In 2024, the United States consumed nearly ** million barrels of oil daily. In comparison to the previous year, figures decreased by around *** percent. Within the period of consideration, the figure peaked at **** million barrels of oil daily in 2005. The U.S. is the country with the highest oil consumption in the world. Domestic production U.S. oil production saw a noticeable growth after the Great Recession, as the energy industry developed extraction technologies to reduce the need to import high-priced oil. In 2021, domestic production amounted to **** million barrels per day, while figures in 2008 stood at *** million barrels per day. Texas is by far the leading crude oil producing state, with an annual production of *** billion barrels in 2024. New Mexico was the second largest producer, at a third of Texas’ production. American oil companies As of June 2025, ExxonMobil had the highest market capitalization of any oil and gas producer in the world. Chevron and ConocoPhillips were also among the top 10 oil and gas companies worldwide based on market value, ranking ****** and ******** respectively. ExxonMobil was founded in 1999, as a merger of Exxon and Mobil, formerly the Standard Oil Company of New Jersey and Standard Oil Company of New York, respectively. ExxonMobil is headquartered in Irving, Texas (although it has recently announced it will move its headquarters further South to its Houston campus) and generated an operating revenue of *** billion U.S. dollars in 2023. This figure represented an increase in comparison to 2021, when the company’s revenue dropped as a consequence of the coronavirus pandemic.

The consumption of oil has steadily increased over the last three decades, totaling ************ metric tons in 2024, compared to ************ metric tons consumed the previous year. The only decline during this period was observed around the 2008-2009 financial crisis and around the 2020 coronavirus pandemic. Regional oil consumption The United States and China are the countries with the highest oil consumption. Overall, oil consumption worldwide reached a new high in 2023, when it exceeded *********** metric tons for the first time. However, this growth in consumption was the highest in Asia Pacific, where figures went up by some *** percent. In the United States, high consumption levels were held up by demand for petrochemicals as well as increased industrial production and demand for transportation by trucks. What is crude oil? Crude oil is a mixture of hydrocarbons from plant animal life that was formed under immense pressure. It generally exists in liquid form and can be found in underground pools or reservoirs, in small spaces within sedimentary rocks, and near the Earth’s surface as a tar (also known as oil sands). In turn, crude oil and other hydrocarbons in natural gases are refined to form petroleum products such as gasoline and jet fuel.

The global demand for crude oil (including biofuels) in 2024 amounted to 103.75 million barrels per day. The source expects economic activity and related oil demand to pick up by the end of the year, with forecast suggesting it could increase to more than 105 million barrels per day. Motor fuels make up majority of oil demand Oil is an important and versatile substance, used in different ways and in different forms for many applications. The road sector is the largest oil consuming sector worldwide. It accounts for nearly one half of the global demand for oil, largely due to reliance on motor spirits made from petroleum. The OPEC projects global oil product demand to reach 120 million barrels per day by 2050, with transportation fuels such as gasoline and diesel expected to remain the most consumed products. Diesel and gasoil demand is forecast to amount to 32.5 million barrels per day in 2050, up from 29 million barrels in 2023. Gasoline demand is forecast at 27 million barrels by 2050. Differences in forecast oil demand widen between major energy institutions Despite oil producing bodies such as the OPEC seeing continued importance for crude oil in the future, other forecast centers have been more moderate in their demand outlooks. For example, between the EIA, IEA, and OPEC, the latter was the only one to expect significant growth for oil demand until 2030.

Fossil fuels have helped our civilization get to where it is today, we’ve used them to power our homes, factories, and vehicles. Fossil fuels are plant and animal matter that died millions of years ago and have then been subjected to heat and pressure over millions of years.

Fossil fuels come in three major groups: Coal – is mined and fuels 1/3 of the world’s power (the largest consumers are China, India, and the U.S.) Crude oil – pumped up through the earth and split through refining to produce different oils we use for fuel (like gasoline, diesel, kerosene, etc.) Natural gas – this is mainly methane found near oil deposits and caused the development of the controversial fracking process.

