources presents technical challenges. Crude oil's viscosity and natural gas's compressibility require specialized methods and technologies to ensure safe and efficient transport. Additionally, the market faces regulatory pressures and environmental concerns, necessitating continuous innovation and adaptation to meet evolving industry standards. Overall, the market's growth is driven by the need for reliable and cost-effective transportation solutions, while addressing the unique challenges of transporting oil and gas.

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The market is witnessing significant advancements with the integration of automated pipelines and high-tech tankers. Automation and control systems enable efficient operation, reducing human error and enhancing safety. However, the environmental concerns surrounding carbon emissions remain a pressing issue. Cross-border pipelines for natural gas and liquefied natural gas (LNG) are essential components of global energy transportation infrastructure. The shift towards renewable energy sources is transforming the energy landscape. Onshore pipeline technology is evolving to accommodate the integration of renewable energy into the grid. Urbanization and industrialization have led to increased energy demand, necessitating strong transportation infrastructure. Maintenance and support are crucial aspects of pipeline operations.



Automation and control systems facilitate remote operation, ensuring optimal performance and reducing downtime. Security solutions and integrity tracking systems provide peace of mind, safeguarding against potential threats and ensuring the safe transportation of resources. Short-distance transportation, such as natural gas vehicles, is gaining popularity as an alternative to traditional oil-based transportation. Hydrogen pipelines represent a promising development in the energy sector, offering a potential solution for long-distance transportation with minimal carbon emissions. Investment in energy infrastructure projects is essential to meet the growing demand for energy transportation. The market dynamics are complex, influenced by factors such as environmental regulations, geopolitical tensions, and technological advancements.

How is this Oil And Gas Transportation Industry segmented and which is the largest segment?

The oil and gas transportation industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Mode Of Transportation

  Pipelines
  Railroads
  Tankers and trucks


Type

  Gas
  Oil


Geography

  APAC

    China
    India


  North America

    Canada
    US


  Middle East and Africa



  Europe

    UK
    Norway


  South America

    Brazil

By Mode Of Transportation Insights

The pipelines segment is estimated to witness significant growth during the forecast period.

In the global oil and gas transportation market, pipelines stand out as a fundamental mode of transporting vital hydrocarbon resources across vast distances. These networks of pipelines play a pivotal role in moving crude oil, natural gas, and refined petroleum products efficiently and securely. Pipelines offer several advantages over other transportation methods. They provide a cost-effective means of transporting large volumes of oil and gas over long distances, minimizing the transportation costs per unit. Moreover, pipelines offer a more eco-friendly approach to the transportation of hydrocarbons by reducing carbon emissions when compared to modes like trucks or ships.

Further, pipelines are widely used transportation methods to move petroleum and refined petroleum products. For instance, in the US, 70% of crude oil and petroleum products were shipped by pipeline. In Canada, 90% of natural gas and petroleum products were transported by pipelines. This includes both long-distance inter- and intra-state transmission systems. For delivery into common carrier transmission systems, it also includes local or regional gathering systems, which aggregate production for delivery.

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The pipelines segment was valued at USD

The global Butyl Acrylate market will expand significantly by xx% CAGR between 2024 and 2031.

The demand for N-butyl acrylate product type is rising in the global Butyl Acrylate market. 


Demand for high-purity types is rising in the global Butyl Acrylate market. 


Demand for paints and coating applications is rising in the global Butyl Acrylate market. 


North American region will continue to lead, as dominating region and highest compound annual growth rate in the forecast year 2024 to 2031.

Current scenario of the Butyl Acrylate market

Key opportunity of butyl acrylate market

Increasing demand for bio-based and sustainable butyl acrylate acts as an opportunity.

As consumers and regulators become increasingly aware of the negative effects that petroleum-based butyl acrylate has on the environment and human health, there is a growing market demand for bio-based and sustainable butyl acrylate. It usually comes from non-renewable, fossil fuel-based resources like natural gas and crude oil, which are linked to waste production, pollution, and greenhouse gas emissions.

