With crude oil prices slumping in the wake of the coronavirus, 2019 (COVID-19) pandemic, greenfield capital expenditure for conventional oil and gas fields worldwide is expected to fall to around 78 billion U.S. dollars in 2020. A month ago, before the severity of COVID-19 was fully understood and before Saudi Arabia decided to ramp up oil production, the value of projects reaching final investment decision was expected to amount to 209 billion U.S. dollars this year. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

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The crude oil market has the potential to grow by 4781.60 million barrels during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 2.73%.

This crude oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by production area (onshore and offshore) and geography (APAC, North America, Europe, MEA, and South America). The report also offers information on several market vendors, including BP Plc, Chevron Corp., and ConocoPhillips Co., among others.

What will the Crude Oil Market Size be in 2021?

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Crude Oil Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing upstream investment is notably driving the crude oil market growth, although factors such as fluctuations in global crude oil prices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the crude oil industry get your FREE report sample now.

      The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies.
      The production of oil and natural gas is declining from many conventional oilfields. To overcome this issue, oil and gas operators are increasing investments in mature oil and gas fields.
      The adoption of unconventional exploration and production technologies in large shale deposits has widened opportunities for upstream oil and gas companies.
      The growing investments in the upstream oil and gas sector will significantly influence crude oil market growth over the forecast period.




      Technological development in the hydraulic fracturing process is aiding in the exploration and production of oil and gas from shale plays.
      The advances in the drilling technology and proppant placement in downhole wells increased hydrocarbon recovery from unconventional wells.
      Technological advances such as integration of the internet of things (IoT) for data acquisition, as well as the use of data analytics and machine learning, supports the efficiency of tools that is one of the key crude oil market trends.
      Real-time pressure data is crucial in crude oil production as it eliminates the over-fracturing issue.
      Automation of hydraulic fracturing optimizes the hydraulic fracturing method using algorithmic controls and supports enhanced well performance.

This crude oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Crude Oil Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

BP Plc
Chevron Corp.
ConocoPhillips Co.
Exxon Mobil Corp.
PetroChina Co. Ltd.
Petroleo Brasileiro SA
Qatar Petroleum
Rosneft Oil Co.
Royal Dutch Shell Plc
Saudi Arabian Oil Co.

The crude oil market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the crude oil market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Crude Oil Market?

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44% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for crude oil in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Production Area Segments in the Crude Oil Market?

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The crude oil market share growth by the onshore segment will be significant during the forecast period. In onshore exploration and production operations

Employment figures decreased in the oil, natural gas, and chemicals industry between December 2019 and August 2020 due to the coronavirus pandemic, with a total of *** thousand lost jobs in the United States. A pessimistic scenario outlook, where oil prices will remain around ** U.S. dollars per barrel and gas prices at **** U.S. dollars per million British thermal units, would see only ***** percent of jobs recovered by the end of 2021. Even within the optimistic scenario outlook, not all jobs are set to be recovered.

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.

The global Crude Oil Flow Improver market was valued at USD 1.82 billion in 2022 and is projected to reach USD 2.77 billion by 2030, registering a CAGR of 5.4% for the forecast period 2023-2030. Market Dynamics of the Crude Oil Flow Improver Market Driving Factor:

Rising demand for crude oil:

Increasing demand for crude oil in petroleum products is helping to expand the Crude Oil Flow Improver market. The demand for crude oil in petroleum products is increasing due to its uses as a fuel in many equipment-like vehicles, heaters, generators, and others. For instance, In India, 249,621.61 TMT of crude oil was processed for petroleum products in 2022. Additionally, it has high demand in the chemical industry as a raw material for manufacturing several chemicals like plastics, polyurethane, and solvents. However, the use of crude oil flow improver in export and import operations helps ensure the efficient and reliable flow of crude oil throughout the transportation, and storage and supports overall logistics of crude oil export and import. Hence, as crude oil demand increases, the market for crude oil improvers will also rise.

Restraining Factor:

Stringent regulation along with fluctuating crude oil prices:

Stringent regulations regarding manufacturing, sales, import, and export of crude oil are expected to hamper the growth of the crude oil flow improver market. For instance, the International Maritime Organization (IMO) set strict standards to prevent oil pollution for crude oil transportation. This regulation includes requirements for double-hulled tankers, oil spill response plans, and limitations on oil discharge. Moreover, fluctuating prices of crude oil due to global supply & demand, government policies, currency exchange rates, geopolitical guidelines, and others are expected to hinder the growth of the crude oil flow improver market. For instance, As per the Ministry of Energy, Saudi Arabia, the largest exporter country of crude oil, will implement an additional voluntary cut in its production of crude oil from 2023-2024, which will affect the prices of crude oil.

Impact of the COVID-19 Pandemic on the Crude Oil Flow Improver Market: The outbreak of Covid-19 has witnessed a significant impact on the Crude Oil Flow Improver market growth. Due to the lockdown and supply chain disruption, the import and export of raw materials were paused or lowered. Transportation restrictions declined the demand for crude oil. As a COFI was demanded by crude oil and the specialty chemical industry, the lowered demand for crude oil negatively impacted the crude oil flow improver market. Also due to the lockdown, many industries closed, and many oil and gas projects were delayed due to economic uncertainty, hampered the crude oil flow improver market. Post-covid, the supply chain runs smoothly as the guidelines were released and the lockdown opened. Export and import of crude oil resumed so the rising global crude oil industry led to the expansion of the COFI market. What is crude oil?