Daily oil demand declined across all major oil consuming regions in February 2020 and fell to a low in April 2020, the following months are expected to see a slow recovery. In June 2020, oil demand is expected to amount to 20 million barrels per day in North America.

In Terms of Revenue, Seamless market was the Leading segment with 58.67% Share of total Oil Country Tubular Goods Market. In Terms of Revenue, Well Casing was the Leading segment with 34.06% Share of total Oil Country Tubular Goods Market. In Terms of Revenue, Onshore was the Leading segment with 58.13% Share of total Oil Country Tubular Goods Market. North America was the dominated region with 34.06% of total revenue market share. The mounting oil and gas industry drives the growth of the oil-country tubular goods market Oil and gas are non-renewable sources of energy. The world has showcased high dependence on oil and gas products to meet and fulfil a wide array of requirements right from personal, to residential, commercial, and industrial needs. Thus, increasing demand and dependency on oil and gas has been estimated which drives the growth of the oil and gas market. The increasing population and growing industrialization further drive the demand for oil and gas products.

According to the study, global petroleum consumption in 2018 was almost 100 million units of barrels per day.
According to U.S. Energy Information Administration in 2021, U.S. petroleum consumption averaged about 19.78 million barrels per day (b/d).

The oil and gas industry plays a vital role in the economy of the associated nations. As all nations are not blessed with oil and gas reservoirs, the blessed nation always has an upper hand when it comes to the distribution of oil and gas among other nations which is directly related to the national economy. Thus, several countries and oil and gas companies are directing themselves toward the exploration and extraction of oil and gas from conventional and unconventional oil resources which required advanced drilling and piping systems

According to American Petroleum Institute, the oil and gas industry’s total impact on US GDP was nearly $1.7 trillion, accounting for 7.9 percent of the national total in 2019 and it supports 10.3 million jobs in the United States

Further emerging trends such as the internet of things, AI, robotics, automation, big-data analytics, blockchain, and other technologies are expected to change the dimensions of oil and gas refineries. The rising deployment of advanced technology such as hydraulic horizontal drilling and fracturing technology is also boosting the growth of the Oil Country Tubular Goods market. Pipeline plays a significant role in the transport of natural gas right from the collection of products from the source to the shipment and storage of oil or liquefied natural gas (LNG). Thus, the mounting oil and gas industry drives the growth of the oil country tubular goods market. Restrain factor for Oil Country Tubular Goods Market

The world is dealing with several nature-related problems such as global warming, depletion of non-renewable resources, etc. Thus, in order to reduce the dependency on non-renewable resources like oil and gas, fossil fuels, etc. several government and nongovernment authorities are promoting the usage of alternative renewable energy sources. Moreover, owing to the high cost associated with exploration, production, import, and supply disruption of oil and gas, several governments are also taking demand restraint measures to reduce oil consumption in the country. As there is mounting usage and acceptance of renewable energy, a reduction in oil and gas consumption is been observed. Thus, the depletion of oil and gas reservoirs and reduced demand for oil and gas may act as a restraining factor for the oil country tubular goods market.

Key opportunity of Market.

Increased interest in offshore oil drilling ventures will create humongous growth opportunities.

Players in the global oil country tubular goods market will be set to reap tremendous revenue as a result of the increased interest of the global oil majors in offshore oil drilling ventures. These ventures involve the exploitation of petroleum reservoirs located beneath the surface of oceans rather than the conventional mainland reservoirs. In the last few years, offshore drilling schemes have gone skyrocketing at an outstanding rate. Most part of the discovered ocean is yet unknown and researchers opine that the top of oceans has tremendous amounts of crucial petroleum reserves. That is why an increased regional governments' as well as private operators' interest came to explore investing in off...

