The global demand for Fuel Oil Market is presumed to reach the valuation of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% during the period of 2022-2028. Whereas with regards to volume, the market was calculated XX MMbbl in 2019 and foreseen to touch XX MMbbl by 2026 with a CAGR of XX% during 2020-2026.
Fuel oil is obtained from fractionation of crude oil. It is used primarily in power plant, oil processing plant, aboard ships, and other industrial plants to power different types of engines, heaters, and furnace. Fuel oil is classified into two types: residual and distillate.It has different names the most commonly used are:diesel fuel, furnace oil, home heating oil, industrial heating oil, and marine fuel.Fuel oil rich reserves are found in Venezuala, Saudi Arabia, Canada, Mexico, and Iran.
Rising crude oil processing activities and growing transportation industry are factors to provide significant pace to the market growth. The market growth varies greatly across region.The demand from Europe region is predicted to fade during the forecast period while some region such as Middle East and Asia Paciifc exhibits gain in growth.Players within Asia Pacific and Middle East are building and expanding fuel oil processing capacities to meet the regional demand. However, growing carbon emission regulation and import debt is restraining the growth of market. Environmental and health concerns concerning to the high sulfur content of residual fuel oil have resulted into new policies and regulations that have lowered expectations for fuel oil use globally.IMO (International Maritime Organization) has set a limit forsulphurcontent in fuel oil used on board ships from 1st of January2020. The move is predicted to significantly reduce the amount of sulphur oxide emitting from ships that would have major health and environmental effect.But at the same time IMO 2020 has notably distrupted the competitive outlook of the market. The producer will experience shrink in margin. Since they are not able to meet the sulfur limits structured by IMO 2020 regulation with their current refinery infrastructure.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of Fuel Oil.
The entire Fuel Oil market has been sub-categorized into type, end use industry. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
By End Use Industry
- Steel Industry
- Oil and Gas Industry
- Marine Industry
This section covers regional segmentation which accentuates on current and future demand for Fuel Oil market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Fuel Oil Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players include Eni, PetroChina, Kuwait Petroleum Corporation, Petronas, Valero Energy, China National Offshore Oil, Marathon Petroleum, Exxon Mobil, PDVSA, and Petrobras. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers& acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.