The global Crude Transportation Market is estimated to be valued at US$ 21.58 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Crude oil is a basic raw material used in various industries such as petrochemicals, chemical production, automobile, and energy production. Efficient transportation of crude oil from oil fields to refineries is important to ensure adequate supply of refined petroleum products. Pipeline, rail, and trucking are major modes of crude transportation to move oil over long distances.
Market key trends:
One of the key trends in the crude transportation market is increasing focus on building new pipeline projects. Major oil producing nations are investing heavily in pipelines to reduce dependency on rail and shipping. For instance, in 2019, Saudi Aramco started commercial operation of the crude oil pipeline connecting its fields in the kingdom’s east to Yanbu port, which has a capacity of 5 million barrels per day. This new pipeline aims to boost Aramco’s crude exports substantially. In addition, Russia has also increased its pipeline network in recent years, with major projects connecting it to European markets.
Market key trends:
One of the key trends in the Global Crude Transportation Market is the rising offshore exploration & production activities. Several companies are investing heavily in offshore oil & gas exploration projects owing to onshore reserves maturing. This has increased the need for transportation of crude oil from offshore rigs or platforms to onshore through tankers, pipelines, and other modes of transportation. For instance, countries like the US, Brazil, and Canada have witnessed substantial growth in offshore E&P activities which is expected to drive the demand for crude transportation in the coming years.
SWOT Analysis
Strength: Presence of major oil producers and consumers provides stable demand for crude transportation.
Weakness: Vulnerability to geopolitical risks and volatility in oil prices.
Opportunity: Rising offshore and unconventional oil production is expanding the sources of crude supply requiring more transportation.
Threats: Stringent regulations regarding environmental pollution during transportation pose challenges.
Key Takeaways
The global crude transportation market size was valued at US$ 21.58 Bn in 2023. The market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing offshore exploration & production activities.
Regional analysis
North America dominated the global crude transportation market in 2023 with over 30% share, owing to vast shale oil reserves and growing oil production from Canada and the US. Asia Pacific is anticipated to be the fastest growing market between 2023-2030 backed by rising energy demand from countries such as China and India.
Key players
Key players operating in the crude transportation market are ExxonMobil Corporation, Royal Dutch Shell, Chevron Corporation, BP plc, TotalEnergies SE, ConocoPhillips, China National Petroleum Corporation, Saudi Aramco, Rosneft Oil Company, Valero Energy Corporation, Phillips 66, Marathon Petroleum Corporation, PetroChina Company Limited, Kinder Morgan Inc., and Enbridge Inc.
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