Global oil production amounted to ************ barrels per day in 2024. The level of oil production reached an all-time high in 2024. However, the coronavirus pandemic and its impact on transportation fuel demand led to a notable decline in 2020. Rising production and consumption Apart from events surrounding global economic crisis as in the late 2000's and 2020, oil production consistently increased every year for the past two decades. Similarly, global oil consumption only decreased in 2008, 2009, and 2020, but has otherwise increased to a higher level year after year. Oil and oil products remain invaluable commodities as most transportation fuels are petroleum-based and oil is a major raw material for the chemicals industry. Production by region and country While total production is rising, regional distribution has shifted, with the share of production declining the most in Europe and the Commonwealth of Independent States (CIS) since 2008, and rising the most in North America. Even though as a region the Middle East still produces the largest share of oil worldwide, the United States is currently the worl'ds largest producer of oil, followed by Saudi Arabia and Russia.

The Global Oil Country Tubular Goods OCTG Pipes Market size was valued at 21.73 USD billion in 2021 and is projected to reach 34.96 USD billion by 2029, exhibiting a 6.21 % during the forecast period.

The Seamless segment dominates the Oil Country Tubular Goods market due to the rising use of seamless tubes in the oil.

The Well casing segment has the highest market share of the Oil Country Tubular Goods market. Market Dynamic Factors for Oil Country Tubular Goods Market Oil and gas are non-renewable sources of energy. The world has showcased high dependence on oil and gas products to meet and fulfil a wide array of requirements right from personal, to residential, commercial, and industrial needs. Thus, increasing demand and dependency on oil and gas has been estimated which drives the growth of the oil and gas market. The increasing population and growing industrialization further drive the demand for oil and gas products.

According to the study, global petroleum consumption in 2018 was almost 100 million units of barrels per day.

According to U.S. Energy Information Administration in 2021, U.S. petroleum consumption averaged about 19.78 million barrels per day (b/d).

The oil and gas industry plays a vital role in the economy of the associated nations. As all nations are not blessed with oil and gas reservoirs, the blessed nation always has an upper hand when it comes to the distribution of oil and gas among other nations which is directly related to the national economy. Thus, several countries and oil and gas companies are directing themselves toward the exploration and extraction of oil and gas from conventional and unconventional oil resources which required advanced drilling and piping systems

According to American Petroleum Institute, the oil and gas industry’s total impact on US GDP was nearly $1.7 trillion, accounting for 7.9 percent of the national total in 2019 and it supports 10.3 million jobs in the United States

Further emerging trends such as the internet of things, AI, robotics, automation, big-data analytics, blockchain, and other technologies are expected to change the dimensions of oil and gas refineries. The rising deployment of advanced technology such as hydraulic horizontal drilling and fracturing technology is also boosting the growth of the Oil Country Tubular Goods market. Pipeline plays a significant role in the transport of natural gas right from the collection of products from the source to the shipment and storage of oil or liquefied natural gas (LNG). Thus, the mounting oil and gas industry drives the growth of the oil country tubular goods market.

Restrain factor for Oil Country Tubular Goods Market

The world is dealing with several nature-related problems such as global warming, depletion of non-renewable resources, etc. Thus, in order to reduce the dependency on non-renewable resources like oil and gas, fossil fuels, etc. several government and nongovernment authorities are promoting the usage of alternative renewable energy sources. Moreover, owing to the high cost associated with exploration, production, import, and supply disruption of oil and gas, several governments are also taking demand restraint measures to reduce oil consumption in the country. As there is mounting usage and acceptance of renewable energy, a reduction in oil and gas consumption is been observed. Thus, the depletion of oil and gas reservoirs and reduced demand for oil and gas may act as a restraining factor for the oil country tubular goods market.

Restraint for Oil Country Tubular Goods OCTG Pipes

Crude Oil Price Volatility hamper the market

The volatility of global crude oil prices. As OCTG pipes are closely associated with upstream oil and gas drilling activity, their demand is also closely related to trends in exploration and production (E&P) capital expenditure. When crude prices decline considerably, oil firms tend to curtail investments in drilling activities, thus resulting in lower demand for OCTG products. This circular dependence causes instability for OCTG pipe manufacturers and their suppliers, especially during times of extended price deflation. It also places downward pressure on profit margins, especially among small- and mid-sized producers who are unable to keep up with changing volumes of orders. In markets such as North America, where shale oil production is extremely responsive to changes in prices, OCTG demand can be sha...