Crude Oil Flow Improver is a chemical additive that is mostly used in the oil and gas industry to enhance the flow capacity of crude oil. Crude oil has a high viscosity and impurities in its natural state that hamper the flow of oil. For that, the COFI is used to enhance the flow of crude oil. Moreover, Crude Oil Flow Improver is also known as a drag-reducing agent (DRA) as it reduces friction and improves the flow efficiency of crude oil in pipelines. Crude oil flow improver is used as a catalyst to decrease viscosity, lower the pour point, and lower the drag coefficient of crude oil.

Texas based Occidental Petroleum Corporation (Oxy) has made the greatest reduction (as a share of initial planned spending) in their capital expenditures for 2020 out of all large oil and gas producers in the world. The coronavirus pandemic has caused Oxy to reduce their 2020 capex by 48.1 percent, down to 2.7 billion U.S. dollars from the 5.2 billion dollars that was planned at the beginning of the year. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

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The floating liquefied natural gas market share is expected to increase by USD 4.68 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 6.12%.

This floating liquefied natural gas market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers floating liquefied natural gas market segmentations by processing capacity (large-scale capacity and small-scale capacity) and geography (North America, Europe, APAC, South America, and MEA). The floating liquefied natural gas market report also offers information on several market vendors, including Black & Veatch Holding Co., Eni Spa , Excelerate Energy LP, EXMAR NV, Golar LNG Ltd., Lloyds Energy DMCC, Petroliam Nasional Berhad , Royal Dutch Shell Plc, Samsung Heavy Industries Co. Ltd., and TechnipFMC Plc among others.

What will the Floating Liquefied Natural Gas Market Size be During the Forecast Period?

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Floating Liquefied Natural Gas Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rising global oil and gas consumption is notably driving the floating liquefied natural gas market growth, although factors such as fluctuations in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the floating liquefied natural gas industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Floating Liquefied Natural Gas Market Driver

Rising global oil and gas consumption is one of the key factors driving the growth of the global floating liquefied natural gas market. Liquid fuel consumption across the globe, especially in emerging economies such as India, China, and Brazil, is expected to grow, owing to the increasing demand for vehicles and a rise in the consumption of petrochemicals. For instance, according to the US Energy Information Administration (EIA), in 2019, the production of petroleum and other liquid fuels in Brazil averaged 3.7 million barrels per day (b/d). Similarly, natural gas consumption has also seen a rise in the last ten years. According to the US Energy Information Administration (EIA), global natural gas consumption increased significantly in 2019. Natural gas has witnessed a higher rise in consumption than oil due to the increasing adoption of natural gas as a fuel. Also, with the increased consumption of fuel from developing economies such as India and China, the demand for LNG is likely to propel during the forecast period, thereby increasing the demand for FLNG projects during the forecast period.

Key Floating Liquefied Natural Gas Market Trend

The rise in the number of deepwater and ultra-deepwater drilling projects will fuel the global floating liquefied natural gas market growth. As per the US Energy Information Administration, the oil shock resulted in the decline of crude oil prices in early 2020 due to the COVID-19 pandemic, which was one of the lowest since 2003. Also, the prices of the rigs were reduced due to the fewer number of ongoing projects in the oil and gas industry. Sensing profit through low rig rates, some companies are resuming their offshore projects. FLNG vessels provide the advantages of reduced investments and earlier cash flow compared with fixed platforms. The advantages of FLNG vessels make them ideal for offshore activities. Deepwater and ultra-deepwater projects are also far from the mainland; hence, laying an extensive oil and gas pipeline network to transfer the produced hydrocarbons to onshore facilities is too costly. Therefore, FLNG vessels are economical for deepwater and ultra-deepwater projects, as these vessels can treat, liquefy, and store the natural gas extracted from offshore fields. Operators sell the LNG directly from the vessel and generate revenues. Advances in technology allowed exploring gas reserves that were initially uneconomical. This is likely to drive the global FLNG market during the forecast period.

Key Floating Liquefied Natural Gas Market Challenge

Fluctuations in oil and gas prices are major challenges for the global floating liquefied natural gas market growth. The continued trend of low crude oil prices has put additional pressure on the oil and gas service providers. Low-profit margins for a continued period result in reduced revenues, which directly influence the financial aspect of a company. The market potential for oil and gas service businesses has declined due to the low investments in oil and gas projects. As t