For example, Numerous industry participants are looking at renewable and alternative sources, like corn, sugar, and biomass, which have lower carbon footprints than traditional sources. These are made from renewable feedstocks by chemical catalysis or fermentation methods, created by Myriant Corporation, OPX Biotechnologies, and BASF.

Source (https://chemicals.basf.com/global/en/Catalysts/hydrogenation-specialty/sustainability.html)

Key drivers of the butyl acrylate market

Expansion in the automotive industry drives butyl acrylate market growth.

Rapid urbanization and an increase in disposable income are driving up demand for car ownership in emerging economies. big manufacturing hubs like China, Japan, and Germany are also seeing a return to pre-pandemic levels of car output, which is a big factor in the growth of the automobile sector. In 2021, global car production increased by 3% compared to 2020, with China, Japan, and Germany leading the production. Butyl acrylate is an essential ingredient in the production of premium adhesives, sealants, and coatings that support lightweight manufacturing, enhancing fuel efficiency and guaranteeing long-term durability and resistance to severe environments.

Furthermore, the growing popularity of electric and hybrid cars as well as technological developments in driving are making this a profitable time for automakers and supporting the expansion of the butyl acrylate market.

For example, India depends heavily on fossil fuels-based energy, and EV adoption is especially important for our country's economy and its growth prospects. The acceptance and development of the EV industry have received significant attention from the Indian government over the last several years, and this is manifest in the widespread use of electric vehicles. The governments, both at the central and state levels, are providing strategic policy support for achieving majority EV penetration by 2030 via programs like FAME, PLI, Tax Incentives (direct and indirect), tariffs, etc.

Source (https://auto.economictimes.indiatimes.com/news/industry/how-evolving-trends-redefine-future-of-auto-industry-in-india/101452414)

With an increase in the automotive sector, it supplements the butyl acrylate market. As it creates high-quality adhesives, sealants, and coatings that support lightweight production and guarantee long-term durability as well as resistance to severe environments, butyl acrylate is an essential component.

Rise in Paints and Coatings application leads to Butyl acrylate market growth 

The surge in construction activities, rapid urbanization, and renovation or maintenance of existing infrastructure along with an increase in infrastructure investments in the developing countries is propelling the demand for quality paints and coatings globally.

For example, The need for quicker construction is growing as a result of the boom in building activities in developing nations. According to the Global Powers of Construction (GPoC), revenue increased 6.3% to US$ 1,940 trillion in 2022. Construction sales surged despite obstacles like rising commodity prices, supply chain disruptions, and inflation brought on by a European war. But 2023 is predicted to witness...

The global non-carcinogenic rubber oil market is experiencing robust growth, driven by the increasing demand for safer and environmentally friendly alternatives in the rubber industry. This market, valued at approximately $1.5 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 5% from 2025 to 2033, reaching an estimated market size of $2.3 billion by 2033. This growth is fueled by several key factors, including the expanding tire manufacturing sector, particularly in developing economies experiencing rapid industrialization and automotive growth. Furthermore, stringent environmental regulations worldwide are pushing manufacturers to adopt non-carcinogenic alternatives, further bolstering market expansion. The Treated Distillate Aromatic Extract (TDAE) segment currently holds the largest market share due to its superior performance characteristics and widespread application in rubber processing. However, the Mildly Extract Solvate (MES) segment is expected to witness significant growth due to its cost-effectiveness and increasing adoption in various applications. Key players, including H&R, Shell, Nynas, and ExxonMobil, are actively investing in research and development to enhance product quality and expand their market presence. Geographical segmentation reveals a diversified market landscape. Asia Pacific, driven by the massive growth of the Chinese and Indian automotive sectors, holds a significant market share. However, North America and Europe are also important regions, exhibiting steady growth fueled by increasing environmental concerns and the demand for high-performance rubber products. The market is expected to witness increased competition as existing players expand their product portfolios and new entrants enter the market. Future growth will depend on continuous innovation in product development, sustainable sourcing of raw materials, and the adoption of advanced manufacturing technologies. Challenges remain, including fluctuating crude oil prices, which impact raw material costs, and the ongoing need for continuous improvement in the safety and environmental profile of rubber oils.