The outbreak of COVID-19 and its subsequent restrictions had a dramatic impact on the transportation sector, causing oil demand to plummet worldwide. This was especially prevalent in the second quarter of 2020, during peak lockdowns. During this quarter, oil demand in the United States declined by 4.4 million barrels a day below 2019 levels, while in the EU demand fell by 2.3 million barrels per day. In comparison, oil demand in China was above pre-pandemic levels. It is expected that the easing of restrictions around the world in 2021 will see demand rise again.

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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

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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

According to Cognitive Market Research, the global FCC Catalyst market size will be USD 3251.6 million in 2025. It will expand at a compound annual growth rate (CAGR) of 4.00% from 2025 to 2033.

North America held the major market share for more than 40% of the global revenue with a market size of USD 1300.64 million in 2025 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2025 to 2033.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 975.48 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 747.87 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2025 to 2033.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 162.58 million in 2025 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2025 to 2033.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 65.03 million in 2025 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2025 to 2033.
Residue is the fastest-growing segment in the FCC catalyst market.

Market Dynamics of FCC Catalyst Market

Key Drivers for FCC Catalyst Market

Surging Petroleum Demand Fuels FCC Catalysts Market Growth

The increasing demand for petroleum-based products will help to drive the future growth of FCC catalysts. Petroleum products are complex mixtures made from crude oil that share similar physical and chemical properties. The fluid catalytic cracking (FCC) catalyst speeds up the chemical reaction, lowering the activation energy in the petroleum refining process. FCC catalyst solutions are used in these processes to convert petroleum crude oil's high-boiling, high-molecular-weight hydrocarbon fractions into valuable petroleum products such as olefinic gases, gasoline, and others. According to the Energy Information Administration, a US-based government agency, total petroleum consumption in the United States averaged approximately 20.28 million barrels per day (b/d) in 2022, with approximately 1.17 million b/d of biofuels—1.002 b/d of fuel ethanol and 0.164 b/d of biodiesel, renewable diesel, and other biofuels combined. This represents a 2% increase over 2021 and a 12% increase over 2020, owing primarily to the US economy's return to pre-COVID-19 activity levels. In general, consumption of nearly all petroleum products in 2022 was higher than in 2021. As a result, the increasing demand for petroleum-based products is propelling the FCC catalyst market.

(Source: https://www.eia.gov/energyexplained/oil-and-petroleum-products/use-of-oil.php)

Growing Energy Demand Drives FC Catalyst Market Growth

Growing energy demand is expected to drive future growth in the FCC catalyst market. Energy demand is the amount of energy required to meet the needs of a specific system, region, industry, or society over a given period. FCC (fluid catalytic cracking) catalysts help to meet energy demand by efficiently converting heavy hydrocarbons into valuable fuels like gasoline and diesel. For instance, in April 2023, the US Energy Information Administration (EIA), a statistical agency of the US Department of Energy, reported that in 2022, electricity consumption for end-use in the United States increased by 2.6% over 2021. Retail electricity sales to the residential and commercial sectors in 2022 were about 3.5% and 3.4% higher than in 2021, respectively. In addition, retail electricity sales to the industrial sector increased by 0.7% in 2022 compared to the previous year. As a result, rising energy demand is driving the expansion of the FCC catalyst market

Restraint Factor for the FCC Catalyst Market

Volatility in crude oil prices will Limit Market Growth

The volatility in crude oil prices is a major impediment to growth in the FCC catalyst market. Crude oil price fluctuations possess a direct impact on the profitability of refining operations, leading to uncertainty in investment decisions. When crude oil prices rise dramatically, refiners may face higher operational costs, resulting in lower demand for FCC catalysts as they seek to cut costs. When prices fall, refineries may choose not to upgrade or invest in new catalyst technologies, which can stymie market growth. All of these factors make it difficult for producers to create effective production and...

