Global Unconventional Oil Market Report and Forecast 2025-2034
Description
Global Unconventional Oil Market Report and Forecast 2025-2034
Market Outlook
According to the report by Expert Market Research (EMR), the global unconventional oil market size reached approximately USD 354.89 billion in 2024. Aided by the growing demand for energy, advancements in extraction technologies, and the expanding applications of unconventional oil in various sectors, the market is projected to grow at a CAGR of 4.4% between 2025 and 2034, reaching a value of around USD 535.5 billion by 2034.
Unconventional oil refers to petroleum that is extracted using unconventional methods, such as hydraulic fracturing (fracking), oil sands, and oil shale production, which differ from traditional drilling techniques. These sources include oil sands, tight oil, shale oil, and extra-heavy crude oil. The rise in global energy consumption, coupled with declining conventional oil reserves, has led to the growing reliance on unconventional oil resources to meet the increasing demand for fuel and energy.
The unconventional oil market growth is driven by the increased demand for transportation fuels, industrial feedstocks, and petrochemical products. The sector has benefited from technological advancements that have made unconventional oil extraction more cost-effective and efficient. Moreover, geopolitical factors and fluctuating crude oil prices have contributed to the diversification of oil supply sources, further boosting the growth of the market.
One of the primary drivers of the market is the continuous advancement in extraction technologies. Techniques such as hydraulic fracturing (fracking), horizontal drilling, and enhanced oil recovery (EOR) have significantly improved the feasibility and profitability of extracting unconventional oil. Fracking, in particular, has revolutionised the oil sector by allowing access to tight oil reserves that were previously considered uneconomical.
Horizontal drilling, combined with hydraulic fracturing, has enabled the extraction of vast quantities of oil from shale formations, which has been a key factor in the rise of shale oil production, especially in the United States. The development of shale oil resources in regions such as North America has transformed the global oil landscape, with the U.S. becoming one of the leading producers of crude oil in the world. This boom in shale oil production has not only increased the supply of oil but has also contributed to global energy security by diversifying sources of oil.
Moreover, advancements in enhanced oil recovery techniques, such as steam-assisted gravity drainage (SAGD) for oil sands and carbon dioxide injection for tight oil, have improved the recovery rates of unconventional oil reserves. These technologies allow for the extraction of more oil from existing fields, extending their productive life and enhancing overall production capacity. As technological innovations continue to improve, the cost of extracting unconventional oil is expected to decrease, making it a more attractive option for oil companies and investors, consequently driving up the unconventional oil market share.
The global demand for energy continues to rise due to population growth, urbanisation, and industrialisation, particularly in developing regions such as Asia-Pacific and Latin America. As economies expand, the need for reliable and affordable energy sources has become more pressing. While renewable energy sources are gaining traction, oil remains one of the most critical components of the global energy mix, particularly for transportation and industrial applications.
One of the notable unconventional oil market trends is the increasing energy demand in countries such as China and India, which are experiencing rapid industrialisation and urbanisation. As these economies continue to develop, the demand for transportation fuels, power generation, and industrial energy will drive the growth of the market for unconventional oil.
The transportation sector, which includes automobiles, aviation, and shipping, is a major consumer of oil, accounting for a significant portion of global oil demand. Unconventional oil plays a crucial role in meeting this demand, especially as conventional oil fields mature and their production declines. Additionally, the petrochemical sector, which relies heavily on oil as a feedstock, continues to grow, driven by the demand for plastics, chemicals, and other industrial products.
As per the unconventional oil market analysis, in the U.S., the shale oil revolution has transformed the country into one of the world's leading oil producers, significantly impacting global energy markets. The development of shale formations such as the Permian Basin, Bakken Shale, and Eagle Ford Shale has driven the growth of the U.S. market, contributing to the country's energy independence and reducing its reliance on foreign oil imports. The continued development of shale oil resources, supported by advancements in extraction technologies, is expected to drive the market growth in North America over the forecast period.
Market Segmentation
The global unconventional oil market can be divided based on product type, application, and region.
Market Breakup by Product Type
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global unconventional oil market. Some of the major players explored in the report by Expert Market Research are as follows:
Acquire unparalleled access to critical sector insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.
Our high-quality, data-driven analysis provides the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation's future success by acquiring one of our Expert Market Research reports today.
*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Market Outlook
According to the report by Expert Market Research (EMR), the global unconventional oil market size reached approximately USD 354.89 billion in 2024. Aided by the growing demand for energy, advancements in extraction technologies, and the expanding applications of unconventional oil in various sectors, the market is projected to grow at a CAGR of 4.4% between 2025 and 2034, reaching a value of around USD 535.5 billion by 2034.
