Sizing Up: The Oil Market vs Top 10 Metal Markets Combined - Elements by Visual Capitalist

Sizing Up: The Oil Market vs Top 10 Metal Markets Combined

The Size of the Oil Market vs Top 10 Metal Markets

While the global economy relies on many commodities, none come close to the massive scale of the oil market.

Besides being the primary energy source for transportation, oil is a key raw material for numerous other industries like plastics, fertilizers, cosmetics, and medicine. As a result, the global physical oil market is astronomical in size and has a significant economic and geopolitical influence, with a few countries dominating global oil production.

The above infographic puts crude oil’s market size into perspective by comparing it to the 10 largest metal markets combined. To calculate market sizes, we used the latest price multiplied by global production in 2022, based on data from TradingEconomics and the United States Geological Survey ( USGS).

Note: This analysis focuses on raw and physical materials, excluding derivative markets and alloy materials like steel.

How Big Is the Oil Market?

In 2022, the world produced an average of 80.75 million barrels of oil per day (including condensates). That puts annual crude oil production at around 29.5 billion barrels, with the market size exceeding $2 trillion at current prices.

That figure dwarfs the combined size of the 10 largest metal markets:

| Commodity | 2022 Annual Production | Market Size |
| Crude Oil | 29.5 billion barrels | $2.1 trillion |
| Iron Ore | 2.6 billion tonnes | $283.4 billion |
| Gold | 3,100 tonnes | $195.9 billion |
| Copper | 22 million tonnes | $183.3 billion |
| Aluminum | 69 million tonnes | $152.6 billion |
| Nickel | 3.3 million tonnes | $68.8 billion |
| Zinc | 13 million tonnes | $30.9 billion |
| Silver | 26,000 tonnes | $19.9 billion |
| Molybdenum | 250,000 tonnes | $12.9 billion |
| Palladium | 210 tonnes | $9.5 billion |
| Lead | 4.5 million tonnes | $9.2 billion |

Based on prices as of June 7, 2023.

The combined market size of the top 10 metal markets amounts to $967 billion, less than half that of the oil market. In fact, even if we added all the remaining smaller raw metal markets, the oil market would still be far bigger.

This also reflects the massive scale of global oil consumption annually, with the resource having a ubiquitous presence in our daily lives.

The Big Picture

While the oil market towers over metal markets, it’s important to recognize that this doesn’t downplay the importance of these commodities.

Metals form a critical building block of the global economy, playing a key role in infrastructure, energy technologies, and more. Meanwhile, precious metals like gold and silver serve as important stores of value.

As the world shifts towards a more sustainable future and away from fossil fuels, it’ll be interesting to see how the markets for oil and other commodities evolve.

Energy Shift

How Old Are the World’s Nuclear Reactors?
Of the 422 nuclear reactors operating globally, 262 reactors are 31 to 50 years old. This infographic charts nuclear reactors by age in 2023.

How Old Are the World’s Nuclear Reactors?

Since the advent of nuclear electricity in the 1950s, nuclear reactors have played an essential role in meeting our rising energy needs.

Nuclear reactors are designed to operate for decades and are typically licensed for 20 to 40 years, and they can last even longer with license renewals.

So, just how old is the world’s current nuclear reactor fleet?

The bubble chart above looks at the age distribution of the 422 reactors operating worldwide as of March 2023, based on data from the Power Reactor Information System ( PRIS).

The Age Distribution of the Global Reactor Fleet

Nuclear power saw a building boom in the 1970s, 80s, and 90s as countries expanded their energy portfolios and sought to capitalize on the advancements in nuclear technology. As a result, the majority of the world’s nuclear reactors began operating during this period.

| Age Group (years) | Number of Reactors | Net Electrical Capacity (megawatts) |
| 0–10 | 67 | 66,937 |
| 11–20 | 29 | 20,964 |
| 21–30 | 46 | 40,905 |
| 31–40 | 155 | 149,638 |
| 41–50 | 107 | 88,526 |
| >50 | 18 | 10,921 |
| Total | 422 | 377,891 |

Data as of March 22, 2023.