Road fuel demand in the United States is expected to grow to pre-pandemic levels in 2021. According to an April 2021 forecast, demand for road fuels could grow to 11.8 million barrels per day. This is up from 10.7 million barrels per day in 2020, when the coronavirus pandemic and resulting lockdowns severely affected motor fuel demand. By comparison, the aviation sector is expected to continue suffering from the pandemic fallout, with jet fuel demand to stay below 2019 levels for 2021 and 2022.

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Mentha Oil Market Size 2025-2029

The mentha oil market size is valued to increase by USD 216.4 million, at a CAGR of 11.7% from 2024 to 2029. Health benefits of essential oils will drive the mentha oil market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 53% growth during the forecast period.
By Application - Pharmaceutical segment was valued at USD 70.40 million in 2023
By Type - Japanese mint oil segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 160.22 million
Market Future Opportunities: USD 216.40 million
CAGR from 2024 to 2029 : 11.7%

Market Summary

Mentha oil, derived from the Mentha plant family, occupies a significant position in the global essential oils market. With a value exceeding USD1.5 billion in 2021, this market continues to expand due to increasing consumer awareness of its health benefits and versatile applications. Mentha oil's popularity stems from its numerous therapeutic properties, including analgesic, antimicrobial, and antioxidant effects. Its use extends to aromatherapy, food and beverage industries, and pharmaceuticals. The oil's clean labeling trend, which prioritizes natural and organic ingredients, further fuels demand. However, the market faces challenges from other essential oils, as consumers explore various options for their wellness needs.
Competition intensifies as alternative essential oils, such as lavender and tea tree oil, also offer health benefits and versatility. Despite this, the market's growth remains robust, driven by ongoing research and development efforts to discover new applications and uses for Mentha oil. In conclusion, the market's expansion is underpinned by its health benefits, clean labeling trend, and versatility. Despite competition from other essential oils, the market's growth is expected to continue due to ongoing research and development efforts.

What will be the Size of the Mentha Oil Market during the forecast period?

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How is the Mentha Oil Market Segmented ?

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

Application

  Pharmaceutical
  Food and beverage
  Cosmetics
  Others


Type

  Japanese mint oil
  Peppermint oil
  Others


Method

  Steam distillation
  Solvent extraction


Grade Type

  Medical grade
  Cosmetic grade
  Food grade


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    Spain


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Application Insights

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

The market continues to evolve, driven by the diverse applications of this essential oil in pharmaceuticals, cosmetics, and various industries. Mentha oil, obtained through hydro distillation or steam distillation processes, boasts a complex chemical composition, including menthol, menthone, and other aroma compounds. This complexity necessitates rigorous quality assurance systems, including purity testing protocols, traceability systems, and regulatory compliance aspects. Adherence to industry standards is crucial, with mentha arvensis varieties and mentha piperita cultivation practices under close scrutiny for optimal oil yield and sustainability. Wastewater treatment methods and agricultural practices, including irrigation techniques and soil nutrient management, are also critical for maintaining environmental impact assessments.

Demand forecasting models predict a steady increase in mentha oil consumption due to its diaphoretic, stimulant, carminative, and expectorant properties. KAMA AYURVEDA and Young Living Essential Oils are among the leading brands offering mentha oil, ensuring product labeling requirements and storage condition impact are met. Mass spectrometry detection and gas chromatography analysis are essential for ensuring the authenticity and purity of mentha oil, with menthol content determination and aroma compound profiling playing key roles in product development. Despite the challenges, the market remains robust, with ongoing research focusing on menthol extraction methods, pest control strategies, and crop disease management.

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The Pharmaceutical segment was valued at USD 70.40 million in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

APAC is estimated to contribute 53% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and

According to Cognitive Market Research, the global Drilling Fluids market size was USD XX million in 2023 and will expand at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.