Unconventional oil refers to petroleum that is extracted using unconventional methods, such as hydraulic fracturing (fracking), oil sands, and oil shale production, which differ from traditional drilling techniques. These sources include oil sands, tight oil, shale oil, and extra-heavy crude oil. The rise in global energy consumption, coupled with declining conventional oil reserves, has led to the growing reliance on unconventional oil resources to meet the increasing demand for fuel and energy.
The unconventional oil market growth is driven by the increased demand for transportation fuels, industrial feedstocks, and petrochemical products. The sector has benefited from technological advancements that have made unconventional oil extraction more cost-effective and efficient. Moreover, geopolitical factors and fluctuating crude oil prices have contributed to the diversification of oil supply sources, further boosting the growth of the market.
One of the primary drivers of the market is the continuous advancement in extraction technologies. Techniques such as hydraulic fracturing (fracking), horizontal drilling, and enhanced oil recovery (EOR) have significantly improved the feasibility and profitability of extracting unconventional oil. Fracking, in particular, has revolutionised the oil sector by allowing access to tight oil reserves that were previously considered uneconomical.
Horizontal drilling, combined with hydraulic fracturing, has enabled the extraction of vast quantities of oil from shale formations, which has been a key factor in the rise of shale oil production, especially in the United States. The development of shale oil resources in regions such as North America has transformed the global oil landscape, with the U.S. becoming one of the leading producers of crude oil in the world. This boom in shale oil production has not only increased the supply of oil but has also contributed to global energy security by diversifying sources of oil.
Moreover, advancements in enhanced oil recovery techniques, such as steam-assisted gravity drainage (SAGD) for oil sands and carbon dioxide injection for tight oil, have improved the recovery rates of unconventional oil reserves. These technologies allow for the extraction of more oil from existing fields, extending their productive life and enhancing overall production capacity. As technological innovations continue to improve, the cost of extracting unconventional oil is expected to decrease, making it a more attractive option for oil companies and investors, consequently driving up the unconventional oil market share.
The global demand for energy continues to rise due to population growth, urbanisation, and industrialisation, particularly in developing regions such as Asia-Pacific and Latin America. As economies expand, the need for reliable and affordable energy sources has become more pressing. While renewable energy sources are gaining traction, oil remains one of the most critical components of the global energy mix, particularly for transportation and industrial applications.
One of the notable unconventional oil market trends is the increasing energy demand in countries such as China and India, which are experiencing rapid industrialisation and urbanisation. As these economies continue to develop, the demand for transportation fuels, power generation, and industrial energy will drive the growth of the market for unconventional oil.
The transportation sector, which includes automobiles, aviation, and shipping, is a major consumer of oil, accounting for a significant portion of global oil demand. Unconventional oil plays a crucial role in meeting this demand, especially as conventional oil fields mature and their production declines. Additionally, the petrochemical sector, which relies heavily on oil as a feedstock, continues to grow, driven by the demand for plastics, chemicals, and other industrial products.
As per the unconventional oil market analysis, in the U.S., the shale oil revolution has transformed the country into one of the world's leading oil producers, significantly impacting global energy markets. The development of shale formations such as the Permian Basin, Bakken Shale, and Eagle Ford Shale has driven the growth of the U.S. market, contributing to the country's energy independence and reducing its reliance on foreign oil imports. The continued development of shale oil resources, supported by advancements in extraction technologies, is expected to drive the market growth in North America over the forecast period.
Market Segmentation
The global unconventional oil market can be divided based on product type, application, and region.
Market Breakup by Product Type
- Shale Oil
- Oil Sands
- Tight Oil
- Others
- Transportation
- Industrial
- Residential
- Commercial
- Others
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global unconventional oil market. Some of the major players explored in the report by Expert Market Research are as follows:
- ExxonMobil Corporation
- Chevron Corp.
- Shell Plc
- BP Plc
- ConocoPhillips
- Eni S.p.A
- Others
Acquire unparalleled access to critical sector insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.
Our high-quality, data-driven analysis provides the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation's future success by acquiring one of our Expert Market Research reports today.