Canada's oil and gas field service operators have experienced volatile market conditions throughout 2025. World commodity prices performed well throughout the reporting period. However, the period did start slowly in 2020 amid the pandemic as oil and gas prices started very low. As economic conditions improved from the pandemic's peak, the need for oil and gas returned to pre-pandemic levels and even reached new highs. As a result, revenue has been increasing at a CAGR of 9.8% over the past five years, reaching an estimated $ 49.5 billion in 2025. This includes a 3.6% dip in 2025 alone, when profit is set to reach 11.4%. The dip in 2025 can be mainly attributed to the uncertain geopolitical tensions from the energy tariffs imposed by the US, causing oil prices to drop drastically. While energy trade between the US and Canada hasn't been impacted, the impact on global prices has bled into Canadian prices. The swelling popularity of highly efficient enhanced oil recovery techniques has created a mixed impact for oil and gas field service providers. While these advanced methods generate higher-margin service opportunities, their increased efficiency means that fewer rigs and, thus, fewer field services are needed overall. After an initial surge in demand as extraction companies implemented new technologies, the ongoing need for field services has gradually pushed down. Revenue is set to push up at a CAGR of 0.9% over the next five years, reaching an estimated $51.7 billion in 2030. With the world oil and gas prices forecast to drop, this will likely adversely impact oil and gas field service companies with shrinking demand. Even so, Canadian oil prices are still set remain steady since they won't be as impacted by tariffs as the rest of the global economy. Nonetheless, there is a lack of sufficient pipeline infrastructure to bring commodities to markets. If this infrastructure can be expanded, it will likely benefit commodity prices and industry revenue.

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The oil and gas drilling automation market share is expected to increase by USD 206.7 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 1.64%.

This oil and gas drilling automation market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers oil and gas drilling automation market segmentation by application (onshore and offshore) and geography (North America, Europe, APAC, MEA, and South America). The oil and gas drilling automation market report also offer information on several market vendors, including ABB Ltd., Akastor ASA, Ensign Energy Services Inc., Honeywell International Inc., Kongsberg Gruppen ASA, Nabors Industries Ltd., National Oilwell Varco Inc., Rockwell Automation Inc., Schlumberger Ltd., and Siemens AG among others.

What will the Oil And Gas Drilling Automation Market Size be During the Forecast Period?

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'Offshore rigs are equipped with cybernetics systems to improve equipment manipulation and automate key processes such as pipe handling, jacking, and fixation. Therefore, the recovery in crude oil prices is expected to drive the adoption of O&G drilling automation solutions globally during the forecast period.'

Oil And Gas Drilling Automation Market: Key Drivers, Trends, and Challenges

The O&G price recovery is notably driving the oil and gas drilling automation market growth, although factors such as high ownership costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the oil and gas drilling automation industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Oil And Gas Drilling Automation Market Driver

O&G price recovery is a major driver fueling the oil and gas drilling automation market growth. Since 2019, the moderate recovery in crude oil prices has spurred growth in oil and gas (O&G) extraction projects in countries such as the US, Saudi Arabia, Oman, and Kuwait. Rapid fluctuations in crude oil prices adversely impacted the economic activities in oil-dependent regions such as the Middle East during 2016-2019. Owing to factors such as the limited production of crude oil in key oil-producing countries, such as the US and Russia, and geopolitical factors, such as the US-China trade war, oil prices witnessed considerable stability in 2019. Additionally, the restoration of oil production facilities in Saudi Arabia to full capacity is expected to cater to the global demand for O&G at stable prices during the forecast period.Owing to rapid advances in automation and system integration technologies, automated drilling solutions are finding increased adoption in onshore and offshore oil and gas sites. Offshore rigs are equipped with cybernetics systems to improve equipment manipulation and automate key processes such as pipe handling, jacking, and fixation. Therefore, the recovery in crude oil prices is expected to drive the adoption of O&G drilling automation solutions globally during the forecast period.

Key Oil And Gas Drilling Automation Market Trend

The adoption of IoT technology is the major trend influencing the oil and gas drilling automation market growth. The adoption of the internet of things (IoT) devices for in-depth monitoring and data capturing in the O&G industry is improving the overall efficiency of O&G operations. With crude oil prices registering considerable recovery over the last two years, rig operators and oil producers are emphasizing optimizing the energy efficiency of oilfields. IoT devices are being increasingly used in the O&G industry for a range of applications, including drilling management, pipeline testing, and monitoring, among others. IoT enables oil rig operators and refineries to monitor key performance parameters such as pipe pressure and flow rate. Additionally, IoT ensures accurate and real-time data collection at locations that are not easily accessible. Smart devices provide notifications in advance to operators about any drilling errors or incorrect measurements, thereby minimizing the requirement for routine manual inspections. Advances in connected technologies such as low-power wide-area networks (LPWAN) enable connectivity between monitoring sensors in remote offshore applications. Therefore, the rising adoption of IoT in drilling activities is expected to drive the growth of the global O&G drilling automation market during the forecast period.

Key Oil And Gas Drilling Automation Market Challenge

High ownership costs are a major hindrance to the oil and gas drilling automation

Process Filters for the Oil and Gas Market Outlook

The global market size for process filters in the oil and gas industry was valued at approximately USD 2.5 billion in 2023 and is projected to reach approximately USD 4.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.3% over the forecast period. This notable growth can be attributed to the increasing demand for energy worldwide and the subsequent upscaling of oil and gas extraction efforts. The oil and gas sector continues to be a cornerstone for global energy supplies, and with technological advancements, the need for efficient and reliable process filters has become paramount. These filters ensure the removal of impurities, enhance the quality of output, and contribute to operational efficiency, thereby driving their demand across various segments of the industry.