The global Drilling Fluids market will expand significantly by 5.7% CAGR between 2024 to 2031.
North America held the major market of more than XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Europe accounted for a share of over XX% of the global market size of USD XX million.
Asia Pacific held a market of around XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Latin America's market will have more than XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Middle East and Africa held the major market of around XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
The onshore segment is set to rise due to its rising demand for drilling and completion fluids, which is anticipated to offer profitable prospects for the expansion of the worldwide market throughout the projection period. 
The drilling fluids market is driven by increasing global exploration for oil and gas, and rising demand for shale gas.
High-Pressure, High Temperature (HPHT) held the highest Drilling Fluids market revenue share in 2023.

Market dynamics of Drilling Fluids:

Key drivers of the Drilling Fluids Market

Increasing Global Exploration for Oil and Gas to Promote Economic Development 

Drilling fluids demand is expected to grow as a result of the tremendous new opportunities that the global expansion in oil and gas consumption has brought about for well drilling operations. North America has the highest rate of production for crude oil sourced from offshore resources, followed by Saudi Arabia and Russia. Russia is in second place. Furthermore, a lot of countries all over the world are currently spending money to explore undiscovered gas and oil sources. For example, the GOM announced two new projects related to the production of crude oil on April 14, 2021. When combined, these projects produce 200,000 barrels of oil per day, or 12% of the Gulf of Mexico's total oil production. More crude oil output in the federal Gulf of Mexico (GOM) is anticipated as a result of this enormous project. Source- https://www.eia.gov/todayinenergy/detail.php?id=47536

Increased market growth is anticipated due to the rising demand for shale gas-

The global shale gas industry is growing due to a number of causes, including the growing need for gas-fired power production technologies and the growing emphasis on reducing carbon emissions. Canada, India, Germany, and other countries have made shale gas development a top priority in their national economies. By 2030, an unparalleled upsurge in new LNG projects scheduled to begin operations in 2025 is expected to contribute more than 250 billion cubic metres of annual capacity—roughly 45% of the world's current LNG supply—to the LNG market. (Source- https://www.iea.org/news/the-energy-world-is-set-to-change-significantly-by-2030-based-on-today-s-policy-settings-alone )

In the US, shale gas is being utilised more often to produce electricity, which is advantageous for a number of reasons. The demand for natural gas is expected to expand at an average annual rate of 1.5% between 2019 and 2025. Source- https://www.iea.org/reports/gas-2020/2021-2025-rebound-and-beyond

Restraints of the Drilling Fluids Market

Drilling fluids' negative environmental effects could impede market expansion-

These fluids yield hazardous chemicals during onshore disposal and downhole injection. When specific materials dissolve in groundwater, the quality of the groundwater is reduced. These effluents and pollutants enter the environment, seriously contaminate the land, upset marine environments, and endanger aquatic life in the ocean. This factor is likely to negatively impact the worldwide market in the upcoming period. In order to prevent the negative impacts of fluid on health, safety, and the environment, a numb...