*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
147 Pages
- 1 Executive Summary
- 1.1 Market Size 224-225
- 1.2 Market Growth 225(F)-234(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Global Unconventional Oil Market Analysis
- 5.1 Key Industry Highlights
- 5.2 Global Unconventional Oil Historical Market (218-224)
- 5.3 Global Unconventional Oil Market Forecast (225-234)
- 5.4 Global Unconventional Oil Market by Product Type
- 5.4.1 Shale Oil
- 5.4.1.1 Historical Trend (218-224)
- 5.4.1.2 Forecast Trend (225-234)
- 5.4.2 Oil Sands
- 5.4.2.1 Historical Trend (218-224)
- 5.4.2.2 Forecast Trend (225-234)
- 5.4.3 Tight Oil
- 5.4.3.1 Historical Trend (218-224)
- 5.4.3.2 Forecast Trend (225-234)
- 5.4.4 Others
- 5.5 Global Unconventional Oil Market by Application
- 5.5.1 Transportation
- 5.5.1.1 Historical Trend (218-224)
- 5.5.1.2 Forecast Trend (225-234)
- 5.5.2 Industrial
- 5.5.2.1 Historical Trend (218-224)
- 5.5.2.2 Forecast Trend (225-234)
- 5.5.3 Residential
- 5.5.3.1 Historical Trend (218-224)
- 5.5.3.2 Forecast Trend (225-234)
- 5.5.4 Commercial
- 5.5.4.1 Historical Trend (218-224)
- 5.5.4.2 Forecast Trend (225-234)
- 5.5.5 Others
- 5.6 Global Unconventional Oil Market by Region
- 5.6.1 North America
- 5.6.1.1 Historical Trend (218-224)
- 5.6.1.2 Forecast Trend (225-234)
- 5.6.2 Europe
- 5.6.2.1 Historical Trend (218-224)
- 5.6.2.2 Forecast Trend (225-234)
- 5.6.3 Asia Pacific
- 5.6.3.1 Historical Trend (218-224)
- 5.6.3.2 Forecast Trend (225-234)
- 5.6.4 Latin America
- 5.6.4.1 Historical Trend (218-224)
- 5.6.4.2 Forecast Trend (225-234)
- 5.6.5 Middle East and Africa
- 5.6.5.1 Historical Trend (218-224)
- 5.6.5.2 Forecast Trend (225-234)
- 6 North America Unconventional Oil Market Analysis
- 6.1 Market by Product Type
- 6.2 Market by Application
- 6.3 Market by Country
- 6.3.1 United States of America
- 6.3.1.1 Market by Product Type
- 6.3.1.2 Market by Application
- 6.3.1.3 Historical Trend (218-224)
- 6.3.1.4 Forecast Trend (225-234)
- 6.3.2 Canada
- 6.3.2.1 Market by Product Type
- 6.3.2.2 Market by Application
- 6.3.2.3 Historical Trend (218-224)
- 6.3.2.4 Forecast Trend (225-234)
- 7 Europe Unconventional Oil Market Analysis
- 7.1 Market by Product Type
- 7.2 Market by Application
- 7.3 Market by Country
- 7.3.1 United Kingdom
- 7.3.1.1 Market by Product Type
- 7.3.1.2 Market by Application
- 7.3.1.3 Historical Trend (218-224)
- 7.3.1.4 Forecast Trend (225-234)
- 7.3.2 Germany
- 7.3.2.1 Market by Product Type
- 7.3.2.2 Market by Application
- 7.3.2.3 Historical Trend (218-224)
- 7.3.2.4 Forecast Trend (225-234)
- 7.3.3 France
- 7.3.3.1 Market by Product Type
- 7.3.3.2 Market by Application
- 7.3.3.3 Historical Trend (218-224)
- 7.3.3.4 Forecast Trend (225-234)
- 7.3.4 Italy
- 7.3.4.1 Market by Product Type
- 7.3.4.2 Market by Application
- 7.3.4.3 Historical Trend (218-224)
- 7.3.4.4 Forecast Trend (225-234)
- 7.3.5 Others
- 8 Asia Pacific Unconventional Oil Market Analysis
- 8.1 Market by Product Type
- 8.2 Market by Application
- 8.3 Market by Country
- 8.3.1 China
- 8.3.1.1 Market by Product Type
- 8.3.1.2 Market by Application
- 8.3.1.3 Historical Trend (218-224)
- 8.3.1.4 Forecast Trend (225-234)
- 8.3.2 Japan
- 8.3.2.1 Market by Product Type
- 8.3.2.2 Market by Application
- 8.3.2.3 Historical Trend (218-224)
- 8.3.2.4 Forecast Trend (225-234)
- 8.3.3 India
