TechSci Research report forecasts that the United States oil shale market will experience a compound annual growth rate (CAGR) of approximately XX% throughout the forecast period. The market’s growth can be attributed to the adoption of oil shale, which has been facilitated by advancements in drilling technology, increased oil output, and a rise in recoverable oil reserves. Industries have begun utilizing oil shale as a fuel for thermal power plants to drive steam turbines. Furthermore, oil shale is used in the production of various products such as specialty carbon fibers, carbon black, adsorbent carbons, resins, phenols, tanning agents, road bitumen, and soil additives. The widespread use of oil shale across multiple industries is fueling the growth of the United States oil shale market. Nonetheless, the high cost of mining equipment and large initial investment may impede the market’s progress during the forecast period.
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In the United States, the oil shale market is classified into different segments based on type, product type, technology, application, region, and company. The market can be categorized into in-situ and ex-situ based on technology. The in-situ segment is expected to hold a significant market share due to its eco-friendly shale oil extraction process. The market can also be segmented based on application, including electricity, chemicals, cement, fuel, and others. The electricity segment dominates the market since oil shale is used to generate electricity in countries where coal and gas resources are scarce. The cement segment is projected to grow rapidly during the forecast period, primarily due to the large production of spent shale during kerogen extraction.
Some of the prominent players operating in the United States oil shale market include American Shale Oil LLC, Enefit American Oil, Oil Shale Exploration Company LLC, Independent Energy Partners, Inc, ConocoPhillips Co., Exxon Mobil Corporation, Anadarko Petroleum Corporation, Occidental Petroleum Corporation, Marathon Oil Company, EOG Resources, Inc., among others.
Covid19 impact
- The emergence of COVID-19 has coincided with a core dispute over oil market management. The dispute primarily revolves around market shares controlled by Saudi Arabia, the largest sovereign producer among the OPEC membership, and Russia, which has cooperated with OPEC as “OPEC+,” along with occasional involvement from Mexico and Norway. These disagreements over oil market management inevitably result in lower prices, leading to the global oil industry being in disarray due to the combined effects of OPEC+ disunity and ultra-low global demand resulting from the pandemic. As a result of all the calculations concerning OPEC and OPEC+ issues, the global demand issue, and the oversupply scenario, the demand and price of oil shale have been negatively impacted.
- The uncertainties in crude oil and natural gas prices, break-even (BE) prices for fracking operations, financial and technical constraints within the industry, global hydrocarbon demand development, political and regulatory factors in the US, and environmental and societal sustainability have all contributed to the negative demand in the oil shale market. This has resulted in a plummeting demand for US shale oil and gas, collapsed prices, and a high number of bankruptcies being announced within the industry.
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“United States oil shale market is anticipated to grow at a significant CAGR during the forecast period, on account of the presence of abundant oil shale reserves in the country. Moreover, as the cost of extraction of oil shale is expected to decrease backed by advancement in technology, the US is likely to emerge as a leading producer of oil shale in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Oil Shale Market By Type, By Product Type, By Technology, By Application, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of United States oil shale market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in United States oil shale market.
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