The global groundnut oil market, valued at $11.05 billion in 2025, is projected to experience steady growth, driven by a Compound Annual Growth Rate (CAGR) of 2.30% from 2025 to 2033. This growth is fueled by increasing consumer demand for healthy cooking oils, particularly in emerging economies experiencing rising disposable incomes and a growing awareness of the nutritional benefits of groundnut oil. The refined groundnut oil segment dominates the market, attributed to its superior taste and longer shelf life compared to unrefined options. Significant application lies within the personal care industry, leveraging its moisturizing properties in cosmetics and skincare products. However, price fluctuations in groundnut production and competition from other vegetable oils pose challenges to market expansion. Furthermore, the increasing adoption of sustainable agricultural practices and traceability initiatives will shape the future of the industry, influencing consumer choices and market dynamics. Key players such as Archer Daniels Midland Company, Cargill Incorporated, and Wilmar International Limited are actively involved in the production, processing, and distribution of groundnut oil, significantly contributing to market competitiveness and innovation. Geographical distribution sees strong demand from Asia Pacific, particularly India and China, driven by large populations and established culinary traditions incorporating groundnut oil. North America and Europe also contribute significantly, albeit with a more mature and stable market share. The forecast period (2025-2033) anticipates a continued, albeit moderate, expansion driven by increased demand in developing economies and ongoing product diversification within existing application segments. The personal care and food sectors remain key drivers, while the pharmaceutical application segment presents potential for growth, owing to groundnut oil's use as a base for certain formulations. However, the industry faces sustainability concerns relating to groundnut cultivation and the environmental impact of farming practices. Companies are increasingly adopting sustainable sourcing and production methods to mitigate these risks and appeal to environmentally conscious consumers. Continuous innovation in processing techniques, leading to improved oil quality and yield, will further enhance the market's growth trajectory. Recent developments include: November 2022: Chemsta constructed a 200 TPD edible oil refinery for the Luhua Group (Xiangyang Branch). It was put into operation and soon began producing quality rapeseed and peanut oils. More than ten plants for rapeseed and peanut oil have been constructed by Chemsta, according to the group (including pressing, solvent extraction, refining, dewaxing, etc.)., March 2022: Shree Ram Proteins Ltd diversified its business and announced its plan to set up a new oil refinery. The company ordered a state-of-the-art refining plant for the new business segment. The company will launch rapeseed oil, groundnut oil, and cottonseed oil by the end of January 2023. It comes under the category of refined edible oil and shall cater to the company's domestic market. Thus, by adopting diversification, the company is expanding its business and expanding its product offerings for consumers., November 2021: Cargill Incorporated acquired an edible oil refinery situated in Nellore, India, and invested USD 35 million to purchase and improvise the facility, which would increase the production volume of edible oil and help the company to extend its existing supply chain to meet consumer requirements.. Notable trends are: Increasing Awareness of Peanut Oil Benefits in Skincare Products.

According to Cognitive Market Research, the global Benzene HydrogenatIon Catalyst market Application was USD XX 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 Application of USD XX 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 Application of USD XX million.
Asia Pacific held a market share of around 23% of the global revenue with a market Application of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market Application of USD XX 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 Application of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
The 0.01 Torr – 1 Torr category is the fastest growing segment of the Benzene HydrogenatIon Catalyst industry

Market Dynamics of Benzene HydrogenatIon Catalyst Market

Key Drivers for Benzene HydrogenatIon Catalyst Market

Expansion of the Petrochemical Industry to Boost Market Growth

The petrochemical industry is a major consumer of benzene hydrogenation catalysts, as benzene is a crucial byproduct in the refining process. The growing emphasis on producing high-quality petrochemical derivatives and the demand for more efficient processes are driving the need for advanced hydrogenation catalysts. In 2022, the United States set a new record for petroleum product exports, increasing by 7% compared to 2021, as reported in the Petroleum Supply Monthly. U.S. petroleum product exports averaged 5.97 million barrels per day (b/d) in 2022, which was 405,000 b/d more than in 2021, driven by an 18% increase in distillate fuel oil exports (193,000 b/d). The surge in U.S. petroleum product exports in 2022 also reflects longer-term growth trends. Since 2010, U.S. exports of total petroleum products—excluding crude oil—have more than doubled, reaching 5.97 million b/d in 2022 compared to 2.31 million b/d in 2010. With increasing investments in the petrochemical sector, particularly in emerging markets, the demand for high-efficiency processes such as benzene hydrogenation continues to rise. These catalysts help improve product yield and purity, which is crucial for refining and producing high-quality petrochemicals.