One of the primary growth factors for this market is the rising energy demand across the globe, which has led to increased oil and gas exploration and production activities. As regions like Asia Pacific and Africa continue to industrialize, the need for energy is becoming more pronounced, leading to expanded upstream and downstream operations. This expansion necessitates robust filtration systems to maintain the purity of extracted and processed materials, thus driving the demand for process filters. Moreover, enhanced environmental regulations and the need for sustainable operations are prompting companies to invest in advanced filtration technologies that minimize emissions and environmental impact, further contributing to market growth.

Technological advancements in filter materials and designs are also playing a crucial role in market expansion. Innovations such as the development of high-efficiency, low-maintenance filters are catering to the evolving needs of the oil and gas industry. Companies are investing in R&D to create filters that can withstand harsh operational conditions, reduce downtime, and improve the longevity of oil and gas processing equipment. Additionally, the integration of smart technologies in filtration systems that allow for real-time monitoring and predictive maintenance is gaining traction, offering significant cost savings and efficiency improvements to end-users.

The market growth is also spurred by significant investments in oil and gas infrastructure globally. Governments and private organizations are channeling funds into developing new refineries and upgrading existing facilities to meet growing energy demands. This infrastructural development creates a substantial need for process filters to ensure that the operations meet regulatory standards and achieve optimal efficiency. Furthermore, economic recovery post the COVID-19 pandemic is fueling investments in the oil and gas sector, which is expected to have a positive impact on the demand for process filters in the coming years.

Regionally, North America and Asia Pacific are expected to witness significant growth in the process filters market. North America, with its established oil and gas infrastructure and technological prowess, remains a leading region in the market. The shale gas revolution and increased drilling activities provide a robust demand for advanced filtration systems. Meanwhile, Asia Pacific is experiencing rapid growth due to the burgeoning industrial sector and increasing energy consumption, particularly in emerging economies like China and India. The region's focus on enhancing oil and gas operations to meet domestic energy needs is likely to boost the demand for process filters, making it a key market to watch in the forecast period.

Product Type Analysis

In the market for process filters in the oil and gas industry, product types such as cartridge filters, bag filters, coalescer filters, gas filters, and others play pivotal roles. Cartridge filters are widely utilized due to their versatility and efficiency in removing fine particulates and impurities from oil and gas streams. These filters are favored for their ease of installation and maintenance, making them a popular choice across various applications. The adaptability of cartridge filters to different operational environments and their ability to deliver consistent filtration performance are key factors driving their demand. Moreover, advancements in cartridge filter design, such as enhanced surface area and improved material composition, are further bolstering their market position.

Bag filters, on the other hand, are extensively used in applications where large volumes of contaminants need to be filtered out. They are particularly effective in handling hig

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The gas sensors market share in North America is expected to increase by USD 173.76 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 9.38%.

This gas sensors market in North America research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers gas sensors market in North America segmentations by type (wired and wireless) and geography (US, Canada, and Mexico). The gas sensors market in North America report also offers information on several market vendors, including Control Instruments Corp., DOD Technologies Inc., Dragerwerk AG and Co. KGaA, Edinburgh Instruments Ltd., Figaro Engineering Inc., Gas-Sensing.com, Mettler Toledo International Inc., SIARGO Ltd., SPEC Sensors, LLC, and Zhengzhou Winsen Electronics Technology Co Ltd. among others.

What will the Gas Sensors Market Size in North America be During the Forecast Period?

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Gas Sensors Market in North America: Key Drivers, Trends, and Challenges

The increase in LNG trade is notably driving the gas sensors market growth in North America, although factors such as price volatility in the oil and gas industry may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the gas sensors industry in North America. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Gas Sensors Market Driver in North America

The increase in LNG trade is one of the key drivers supporting the gas sensors market growth in North America. In 2021, the US was the largest producer of natural gas globally. Natural gas supplies about one-third of the US primary energy consumption, with its primary uses being heating and generating electricity. While the majority of it is delivered in its gaseous form via pipeline in the US, the growth in the international market for natural gas has led to the use of it in a liquefied form, or LNG. For instance, according to the US Energy Information Administration (EIA), natural gas marketed production will increase to an average of 104.4 billion cubic feet per day (Bcf/d) in 2022 and then further increase to a record-high of 106.6 Bcf/d in 2023. Thus, rising LNG production and use in the region would further bolster the demand for gas sensors in North America during the forecast period.

Key Gas Sensors Market Trend in North America

Increasing adoption of IoT products is one of the key gas sensors market trends in North America that is contributing to the market growth. Sensors used in the gas industry are IoT enabled, which provide a high level of accuracy, reliability, and flexibility for a variety of applications in the industry, which further includes remote monitoring, condition monitoring, and analysis. Furthermore, gas sensors are primarily used to measure the pressure, level, flow, and temperature of the gas. Meanwhile, governments across the region are approving rules to encourage the adoption of IoT technology to increase efficiency, downtime, and operational costs. According to Oxford Economics, the use of IoT in the gas industry could boost the global GDP by $816 billion between 2018 and 2028. As a result, it will further drive the adoption of gas sensors in North America during the forecast period.