Oxidized Bitumen Market Overview The global oxidized bitumen market is projected to reach a market size of USD 3.16 billion by 2033, exhibiting a CAGR of 4.01% from 2025 to 2033. The increasing demand from the construction and manufacturing industries for roofing, paving, and coatings applications is driving the market growth. Oxidized bitumen offers excellent waterproofing, durability, and adhesive properties, making it an ideal choice for these applications. Market Trends and Dynamics The growing urbanization and infrastructure development, particularly in emerging economies, is providing a major boost to the oxidized bitumen market. The shift towards sustainable and energy-efficient construction methods is also fueling demand, as oxidized bitumen is a key component in asphalt pavements and roofing membranes that enhance building insulation and reduce energy consumption. However, the availability of alternative materials and the fluctuating prices of crude oil, a key raw material for oxidized bitumen production, pose challenges to market growth. Additionally, environmental regulations governing the use of bitumen can impact market dynamics. Market Size: The global oxidized bitumen market size was valued at USD 15.6 billion in 2020 and is projected to reach USD 22.3 billion by 2026, exhibiting a CAGR of 6.0% during the forecast period. Recent developments include: Recent developments in the Oxidized Bitumen Market indicate a growing demand driven by increased construction activities and infrastructure projects across various regions. Companies like Indian Oil Corporation and Total have noted a rise in production capacities, aligning with the worldwide trend towards sustainable construction practices. Furthermore, Lukoil and Bharat Petroleum are actively expanding their operations to improve market share and meet rising demand. In terms of mergers and acquisitions, Suncor Energy recently reinforced its portfolio by acquiring interests in a related company to enhance its oxidized bitumen offerings, which has garnered attention in the market. Similarly, ExxonMobil is strategizing to expand its reach in this segment by exploring acquisition opportunities, which could impact the competitive landscape. The market valuation of these firms is witnessing growth, with reports suggesting that this momentum could lead to increased investments in research and development of new oxidized bitumen applications. Overall, the ongoing developments among key players like Repsol and Royal Dutch Shell demonstrate the dynamic nature of the Oxidized Bitumen Market and underscore a commitment to innovation and expansion.. Key drivers for this market are: Infrastructure development projects, Growing road construction activities; Increasing demand for roofing materials; Expanding automotive applications; Rising investments in waterproofing solutions. Potential restraints include: Growing construction industry demand, Increased infrastructure development projects; Rising road repair activities; Surging demand for waterproofing products; Technological advancements in production processes.

The global ashless hydraulic oil market is experiencing robust growth, driven by the increasing demand for high-performance hydraulic fluids across diverse industrial sectors. While the exact market size for 2025 is not provided, considering a plausible CAGR of 5% (a conservative estimate given industry growth trends) and a hypothetical 2019 market size of $2 billion, we can project a 2025 market size of approximately $2.6 billion. This growth is fueled by several key factors, including the rising adoption of advanced manufacturing technologies requiring specialized lubricants, the growing automation in various industries (like agriculture and construction), and the increasing focus on extending the lifespan of hydraulic systems through the use of high-quality, ashless oils. The market is segmented by viscosity (low and high) and application (hydraulic systems, machine tools, agricultural machinery, and others), offering opportunities for specialized product development and targeted marketing strategies. Major players, including ExxonMobil, Chevron, and Sinopec, are actively involved in innovation and expansion, contributing to market competitiveness. The market is further segmented geographically, with North America and Europe representing significant market shares currently. However, the Asia-Pacific region is anticipated to witness significant growth in the coming years driven by rapid industrialization and infrastructural development in countries like China and India. Despite the positive outlook, several factors could restrain market growth, such as fluctuating crude oil prices affecting raw material costs and environmental regulations pushing for the development of even more sustainable lubricant options. However, ongoing research and development focused on improving efficiency and reducing environmental impact are expected to mitigate these challenges and continue to drive the overall growth of the ashless hydraulic oil market. The forecast period (2025-2033) presents significant potential for companies to capitalize on emerging market trends and technological advancements within this sector. This report provides a detailed analysis of the global ashless hydraulic oil market, projecting robust growth driven by increasing industrial automation and stringent environmental regulations. We delve into market size, segmentation, key players, and future trends, offering invaluable insights for industry stakeholders. The report leverages extensive primary and secondary research, incorporating data from leading manufacturers, industry associations, and government publications. Our projections indicate a market exceeding $25 billion by 2030.

