Deasphalted Oils and Asphaltenes Market size is estimated to be USD 3.2 Billion in 2024 and is expected to reach USD 4.8 Billion by 2033 at a CAGR of 5% from 2026 to 2033.
The Deasphalted Oils and Asphaltenes market was valued at approximately USD 2.5 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of around 4.8% from 2022 to 2030. The markets growth is driven by the increasing demand for refined petroleum products and the rising adoption of deasphalting processes in the oil refining industry. Deasphalted oils (DAO) are widely used in lubricant production and as feedstock for hydrocrackers, while asphaltenes find applications in road construction, waterproofing, and bitumen modification. Regionally, North America held a significant share of the market in 2022, accounting for around 35% of the global revenue, driven by robust refining infrastructure and increased investment in heavy oil upgrading technologies. The Asia Pacific region followed closely, representing approximately 30% of the market share, owing to rapid industrialization and expansion of oil refining capacities, especially in China and India.
Europe accounted for around 20% of the market share in 2022, supported by growing environmental regulations promoting the utilization of cleaner refining technologies. The Middle East and Africa (MEA) region contributed about 10% of the market, driven by heavy oil production in countries like Saudi Arabia and the UAE. Latin America captured the remaining 5%, with Brazil and Venezuela being the key contributors due to their significant heavy crude oil reserves. The growing focus on improving the yield of lighter hydrocarbons from heavy oils is expected to create lucrative opportunities in the market. Furthermore, the rising demand for bitumen modification in the construction industry is anticipated to boost the consumption of asphaltenes. Technological advancements in solvent deasphalting processes, along with increasing investment in refinery modernization projects, are likely to fuel market expansion over the coming years.
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Total SE
ExxonMobil
Royal Dutch Shell
Saudi Aramco
Marathon Petroleum
ANCAP Uruguay
Reliance Industries
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Deasphalted Oils and Asphaltenes Market
Deasphalted Oils
Asphaltenes
Heavy Fuel Oil
Gasoline
Diesel
Oil and Gas
Automotive
Construction
Aerospace
Marine
Solvent Deasphalting
Thermal Deasphalting
Supercritical Fluid Extraction
Light Crude
Medium Crude
Heavy Crude
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Deasphalted Oils and Asphaltenes Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Deasphalted Oils and Asphaltenes Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Deasphalted Oils and Asphaltenes Market, By Type
6. Global Deasphalted Oils and Asphaltenes Market, By Application
7. Global Deasphalted Oils and Asphaltenes Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Deasphalted Oils and Asphaltenes Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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