Key Gas Sensors Market Challenge in North America

Price volatility in the oil and gas industry is one of the factors hindering the gas sensors market growth in North America. The oil and gas industry is a major consumer of gas sensors. The need for continuous monitoring of high-value assets throughout the upstream, midstream, and downstream industries makes the oil and gas industry highly dependable on sensors. Therefore, the slowdown in the oil and gas industry due to price volatility can adversely affect the growth of the market. For instance, crude oil prices have fallen significantly since the beginning of 2020, which was attributed to the economic contraction caused by the COVID-19 and, in a span of a month, a sudden increase in crude oil supply following the suspension of agreed production cuts among the Organization of the Petroleum Exporting Countries (OPEC) and partner countries. Moreover, with the declined demand and increasing supply, daily price changes for the US crude oil have become extremely volatile. Such factors are limiting the market growth.

This gas sensors market in North America analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges w

The Brent Crude Oil Price is the international benchmark price for oil and a leading indicator of global oil prices. This article discusses the factors influencing its price, including supply and demand dynamics, geopolitical events, and economic conditions. It also explores the significant volatility experienced in recent years and the impact of the COVID-19 pandemic on oil prices. With constant fluctuations, the price of Brent crude remains a closely watched indicator of the global oil market.

The production chemical market was valued at USD 6.34 billion in 2022 and is projected to reach USD 10.62 billion by 2030, registering a CAGR of 5.9% for the forecast period 2023-2030.

Hike in crude oil production:

A hike in crude oil production is the main driving factor for the market growth. According to global crude oil data in 2021, the U.S. crude oil production (17% of global output) raised by 1.3%. Russia became the world’s largest and second-largest crude oil producer and the inclusion of oil production rise in the middle east region. Increasing crude oil production leads to greater availability of raw materials, stimulating chemical production growth. This availability supports the expansion of existing chemical plants and encourages the establishment of new facilities. Moreover, crude oil manufacturers are propelled at the analysis of oil and gas to increase the capacities of crude oil production.

Increasing drilling operation:

Increasing drilling operations leads to a higher demand for drilling fluids and additives such as lubricants, dispersants, and viscosities. Drilling fluids are essential in oil and gas exploration and production. This increased demand can drive the growth of the production chemical market as manufacturers supply necessary chemicals to support drilling operations. It also includes well-stimulation techniques like hydraulic fracturing. These processes involve proppants acids, biocides, and corrosion inhibitors. Therefore, the growth of production chemicals is increasing due to the rise in drilling operations.

Restraining Factor:

Differ in raw material prices

Differences in prices of crude oil in the global market may hinder the growth of the production chemical market. Moreover, rising environmental issues and government instruction against safeguarding crude oil and other such natural resources worldwide may decrease the market’s overall growth during the forecast period. Fluctuation in the raw material affects the production of many industries such as oil and gas and biocides industries.

Impact of the COVID-19 pandemic on the Production chemical market:

The outbreak of Covid-19 has witnessed a negative impact on the Production chemical market growth. The governments of many regions across the globe have announced lockdowns to prevent the spread of the COVID-19 virus. These regulations stopped the import and export of raw materials and even stopped production in the early phase of the pandemic. As a result, demand for production chemicals used in various sectors such as coating, oil and gas, and drilling industries is significantly declining. The pandemic brought about changes in consumer behavior and market dynamics. Industries such as personal care ingredients and hygiene saw an increased demand for chemicals in sanitizers, disinfectant products, and cleaning products. In a post-pandemic situation as vaccination efforts progressed and economics started recovering, there has been a gradual rebound in certain industries and an increase in production in chemical industries like construction, drilling, and oil production, and consumers show signs of recovery leading to a gradual uptick in the demand for related production chemicals. Production chemicals are a broad category of chemicals used in various industries, primarily in the manufacturing and production processes. This chemical is designed to enhance or optimize the production of goods, improve operational efficiency, and ensure product quality and safety. The special type of production chemical used varies depending on the industry and application. Various types of production chemical industry such as cleaning agents, corrosion inhibitors, scale inhibitors, surfactants, biocides, catalysts, and antifoaming processes agents. A hike in crude oil production, increasing drilling operations, and geriatric fields adding to their production chemical market are major factors driving the market growth.

The value added by the U.S. oil and gas extraction industry amounted to ***** billion U.S. dollars in 2024. This was a small decrease from the previous year, but an increase compared to before 2021, which saw a decline in oil product demand due to pandemic-induced lockdowns. Energy supply fears following the Russia-Ukraine war as well as a return to pre-pandemic-level economic activity are partly responsible for the increase in value added noted in 2022. The close connection between 'value added' and crude oil prices The term 'value added' here refers to the difference between the industry's gross output and the cost of production. In the oil and gas industry, the annual value added is majorly influenced by the impact of world market developments on crude oil prices. As these prices underlay market speculation they are especially volatile. For example, the peak in value added recorded in 2022 comes as domestic first purchase prices for crude oil in the U.S. saw a major increase to over ** U.S. dollars per barrel, benefiting producers in the country. In 2023, the price was nearly ** U.S. dollars per barrel. Oil and gas industry's contributions to U.S. GDP Producing sectors have historically been a major contributor to the country's gross domestic product. However, as technological advancements have strengthened the service industry, the role of producing sectors declined. In 2024, mining (which includes oil and gas extraction) contributed ***** billion U.S. dollars to U.S. coffers. This made it the third smallest contributing just sector ahead of utilities and agriculture.

