Oil shale is a sedimentary, organic-rich rock that contains kerogen, a mixture of organic chemical compounds in solid form which releases hydrocarbons when heated. These hydrocarbons can be used as an alternative to conventional crude oil. Processing oil shale will ensure energy preservation and also generate employment avenues, therefore, contributing towards both economy and society. Oil shale is mainly utilized as a fuel in thermal power plants to drive steam turbines and making a variety of materials such as glass, carbon fibers, fertilizers, tanning agent and carbon black among others.
The global oil shale market was USD 1805.47 million in 2018 and is estimated to reach USD 4224.13 million by 2025 at a CAGR of 12.91% during the forecast period
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Growth by Region
North America dominated the global oil shale market owing to the large reserve of oil shale in U.S., efficient working of shale oil producers and growing energy demand in the region. Asia Pacific will show significant growth with China leading the market in terms of producing shale oil from oil shale
Drivers vs Constraints
Growing demand for energy and depletion of non-renewable energy are the key factors driving the growth of the oil shale market. In addition, Technical advancement in drilling techniques, increasing oil output and growing quantity of recoverable oil reserves has further fueled the growth of oil shale. However, the high production cost of oil shale, low carbon content and environmental issues such as disturbance of mined land global warming and greenhouse gases are some of the factors that may hinder the growth of the oil shale market during the forecast period.
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Industry Trends and Updates:
• July 2018: Japanese oil refiners Idemitsu Kosan Co. and Showa Shell Sekiyu K.K. agree to merge in April 2019, with Idemitsu’s founding family dropping its opposition to the deal announced three years ago. The founding family, a major shareholder of Japan’s second-largest oil wholesaler, had opposed the planned merger, agreed in July 2015, citing differences in corporate culture.
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