Hydrocarbons Market Size, Share, Growth, Trends, and Global Industry Analysis: Size, Share, Growth, Trends, and Industry Analysis By Type (Aliphatic and Aromatic), By Application (Pharmaceuticals, Energy, Industrial, Mobility and Others), and Region

Hydrocarbons Market size was valued at US$ 72,456.2 million in 2023 and is projected to grow at a CAGR of 3.6% from 2024-2030. The market held significant market share during forecast period. Hydrocarbons are a chemical compound that contains only hydrogen and carbon atoms. They are the major products of fossil fuel, where crude oil, natural gas, and coal consist of it. Hydrocarbons are categorized into various types, depending upon the type of bonds present between the carbon atoms. The classification may include alkanes, alkenes, and alkynes. These are essential in the release of energy produced by combustion in industrial processes. The increasing global demand for energy, especially in emerging economies, propels the market of hydrocarbons. Besides this, hydrocarbon represents the prime source of energy, which represents a major portion in the graph of global energy consumption. According to the International Energy Agency in 2020, fossil fuels met 84% of the global energy demand. Rapid industrialization and urbanization, especially in Asia-Pacific and Africa, have increased the demand for hydrocarbons in transportation, manufacturing, and power generation. For instance, China's energy consumption has seen continuous growth, largely driven by hydrocarbons, to support its massive industrial sector.

However, hydrocarbon extraction, production, and consumption emit large volumes of greenhouse gases, which, in turn, contribute to global warming and climatic changes. The trend has now shifted to a situation where governments all over the world are enacting stricter regulations aimed at reducing carbon emissions. This, therefore, is one great challenge to the hydrocarbons market.

Whereas, the development of cleaner hydrocarbon technologies, such as carbon capture and storage (CCS) and the use of natural gas as a transition fuel, presents opportunities for the industry to reduce its environmental impact and meet regulatory requirements.

Hydrocarbons Market Key Developments:

• In 2021, ExxonMobil announced plans to build a carbon capture and storage (CCS) project in Houston, Texas, which aims to capture and store CO2 emissions from industrial sources in the area.
• In 2020, Chevron Corporation completed its acquisition of Noble Energy, Inc., a significant player in the hydrocarbons market. This acquisition expanded Chevron's oil and gas assets, particularly in the Eastern Mediterranean and the US shale plays.