According to Cognitive Market Research, the global vacuum gas oil (VGO) market size is USD 360251.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 144100.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 108075.36 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 82857.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Latin America's market has more than 5% of the global revenue, with a market size of USD 18012.56 million in 2024, and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 7205.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
Diesel oil/kerosene production held the highest vacuum gas oil (VGO) market revenue share in 2024.

Market Dynamics of Vacuum Gas Oil (VGO) Market

Key Drivers for Vacuum Gas Oil (VGO) Market

Indirectly Use of Diesel to Increase the Demand Globally

One key driver in the vacuum gas oil (VGO) market is the indirect use of diesel. Diesel, a critical fuel in transportation and industry, influences customer costs and economic activity. Meanwhile, VGO, a refining byproduct, plays a vital role in diesel production. Market shifts in VGO availability or pricing can impact diesel production expenses, potentially influencing customer prices. This interplay highlights the intricate relationship between energy markets, refining procedures, and end-user sectors, highlighting the ripple consequences of decisions made within the VGO market on diesel consumption and wider economic landscapes.

Rising Demand of Fossil Fuels to Propel Market Growth

Another key driver in the vacuum gas oil (VGO) market is the rising demand for fossil fuels. Rising demand for fossil fuels across several sectors is expected to positively impact the vacuum gas oil market outlook and increase the bulk supply of oil and gas. Vacuum gas oil (VGO) is mainly used as an intermediate feedstock to upsurge diesel and gasoline output from the refineries. The utilization of vacuum gas oil in manufacturing diesel, kerosene, and other fossil fuels is expected to increase the demand for vacuum gas oil (VGO) in the market.

Restraint Factor for the Vacuum Gas Oil (VGO) Market

Changing Costs of Fossil Fuel to Limit Market

The fluctuating expenses of fossil fuels, influenced by global need and geopolitical factors, directly impact markets like vacuum gas oil (VGO). VGO, a crucial feedstock in the refining industry, faces volatility due to these shifts. Despite potential demand surges, market development may be restrained by factors such as regulatory uncertainty, technical limitations in refining procedures, and competition from alternative energy sources. These limitations hinder vacuum gas oil (VGO) market growth, necessitating adaptive approaches to navigate the evolving energy landscape.

Impact of Covid-19 on the Vacuum Gas Oil (VGO) Market

The COVID-19 pandemic disrupted global energy markets, leading to a fluctuating need for petroleum products like vacuum gas oil (VGO). Lockdowns and travel limitations dampened the need for gasoline and jet fuel, affecting refineries' VGO production and refining margins. Consolidated industrial activity further constrained vacuum gas oil (VGO) demand. However, as economies regain, the need for vacuum gas oil (VGO) is expected to rebound, driven by expanded refining activities and a growing need for transportation fuels. Market dynamics may vary regionally based on vaccination rates, economic healing pace, and energy transition struggles. Overall, COVID-19 continues to shape vacuum gas oil (VGO) market trends amidst ongoing market anticipations. Introduction of the Vacuum Gas Oil (VGO) Market

Vacuum gas oil (VGO) is a feedstock utilized in oil refining processes obtained from the vacuum distillation of crude oil. It holds heavier hydrocarbons than diesel but lighter than residual fuel oil. Government initiatives and expanded research activities are propelling improvements in the market. Vacuu...

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The crude oil flow improvers market share is expected to increase by USD 32.7 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 4.02%.

This crude oil flow improvers market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers crude oil flow improvers market segmentation by product (paraffin inhibitors, asphaltene inhibitors, scale inhibitors, drag-reducing agents, and hydrate inhibitors), application (extraction, refining, and transportation), and geography (MEA, North America, Europe, APAC, and South America). The crude oil flow improvers market report also offers information on several market vendors, including Baker Hughes Co., BASF SE, Clariant International Ltd., Croda International Plc, Dorf Ketal Chemicals (I) Pvt. Ltd., Dow Inc., Evonik Industries AG, Infineum International Ltd., Schlumberger Ltd., and The Lubrizol Corp. among others.

What will the Crude Oil Flow Improvers Market Size be During the Forecast Period?

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Crude Oil Flow Improvers Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The shift from shallow to deep water exploration is notably driving the crude oil flow improvers market growth, although factors such as stringent regulations and policies may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the crude oil flow improvers industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Crude Oil Flow Improvers Market Driver

The shift from shallow to Deepwater exploration is one of the key factors driving the growth of the global crude oil flow improvers market. Most of the offshore production is mainly concentrated in shallow waters because of the low cost and technical challenges. Advances in drilling technology, floating production, dynamic positioning equipment, and drilling units have made deepwater exploration a viable option. The exhaustion of some of the shallow offshore resources has pushed the vendors to explore and produce oil and gas from deepwater and ultra-deepwater (at depths of 1,500 meters or more) resources. The increasing oil exploration in deepwater and ultra-deepwater is expected to drive the demand for crude oil flow improvers. Low temperatures and high pressure on offshore locations can lead to the precipitation of waxes, hydrates, and asphaltenes. Crude oil flow improvers enhance the flow assurance of crude oil and help in increasing production capacity.