Of the total of 422 reactors, 262 reactors have been in operation for 31 to 50 years. In other words, about 62% of all current nuclear reactors were connected to the grid between 1973 and 1992.

Nuclear power’s growth slowed down at the turn of the 21st century, with decreasing public support and increasing concern over nuclear safety. As a result, only a small number of reactors fall into the 11-to-20-year-old age group.

But over the last decade, some countries have renewed their interest in nuclear energy, while others like China have continued to expand their reactor fleets. Some 67 reactors are between zero and 10 years old, accounting for 18% of global nuclear electrical capacity.

The oldest operating reactors (five of them) are 54 years old and entered commercial service in 1969. Two of these are located in the United States, two in India, and one in Switzerland.

How Long Can Nuclear Reactors Last?

Although specific lifespans can vary, nuclear reactors are typically designed to last for 20 to 40 years.

However, reactors can operate beyond their initially licensed periods with lifetime extensions. Extending reactor lives requires rigorous assessments, safety evaluations, and refurbishments.

Some countries have granted license renewals for aging reactors. Notably, 88 of the 92 reactors in the U.S. have received approvals to operate for up to 60 years, and some have applied for additional 20-year extensions to operate for up to 80 years.

With safety concerns addressed, reactors with lifetime extensions can offer various advantages. Without the high capital investments needed to build new reactors, they can produce carbon-free electricity at low and competitive costs, which is especially important as the global power sector looks to decarbonize.

Energy Shift

Mapped: Renewable Energy and Battery Installations in the U.S. in 2023
This graphic describes new U.S. renewable energy installations by state along with nameplate capacity, planned to come online in 2023.

Renewable and Battery Installations in the U.S. in 2023

Renewable energy, in particular solar power, is set to shine in 2023. This year, the U.S. plans to get over 80% of its new energy installations from sources like battery, solar, and wind.

The above map uses data from EIA to highlight planned U.S. renewable energy and battery storage installations by state for 2023.

Texas and California Leading in Renewable Energy

Nearly every state in the U.S. has plans to produce new clean energy in 2023, but it’s not a surprise to see the two most populous states in the lead of the pack.

Even though the majority of its power comes from natural gas, Texas currently leads the U.S. in planned renewable energy installations. The state also has plans to power nearly 900,000 homes using new wind energy.

California is second, which could be partially attributable to the passing of Title 24, an energy code that makes it compulsory for new buildings to have the equipment necessary to allow the easy installation of solar panels, battery storage, and EV charging.

New solar power in the U.S. isn’t just coming from places like Texas and California. In 2023, Ohio will add 1,917 MW of new nameplate solar capacity, with Nevada and Colorado not far behind.

| Top 10 States | Battery (MW) | Solar (MW) | Wind (MW) | Total (MW) |
| Texas | 1,981 | 6,462 | 1,941 | 10,385 |
| California | 4,555 | 4,293 | 123 | 8,970 |
| Nevada | 678 | 1,596 | 0 | 2,274 |
| Ohio | 12 | 1,917 | 5 | 1,934 |
| Colorado | 230 | 1,187 | 200 | 1,617 |
| New York | 58 | 509 | 559 | 1,125 |
| Wisconsin | 4 | 939 | 92 | 1,034 |
| Florida | 3 | 978 | 0 | 980 |
| Kansas | 0 | 0 | 843 | 843 |
| Illinois | 0 | 363 | 477 | 840 |

The state of New York is also looking to become one of the nation’s leading renewable energy providers. The New York State Energy Research & Development Authority ( NYSERDA) is making real strides towards this objective with 11% of the nation’s new wind power projects expected to come online in 2023.

According to the data, New Hampshire is the only state in the U.S. that has no new utility-scale renewable energy installations planned for 2023. However, the state does have plans for a massive hydroelectric plant that should come online in 2024.

Decarbonizing Energy

Renewable energy is considered essential to reduce global warming and CO2 emissions.

In line with the efforts by each state to build new renewable installations, the Biden administration has set a goal of achieving a carbon pollution-free power sector by 2035 and a net zero emissions economy by no later than 2050.

The EIA forecasts the share of U.S. electricity generation from renewable sources rising from 22% in 2022 to 23% in 2023 and to 26% in 2024.

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