The new report by Expert Market Research titled, ‘Global Fuel Oil Market Size, Share, Price, Growth, Trends, Industry, Report and Forecast 2024-2032’, gives an in-depth analysis of the global fuel oil market, assessing the market based on its segments like type, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2032)
• Historical Market Size (2023): 4.8 MBPD
In the historical period 2018-2023, the demand for fuel oil has been high and there has been a consistent rise in it too. In recent times, due to the COVID-19 pandemic, the disruption of supply chains lowered the supply, but the demand in the future is expected to be high in the forecast period 2021-2026. The market is mainly dependent on supply of crude oil from the Middle East, which is the major supplier of crude oil across the world. With explorations in North America, the overall supply is expected to rise even further. In the Asia Pacific, emerging economies like China and India are expected to fuel demand over the forecast period.
Fuel Oil Industry Definition and Major Segments
Fuel oil is any oil which is burnt in a furnace to generate heat. It is obtained as a fraction, which is heavier than naphtha and petrol, in distillation during refining of crude oil. It may be used in engines to generate power and is often used in electricity generation, manufacturing of petrochemicals and for residential purposes. Its structure consists of long chain hydrocarbons, cycloalkanes, aromatics and alkanes.
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Based on type, the industry can be divided into:
• Heavy Fuel Oil
• Light Fuel Oil
It finds wide applications in the following:
• Road and Domestic Waterway
• Marine Bunkers
• Petrochemicals
• Residential/Commercial/Agricultural
• Electricity Generation
• Other Industry
The regional markets include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Fuel Oil Market Trends
The applications of fuel oil as a heating fuel are driving its demand across the world. With exploration projects for petroleum increasing in number across the world, the market for fuel oil is expected to increase with greater supply. Intensive industrialisation in the Asia Pacific countries, particularly emerging economies like India and China can give a boost to the demand for fuel oil in the future. The rapid rise in population and urbanisation are also further increasing the demand. Since the major supply is from the Middle East and Africa sector, the supply is highly dependent on these countries’ oil export policies and the possibility of newer exploration projects being taken up. Overall, the general trend for the fuel oil market is expected to be positive for the forecast period.
Key Market Players
The major players in the market are Exxon Mobil Corporation, Royal Dutch Shell plc, BP Oil International Limited, Chevron Corporation, and PJSC NK Rosneft, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.
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