Key Crude Oil Flow Improvers Market Trend

The refracturing of old crude oil wells will fuel the global crude oil flow and improvers market growth. Refracturing shale wells is a topical issue as operators can use the latest technologies on old wells, thereby increasing the production without incurring costs on new wells. The functions of old or underperforming wells are stopped, and hydraulic stimulation is applied for completion. The application of hydraulic stimulation in horizontal shale wells is in the initial phase. The fracking process uses horizontal drilling to access the shale deposits that were previously inaccessible using conventional drilling methods. After drilling into the earth, a high-pressure water mixture, which is called fracking fluid, is applied to the rock to trigger the release of the gas and petroleum present inside. The rising adoption of the fracking technique has enabled energy companies to discover and obtain very large quantities of oil and natural gas in various parts of the world. Such instances of mergers and acquisitions are expected to foster market growth during the forecast period.

Key Crude Oil Flow Improvers Market Challenge

The stringent regulations and policies are a major challenge for the global crude oil flow and improvers market growth. The US Environmental Protection Agency (EPA) is undertaking a study to understand the relationship between hydraulic fracturing and drinking water resources and focus on the fracturing of shale natural gas wells. In California, a lawsuit was filed, which challenged the Federal government's insufficient investigation of the offshore fracking threats on the coast of California. Following France, Bulgaria, and Germany, Scotland banned the fracking process in 2015 because of its harmful environmental effects. The UK, Romania, Denmark, Ireland, South Africa, and the Czech Republic have imposed moratoriums on fracking. However, under an emergency order, the US EPA forced three oil prod

Global Epoxidized Soybean Oil market size was USD 461.2 million in 2022 and it is forecasted to reach USD 1,055.4 million by 2030. Epoxidized Soybean Oil Industry's Compound Annual Growth Rate will be 10.9% from 2023 to 2030. Factors Impacting on Epoxidized Soybean Oil Market

Increased acceptance of organic stabilizers in polyvinyl chloride:

PVC is used in fittings and pipes, outer and inner cladding, flooring, artificial skin during burns, overshoes, sun visors, etc. PVC loses its stability at certain temperatures and degrades which causes loss of hydrochloric acid. For the stabilization of PVC, there are organic and inorganic stabilizers. Inorganic stabilizer use is restricted as it contains lead salts and metal soaps. As lead has strict regulations on it, the use of inorganic stabilizers is less which increases the demand for organic stabilizers like ESO which are environment friendly. Due to the brilliant properties of ESO, it retards the rise of the reduction in HCL content. Thus, the use of organic stabilizers for PVC is driving the market for epoxidized soybean oil.

Easy accessibility of ESO at a cheap rate:

ESO comes under bio-based oil which is one of the cheapest and easily accessible oils. Bio-based oil easily and naturally breaks down so it is biodegradable. Bio-based oil is used as feedstocks in various industries. Petroleum-specific industries such as personal care, automotive, food, pharmaceuticals, etc. now use bio-based oils as feedstock instead of petroleum-based. Government norms and changing prices of crude oil are the main factors that shift the demand of people towards bio-based oil products. As emulsified soybean oil is cheaper than other oils like rapeseed or linseed, the demand for ESO rises by various industries and therefore the ESO market is expanding.

The Restraining Factor of Epoxidized Soybean Oil:

Harmful health effects due to high usage of ESO in the food industry:

Epoxidized soybean oil is used in making laminates for drink cartons and plastic coating for packaging food and hence ESO comes in contact with the food which can contaminate it and can have harmful effects. The maximum usage limit is decided for the product and hence the strict regulations on the usage of ESO can decline the market of Epoxidized soybean oil.

Impact of the COVID-19 Pandemic on the Epoxidized Soybean Oil Market:

The outbreak of Covid-19 has witnessed a significant impact on the global epoxidized soybean oil market. The pandemic disrupted the global supply chain, including sourcing raw materials due to lockdown and transportation restrictions. There was uncertainty and reduced industrial activities in many sectors such as construction, automotive, and packaging. The fluctuating demand and reduced production capabilities of end-use industries had a direct impact on the ESO market. ESO, being a bio-based plasticizer, gained some traction due to its renewable and non-toxic nature. However, the overall impact on the market was limited due to the pandemic’s broader economic effects. Post-pandemic the supply chain activities were resumed and all the activities related to operations took a boom as the demand for ESO by various construction, automotive, and pharmaceutical industries increased for the production of plasticizers and other products. What is Epoxidized Soybean Oil?

Epoxidized soybean oil is the assembling of organic compounds produced by the epoxidation of the soybean oil. Epoxidized soybean oil is the outcome of the reaction (oxidation) of soybean oil with either formic acid or acetic acid and H2O2 (hydrogen peroxide). ESO has applications in plastic generally polyvinyl chloride (PVC) as a stabilizer and plasticizer. ESO is used to keep the brittle polymer of plastic soft and elastic. Soybean oil is one of the cheapest vegetable oils in the world. It is easily available, and environment friendly due to this it is used over phthalate plasticizers. Epoxidized soybean oil is used as industrial raw material for applications such as surfactants, fuel additives, agricultural molecules, coatings, sealants, and many more.

