Oil shale is an organic-rich rock, which contains a solid
mixture of organic chemical compounds known as kerosene. From these organic
compounds, liquid hydrocarbons, such as shale oil, are produced. Oil shale is a
substitute for conventional crude oil and is increasingly used, owing to its
low cost of extraction. As per the 2016 estimate, the global deposits of the
total world resources of oil shale are equivalent to 6.05 trillion barrels of
oil. Industries utilize oil shale as a fuel for thermal power plants to drive
steam turbines. In addition, oil shale serves in the production of specialty
carbon fibers, carbon black, adsorbent carbons, resins, phenols, tanning
agents, road bitumen, and soil additives. The growth in the use of oil shale
across various industries drives the oil shale market.
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As the demand for energy continues to grow, the oil &
energy sector is anticipated to keep looking for alternative ways to produce
energy. One such alternative way is oil shale however, rising awareness about
the environment elevates the new methods of exploring fuel and the process of
oil shale is also more flexible than traditional methods of oil extraction,
however, the flexibility of the extraction method may act as the major driving
factor for the oil shale market growth.
The oil shale market is segmented on the basis of product,
technology, process, application, and region. Depending on the product, the
market is categorized into shale gasoline, shale diesel, kerosene, and others.
On the basis of technology, it is classified into in-situ technology and
ex-situ technology. By process, it is categorized into oil shale exploration,
ore preparation, oil shale retortion, and shale oil refining & specialty
services. On the basis of application, it is divided into fuel, electricity,
and cement & chemicals. Region-wise, it is analyzed across North America,
Europe, Asia-Pacific, and LAMEA.
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The global oil shale market analysis covers in-depth
information about the major industry participants. The key players operating
and profiled in the report include Southwestern Energy Company, EQT
Corporation, Equinor ASA, Repsol SA, SINOPEC/Shs, Chesapeake Energy
Corporation, Royal Dutch Shell PLC, Exxon Mobil Corporation, Chevron
Corporation, and PETROCHINA/Shs.
The global oil shale industry is analyzed and estimated in
accordance with the impacts of the drivers, restraints, and opportunities. The
period studied in this report is 2020–2030. The report includes a study of the
market with respect to the growth prospects and restraints based on the
regional analysis. The study includes Porter’s five forces analysis of the
industry to determine the impact of suppliers, competitors, new entrants,
substitutes, and buyers on the market growth.
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Key findings of the study
- On the
basis of product, the shale gasoline segment emerged as the global leader
in 2020 and is anticipated to be the largest market during the forecast
period.
- Depending
on the technology, the in-situ segment emerged as the global leader in
2020 and is anticipated to be the largest market during the forecast
period.
- According
to the process, the oil shale exploration segment emerged as the global
leader in 2020 and is anticipated to be the largest market during the
forecast period.
- As per
application, the fuel segment emerged as the global leader in 2020 and is
anticipated to be the largest market during the forecast period.
- Region-wise,
North America registered the highest market share and is projected to
maintain the same during the forecast period
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