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 analyzing 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 (2016-2026): –
• Historical Market Size (2020): 4.8 MBPD
Since the last decade, the global transportation industry has been rapidly expanding. Companies in the automotive sector are the biggest users of fuel oil. Apart from that, fuel oil is used in the petrochemical and petroleum refining industries. Since many years, the building materials industry has also been on the rise. The building materials industry is projected to increase demand for fuel oil. The global fuel oil demand is expected to be propelled by all these factors.
Industry Definition and Major Segments
A fraction of the oil formed by distillation, either as a distillate or as a residue, is known as fuel oil (also known as heavy oil, marine fuel, or furnace oil). Any liquid fuel that is typically burned in a boiler or furnace to generate heat is referred to as fuel oil. Oils with a flashpoint of approximately 42°C (108°F) and oils burned in wool wick burners or cotton are often used in the engine for the purpose of power generation.
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On the basis of application, the market can be segmented into the following:
• Marine
• Industrial
• Others
Based on region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The growing use of heating oil, especially in the United States of America, is driving the demand for fuel oil. In both commercial and residential buildings, the oil is commonly used in boilers and furnaces. The rising demand for electricity in power plants, which is produced with the help of fuel oil, is also helping to boost demand for fuel oil. Lower outputs during the Covid-19 lockdowns, as well as increased government controls on crude oil extraction, are some of the market’s constraints. The rising demand for crude oil among consumers is the primary driver of the fuel oil market. In all regions, there is a growing market for higher-quality fuel oils. Since good quality oil improves efficiency and engine life, demand from various end-use industries is expected to rise. Because of the increased demand, major companies are putting forward efforts to manufacture higher-quality fuel oil. Key companies should be able to meet the increasing demand from various end-use industries because of this. The Asia Pacific region dominates the global fuel oil industry. This is due to an increase in fuel oil demand from industries in China, Japan, and India. The United States is expected to play a significant role in the global fuel oil market’s expansion.
Key Market Players
The major players in the market are Alicid Organic Industries Ltd., Chevron Corporation, Public Joint Stock Company Gazprom, Qatar Petroleum, Royal Dutch Shell Plc, 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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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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