This paper uses the GJRSK model to estimate the high-order moments of energy (oil, natural gas, and coal), the carbon market, and tourism stocks. Then, it utilizes a novel TVP-VAR time-frequency connectedness approach to examine higher-order moments spillovers among them. The results show a strong connectedness among the three markets. The energy market is the emitter of volatility, skewness and kurtosis spillovers; tourism stock is the receiver; and the carbon market is the transmitter. From a time-domain perspective, the higher-order moments spillovers of the three markets are time-varying, especially during extreme periods, where the energy market’s spillover effects on tourism stocks are significantly enhanced, indicating that tourism stocks bear a greater risk at leptokurtosis and fat-tail moment. From a frequency-domain perspective, the long-term asymmetric spillovers of oil, natural gas, and tourism markets on the carbon market are more pronounced than the short-term. Moreover, the COVID-19 pandemic exacerbated the higher-moment spillovers of energy and tourism stocks on the carbon market. Meanwhile, the Russia-Ukraine conflict led to extreme risk transmission within the energy market. These findings have significant implications for cross-industry investors and green finance risk management.

According to Cognitive Market Research, the global Oil and Gas Separator Market size was USD 14584.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 5833.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 4375.38 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 3354.46 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 729.23 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 291.69 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
The Three-Phase Separator segment held the highest Oil and Gas Separator Market revenue share.

Market Dynamics of Oil and Gas Separator Market

Key Drivers for Oil and Gas Separator Market

Expanding oil and gas infrastructure in emerging markets fuels market expansion

The growth of oil and gas infrastructure in emerging markets, such as those in Asia-Pacific, Africa, and Latin America, is driving significant market expansion for separators. As these regions develop their energy sectors to meet rising domestic and global demand, there is an increased need for efficient separation technologies to handle diverse and challenging production environments. Investments in new pipelines, refineries, and offshore platforms require advanced separators to manage and process the extracted resources effectively. This expansion not only boosts the demand for separators but also stimulates technological advancements and local manufacturing capabilities. Consequently, the burgeoning infrastructure projects in these regions create substantial opportunities for market players to offer innovative solutions and capture a larger share of the growing market.

Enhanced oil recovery techniques drive the need for specialized separation equipment

Enhanced oil recovery (EOR) techniques, such as steam injection, chemical flooding, and CO2 injection, are increasingly employed to extract additional oil from mature and challenging reservoirs. These advanced techniques often alter the composition and characteristics of the produced fluids, necessitating specialized separation equipment to handle the complex mixtures of oil, water, and gas effectively. The demand for separators that can accommodate these changes and operate efficiently under varied conditions has risen. Specialized separators, including high-performance three-phase separators and advanced coalescers, are crucial for optimizing the extraction process and ensuring high-quality production. As EOR techniques become more prevalent, the need for sophisticated separation solutions continues to drive market growth and innovation.

Restraint Factor for the Oil and Gas Separator Market

Volatile oil and gas prices impact investment in new separation technologies.

Volatile oil and gas prices significantly impact investment in new separation technologies. Fluctuations in commodity prices can lead to uncertain financial returns for oil and gas projects, making companies hesitant to invest in advanced and costly separation equipment. During periods of low prices, exploration and production budgets are often curtailed, focusing spending on essential operations rather than on upgrading or acquiring new technology. This uncertainty can delay or even cancel planned investments in separator innovations. Conversely, high prices may spur investment in new technologies as companies seek to maximize efficiency and production. Thus, the cyclical nature of oil and gas prices directly affects the pace and scale of technological advancements in the sector.

Impact of Covid-19 on the Oil and Gas Separator Market

The COVID-19 pandemic had a profound impact on the oil and gas separator market, leading to disruptions across the global supply chain and a slowdown in industrial activities. The initial decline in oil prices and reduce...

Oil and gas producers have experienced high volatility in recent years. The pandemic halted the economy and ripped away steady growth as restrictions limited the need for oil and gas. The conflict in Ukraine added to the uncertainty, as the reliance on Russian oil and gas was distributed between domestic producers and other sources. As the economy recovered, the need for oil and gas shot up quicker than supply could match, causing prices to surge and generating substantial returns. Nonetheless, this growth was short-lived as prices fell in 2023 and 2024, causing revenue to dip, despite massive upticks in production. Overall, revenue has swelled at a CAGR of 9.5% over the five years, reaching $484.6 billion in 2025, including a 0.9% dip in 2025 alone, amid falling oil prices. Exports of crude oil and natural gas from the United States had long been banned with few exceptions, but legislation passed in 2016 overturned this rule and dramatically changed the industry. Exports pushed up dramatically as producers sought to capitalize on opportunities abroad. They have continued to climb in recent years, becoming essential to producers' success. Sanctions placed on Russian energy have bolstered export growth, with the Netherlands becoming the largest US energy export market late over the current period. Innovation in drilling technology will drive the performance of producers forward, but environmental concerns and increasing pressure to convert to renewables will limit success. Fossil fuel prices will weaken steadily but remain high, providing solid profit for producers. The trade-weighted index falling over the outlook period will benefit exports and reduce import penetration. European countries continuing to reduce their reliance on Russian energy may provide US producers with new opportunities. Nonetheless, imports and exports to and from Mexico and Canada may be impacted if reflationary energy tariffs are instated. Overall, revenue is set to dip at a CAGR of 2.0% to $438.3 billion through the end of 2030.