Global Crude Oil Assay Testing Services Market demand is anticipated to be valued at US$ 3.2 Billion in 2022, forecast to grow at a CAGR of 4.35% to be valued at US$ 4.9 Billion from 2022 to 2032. The growth of the crude oil assay testing services market is attributed to its global utilization across the testing equipment industry.
| Report Attribute | Details |
| Estimated Base Year Value (2021) | US$ 2.9 Billion |
| Expected Market Value (2022) | US$ 3.2 Billion |
| Anticipated Forecast Value (2032) | US$ 4.9 Billion |
| Projected Growth Rate (2022-2032) | 4.35% CAGR |
Crude oil assay testing includes crude oil characterization of whole crude oils and the boiling-range fractions produced from physical distillation by various procedures. Petroleum assay data is used by clients for detailed refinery engineering and crude oil marketing.
North America is considered to be a dominant region for the Crude Oil Assay Testing market, owing to the increasing production of the crude oil in the region
The major factor that is expected to propel the growth of the Crude Oil Assay Testing Services Market during the forecast period includes the constant surge in the demand for petroleum products.
Simultaneously, the depleting crude oil production in some regions is the factor that is expected to hinder the growth of the Crude Oil Assay Testing Services market during the forecast period.
The major factors that are expected to boost the growth of the crude oil assay testing services market during the forecast period include the growing need for logistical crude analysis to meet the many different crude oil qualities and price points.
Further, the rapid yield crude oil quality testing helps enhance refinery yields, which is another factor that is contributing to market growth. In addition, increasing consumption of crude oil and requirement of quality testing across the globe is expected to create potential opportunity over the forecast period. Moreover, increasing need for determining the quality of the crude is another factor propelling the market growth.
The data of crude oil assay testing helps refineries in the refining process optimization. The constant surge in the demand for petroleum products is likely to influence the market growth. Additionally, another major factors such as rapid quality inspection, and time-oriented reliable crude oil assay testing are expected to propel the growth of the crude oil assay testing market during the forecast period.
The major factor that is expected to hamper the growth of the Crude Oil Assay Testing market during the forecast period includes the depleting crude oil production in some regions.
North America is the largest market for Crude Oil Assay Testing Services Market and the trend is expected to continue into the forecast period attributed to the increasing production of the crude oil in the region.
In addition, rising demand for petroleum products in the region is expected to propel the growth of the market in the region during the forecast period. The region represents a share of 45% of the global market.
According to Future Market Insights, Europe is anticipated to witness growth at a lucrative rate over the forecast period, owing to the industrial development in the region, especially the development of the transportation and automobile sector.
In addition, a frequent need for crude oil assay testing services in this region is accelerating the growth of the market during the forecast period.
Some of the key participants present in the global Crude Oil Assay Testing Services Market include Intertek Group Plc., SGS SA, Bereau Veritas, IPL, Kuwait Petroleum Research & Technology B.V, Akshar Analytical Laboratory & Research Center and FOI Laboratories.
Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as Akshar Analytical Laboratory & Research Centre, and Bereau Veritas account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the North America.
| Report Attribute | Details |
| Growth Rate | CAGR of 4.35% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Customization | Available Upon Request |
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FMI projects the global Crude Oil Assay Testing Services Market to expand at a 4.35% value CAGR by 2032
North America is expected to be the most opportunistic crude oil assay testing services market, yielding 2/5th of the global revenue share
Akshar Analytical Laboratory & Research Centre, Bereau Veritas, FOI Laboratories, Intertek Group Plc. are some prominent crude oil assay testing service providers
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Crude Oil Assay Testing Services Market
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