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The global fuel oil market size is expected to increase from USD 172.9 billion in 2022 to USD 276.9 billion in 2030, at a compound annual growth rate (CAGR) of 6.8% over the forecasted period, according to a research report by Spherical Insights & Consulting. One of the main factors propelling market expansion is the extensive use of oil in the ag, petrochemical, power generation, domestic waterways, and road transportation sectors. Furthermore, a significant factor in the expansion of the market is the economic development of several nations worldwide.
The Middle East, which ranks first in terms of oil production, dominates the world crude oil market, which in turn dominates the market for fuel oil. Crude oil is in high demand in the region for sale to other countries. As a result, the market for fuel oil is growing. The product's high-maturity markets include those in the US, Australia, Canada, and Europe. The United States is reliant on imports from East Coast Russia and Canada. Brazil, Chile, and South Africa are the areas with the greatest potential for expansion. India, Korea, and Singapore are the top exporting nations in the Asia Pacific area, sending large quantities of goods to the other nations in the region. In a similar vein, Brazil is the product's largest net export market to the rest of Latin America.
Around the world, a number of industries, such as transportation and oil refineries, are rapidly increasing their energy needs. Transportation energy demand is being driven by the numerous transportation-related activities, expanding number of transportation modes, and associated energy efficiency. The transportation industry utilizes more than 80% of all fuel oil used by all end-user sectors because of problems such a shortage of alternative fuels like biofuels and rising biofuel production costs, technological limitations for plug-in electric vehicles, and the price of batteries. Energy consumption is also anticipated to increase due to increased consumer investment power brought on by rising per capita income in emerging nations like India, Korea, and Thailand. As a result, the increased demand for fuel oil in the transportation industry will significantly contribute to the expansion of the worldwide fuel oil market.
It is believed that the rising cost of fuel would limit how the global market develops. The production of energy is predicted to reduce the need for fuel oil. Additionally, it is predicted that this will impede the growth of the world market for fuel oil. The worldwide fuel oil market is anticipated to be driven by the rising use of fuel oil in crude oil in the production of construction materials, metallurgy, and the power sector. Concerns about the environment and health brought on by the rising sulfide content of leftover power oil have prompted new laws and regulations that have significantly reduced expectations for residual combustible oil use in the future across the globe. The transition away from combustible oil build heating in ships is anticipated to release a significant amount of very heavy combustible oil, which will be available most properly at a significant discount.
Fuel oil is a substance that is produced as a byproduct of distillation. Alternatively, it can be created by heating liquid oil in a boiler. Hydrocarbons, alkalies, aromatics, and cycloalkanes are a few of the main components of fuel oil. Fuel oil has been used in a variety of applications, including the petrochemical and agricultural sectors, household and commercial rivers, and agriculture. Typically, pipelines, retail gasoline stations, and bunker ships are used to transport fuel oil to end consumers.
The COVID-19 pandemic outbreak had a detrimental effect on the expansion of the fuel oil market as a whole. In an effort to stop the virus's spread, governments imposed lockdowns and social segregation laws, which caused a number of industries to operate with reduced staff or shut down entirely. This had an impact on crude oil output, which then had an impact on the amount of fuel oil produced and the expansion of the market as a whole. Nevertheless, industries are anticipated to begin operating near to full capacity shortly due to the subsequent reduction in cases and the availability of various vaccines, which will improve fuel oil output and support overall market growth.
The rising use of heating oil, particularly in the United States of America, is driving the market for fuel oil. Both business and residential buildings use oil extensively in their boilers and furnaces. The increase in demand for power plants' energy, which is produced with the help of fuel oil, is also helping to drive up demand for fuel oil. Some market restraints include higher government regulations on crude oil production and decreased outputs during the Covid-19 lockdowns. The market for fuel oil is primarily driven by customers' rising demand for crude oil. Fuel oil is a byproduct of crude oil that is obtained following distillation. Thus, there is a rise in the production of fuel oil as a result of rising crude oil production. Fuel oil is continuing to expand as a result of the rising demand for crude oil, particularly in North America, which is being fueled by the abundance of shale oil sources and advanced technology.