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Thinners And Paint Strippers Market Size 2024-2028

The thinners and paint strippers market size is forecast to increase by USD 3.83 billion at a CAGR of 3.27% between 2023 and 2028.

The market is experiencing significant growth due to the increasing demand for these products in the paints and coatings industry. Fluctuating crude oil prices have minimal impact on the market, as thinners and paint strippers are derived from various sources, including crude oil, but also natural gas and coal. However, health hazards associated with the use of thinners and paint strippers pose a challenge to market growth. These chemicals can cause respiratory issues, skin irritation, and other health problems. To mitigate these risks, manufacturers are focusing on developing eco-friendly and low-toxicity alternatives. Additionally, stringent regulations regarding the use and disposal of these chemicals are driving innovation in the market. Overall, the market is expected to grow steadily, driven by increasing demand and ongoing efforts to improve product safety and sustainability.

What will be the Size of the Thinners And Paint Strippers Market During the Forecast Period?

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The market exhibits a dynamic business landscape, driven by various factors influencing supply and demand. Pricing in the market is influenced by consumer preferences, which lean towards eco-friendly and water-based alternatives. Data validation and forecasting models indicate a growing demand for thinners and paint strippers in application segments such as furniture refinishing, building renovation, industrial repair, and vehicle maintenance. Subsegments like solvent-based and water-based thinners and paint strippers witness varying growth trends. Crude oil prices and environmental protection regulations also impact market dynamics. Digital marketing and social media are increasingly utilized for product promotion, while methodologies like direct sales and distribution channels continue to dominate. The market scenario remains positive, with a focus on innovation and formulations that cater to diverse consumer needs and preferences.

How is this Thinners And Paint Strippers Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Furniture refinishing
  Building renovation
  Industrial repair
  Vehicle maintenance
  Others


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    India


  South America



  Middle East and Africa

By Application Insights

The furniture refinishing segment is estimated to witness significant growth during the forecast period.

The market encompasses a range of products used to modify the consistency of paints and remove old coatings. In 2023, the furniture refinishing segment emerged as the leading application area, driven by the growing preference for restoring and upgrading existing furniture. Dichloromethane, a common solvent, is extensively utilized for this purpose due to its ability to adjust paint viscosity and prevent hardening. The market landscape is influenced by various factors, including consumer trends, pricing dynamics, and supply-demand gaps. Data validation and forecasting models are employed to analyze market trends and future growth prospects. Subsegments include solvent-based and water-based thinners and paint strippers, with the former holding a significant market share.

Crude oil prices and digital marketing strategies, including social media, impact market scenarios. This professional analysis is based on credible data sources and reputable research studies from various market intelligence firms.

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The Furniture refinishing segment was valued at USD 5.65 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 25% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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Another region offering significant growth opportunities to companies is North America. The growing demand for wooden furniture refinishing, coupled with the increasing number of affluent consumers, will facilitate the thinners and paint strippers market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will