- 8.3.3.1 Market by Product Type
- 8.3.3.2 Market by Application
- 8.3.3.3 Historical Trend (218-224)
- 8.3.3.4 Forecast Trend (225-234)
- 8.3.4 ASEAN
- 8.3.4.1 Market by Product Type
- 8.3.4.2 Market by Application
- 8.3.4.3 Historical Trend (218-224)
- 8.3.4.4 Forecast Trend (225-234)
- 8.3.5 Australia
- 8.3.5.1 Market by Product Type
- 8.3.5.2 Market by Application
- 8.3.5.3 Historical Trend (218-224)
- 8.3.5.4 Forecast Trend (225-234)
- 8.3.6 Others
- 9 Latin America Unconventional Oil Market Analysis
- 9.1 Market by Product Type
- 9.2 Market by Application
- 9.3 Market by Country
- 9.3.1 Brazil
- 9.3.1.1 Market by Product Type
- 9.3.1.2 Market by Application
- 9.3.1.3 Historical Trend (218-224)
- 9.3.1.4 Forecast Trend (225-234)
- 9.3.2 Argentina
- 9.3.2.1 Market by Product Type
- 9.3.2.2 Market by Application
- 9.3.2.3 Historical Trend (218-224)
- 9.3.2.4 Forecast Trend (225-234)
- 9.3.3 Mexico
- 9.3.3.1 Market by Product Type
- 9.3.3.2 Market by Application
- 9.3.3.3 Historical Trend (218-224)
- 9.3.3.4 Forecast Trend (225-234)
- 9.3.4 Others
- 1 Middle East and Africa Unconventional Oil Market Analysis
- 1.1 Market by Product Type
- 1.2 Market by Application
- 1.3 Market by Country
- 1.3.1 Saudi Arabia
- 1.3.1.1 Market by Product Type
- 1.3.1.2 Market by Application
- 1.3.1.3 Historical Trend (218-2024)
- 1.3.1.4 Forecast Trend (225-2034)
- 1.3.2 United Arab Emirates
- 1.3.2.1 Market by Product Type
- 1.3.2.2 Market by Application
- 1.3.2.3 Historical Trend (218-2024)
- 1.3.2.4 Forecast Trend (225-2034)
- 1.3.3 Nigeria
- 1.3.3.1 Market by Product Type
- 1.3.3.2 Market by Application
- 1.3.3.3 Historical Trend (218-2024)
- 1.3.3.4 Forecast Trend (225-2034)
- 1.3.4 South Africa
- 1.3.4.1 Market by Product Type
- 1.3.4.2 Market by Application
- 1.3.4.3 Historical Trend (218-2024)
- 1.3.4.4 Forecast Trend (225-2034)
- 1.3.5 Others
- 11 Market Dynamics
- 11.1 SWOT Analysis
- 11.1.1 Strengths
- 11.1.2 Weaknesses
- 11.1.3 Opportunities
- 11.1.4 Threats
- 11.2 Porter’s Five Forces Analysis
- 11.2.1 Supplier’s Power
- 11.2.2 Buyer’s Power
- 11.2.3 Threat of New Entrants
- 11.2.4 Degree of Rivalry
- 11.2.5 Threat of Substitutes
- 11.3 Key Indicators for Demand
- 11.4 Key Indicators for Price
- 12 Competitive Landscape
- 12.1 Market Structure
- 12.2 Company Profiles
- 12.2.1 ExxonMobil Corporation
- 12.2.1.1 Company Overview
- 12.2.1.2 Product Portfolio
- 12.2.1.3 Demographic Reach and Achievements
- 12.2.1.4 Certifications
- 12.2.2 Chevron Corp.
- 12.2.2.1 Company Overview
- 12.2.2.2 Product Portfolio
- 12.2.2.3 Demographic Reach and Achievements
- 12.2.2.4 Certifications
- 12.2.3 Shell Plc
- 12.2.3.1 Company Overview
- 12.2.3.2 Product Portfolio
- 12.2.3.3 Demographic Reach and Achievements
- 12.2.3.4 Certifications
- 12.2.4 BP Plc
- 12.2.4.1 Company Overview
- 12.2.4.2 Product Portfolio
- 12.2.4.3 Demographic Reach and Achievements
- 12.2.4.4 Certifications
- 12.2.5 ConocoPhillips
- 12.2.5.1 Company Overview
- 12.2.5.2 Product Portfolio
- 12.2.5.3 Demographic Reach and Achievements
- 12.2.5.4 Certifications
- 12.2.6 Eni S.p.A
- 12.2.6.1 Company Overview
- 12.2.6.2 Product Portfolio
- 12.2.6.3 Demographic Reach and Achievements
- 12.2.6.4 Certifications
- 12.2.7 Others
- 13 Key Trends and Developments in the Market
Pricing
Currency Rates
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