Increasing Focus on Hydrogen Economy to Drive Market Growth

The global shift toward a hydrogen economy and clean energy solutions has created new opportunities for hydrogenation processes. The demand for hydrogen, whether for fuel cells or industrial applications, continues to rise, with hydrogenation catalysts playing a crucial role in these processes. In 2021, hydrogen demand reached 94 million tonnes (Mt), surpassing pre-pandemic levels (91 Mt in 2019) and accounting for approximately 2.5% of global final energy consumption. Most of the increase was driven by traditional uses in refining and industry, although demand for new applications grew to about 40 thousand tonnes, a 60% rise from 2020 (albeit from a low starting point). According to policies and measures already implemented by governments worldwide, the International Energy Agency (IEA) estimates that hydrogen demand could reach 115 Mt by 2030, with less than 2 Mt coming from new applications. This contrasts with the 130 Mt (25% from new uses) needed to meet current climate pledges, and nearly 200 Mt required by 2030 to align with net-zero emissions goals by 2050. As investments in hydrogen infrastructure and clean energy projects increase, particularly in sectors such as transportation, energy storage, and heavy industries, there is a growing opportunity for benzene hydrogenation catalysts to be integrated into these emerging applications. The demand for catalysts used in hydrogen production and refining processes will rise significantly as the hydrogen economy expands.

Restraint Factor for the Benzene HydrogenatIon Catalyst Market

High Cost of Catalysts Will Limit Market Growth

The cost of high-performance benzene hydrogenation catalysts...

Soybean oil had the highest level of consumption of any edible oil in the United States in 2024. In 2024, Americans consumed about ***** million metric tons of soybean oil, compared to about *** million metric tons of palm oil. Soybean cultivation The United States, Brazil, and Argentina are the top three producers of soybeans in the world as of the 2021/2022 crop year. Soybean production in the United States amounted to around *** billion bushels in 2023, up from approximately *** billion bushels in 2019. Most of the U.S. states with the highest volume of soybean production are located in the Midwest, with Illinois, Iowa, and Minnesota topping the list for soybean production within the United States. Edible oil exports Although soybean oil is the most consumed type of edible oil in the United States, the export volume of palm oil is the highest of any type of vegetable oil. Palm oil is commonly used in beauty products, processed snack foods, among other everyday items. Indonesia and Malaysia are the top two exporters of palm oil as of 2022/2023.

In 2023/24, palm oil consumption amounted to around 75 million metric tons worldwide. That figure is projected to increase to approximately 78 million metric tons during 2024/25. Consumption of palm oil worldwide Palm oil is an edible vegetable oil commonly used for food products, detergents, and cosmetics. In the United States, palm oil consumption amounts to approximately 1.7 million metric tons annually. In comparison, palm oil consumption in the European Union is about three times as high. Nonetheless, palm oil consumption in the European Union has dropped significantly during the last two years. After constantly being close to 6.6 million metric tons between 2015 and 2020, consumption levels dropped to five million in 2021 and has not increased much since. Palm oil consumption in Indonesia is almost 20 million metric tons, which is significantly more than in any other country in the world. Indonesia’s palm oil consumption has nearly tripled during the last decade. Palm oil in China China's total imports of palm oil amount to approximately 7.2 million tons per year. More than half of those are imported from Indonesia, the leading palm oil producer worldwide. Furthermore, China's imports of palm oil from Malaysia amount to about 1.7 million metric tons, which is slightly less than a quarter of the total palm oil imports. In 2022, China’s total consumption of palm oil amounted to about 6.7 million metric tons. China’s palm oil consumption saw a noticeable increase in 2018. That year, consumption levels increased by almost two million metric tons, from 5.1 to seven million metric tons. Chinese palm oil consumption has remained at a similar level ever since, except during the pandemic year of 2021.

In 2024, oil refinery capacity in the United States amounted to approximately **** million barrels per day. Although refineries are operating at full capacity, they may still have difficulties in meeting daily energy demands. How production increased Oil consumption in the United States is one of the highest in the world and rising consistently. Since 2008, domestic production has more than doubled, following technological developments such as hydraulic fracturing that made it possible to extract from more oil sources, such as shale and tight sandstone. A surge in crude oil production has put pressure on refineries to keep raising capacity, which has not grown as rapidly. An excess of oil The unprecedented level of shale oil production outweighed the country’s growing demand and led to a sizable surplus. Since the 2010s oil glut, the United States has had to seek out new markets to increase exports, just as it became the world’s largest producer of oil.