Report Coverage
Global Fuel Oil research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Fuel Oil report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Fuel Oil competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Fuel Oil market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Fuel Oil market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Fuel Oil market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Chevron Corp., BP PLC, JXTG Holdings Inc., Exxon Mobil Corp, PJSC LUKOIL, P.T., Pertamina, Qatar Petroleum, Reliance Industries Ltd., Shell PLC, SK Innovation Co. Ltd., Gazprom Neft PJSC, Total S.A., Rosneft, PetroChina, Petrobras, Uniper SE, GS Caltex Corporation, Gazpromneft — Lubricants Ltd., MOL Group, Neste Oyj, Petróleo Brasileiro S.A. and Others.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Fuel Oil market based on the below-mentioned segments:
Global Fuel Oil Market, By Type
Distillate Fuel Oil
Residual Fuel Oil
Global Fuel Oil market, By Application
Transportation
Petrochemical Industry
Global Fuel Oil market, Regional Analysis
The Middle East, which ranks first in terms of oil production, dominates the world crude oil market, which in turn dominates the market for fuel oil. Crude oil is in high demand in the region for sale to other countries. As a result, the market for fuel oil is growing. The product's high-maturity markets include those in the US, Australia, Canada, and Europe. The United States is reliant on imports from East Coast Russia and Canada. Brazil, Chile, and South Africa are the areas with the greatest potential for expansion. India, Korea, and Singapore are the top exporting nations in the Asia Pacific area, sending large quantities of goods to the other nations in the region. In a similar vein, Brazil is the product's largest net export market to the rest of Latin America.
Around the world, a number of industries, such as transportation and oil refineries, are rapidly increasing their energy needs. Transportation energy demand is being driven by the numerous transportation-related activities, expanding number of transportation modes, and associated energy efficiency. The transportation industry utilizes more than 80% of all fuel oil used by all end-user sectors because of problems such a shortage of alternative fuels like biofuels and rising biofuel production costs, technological limitations for plug-in electric vehicles, and the price of batteries. Energy consumption is also anticipated to increase due to increased consumer investment power brought on by rising per capita income in emerging nations like India, Korea, and Thailand. As a result, the increased demand for fuel oil in the transportation industry will significantly contribute to the expansion of the worldwide fuel oil market.
It is believed that the rising cost of fuel would limit how the global market develops. The production of energy is predicted to reduce the need for fuel oil. Additionally, it is predicted that this will impede the growth of the world market for fuel oil. The worldwide fuel oil market is anticipated to be driven by the rising use of fuel oil in crude oil in the production of construction materials, metallurgy, and the power sector. Concerns about the environment and health brought on by the rising sulfide content of leftover power oil have prompted new laws and regulations that have significantly reduced expectations for residual combustible oil use in the future across the globe. The transition away from combustible oil build heating in ships is anticipated to release a significant amount of very heavy combustible oil, which will be available most properly at a significant discount.
Fuel oil is a substance that is produced as a byproduct of distillation. Alternatively, it can be created by heating liquid oil in a boiler. Hydrocarbons, alkalies, aromatics, and cycloalkanes are a few of the main components of fuel oil. Fuel oil has been used in a variety of applications, including the petrochemical and agricultural sectors, household and commercial rivers, and agriculture. Typically, pipelines, retail gasoline stations, and bunker ships are used to transport fuel oil to end consumers.
The COVID-19 pandemic outbreak had a detrimental effect on the expansion of the fuel oil market as a whole. In an effort to stop the virus's spread, governments imposed lockdowns and social segregation laws, which caused a number of industries to operate with reduced staff or shut down entirely. This had an impact on crude oil output, which then had an impact on the amount of fuel oil produced and the expansion of the market as a whole. Nevertheless, industries are anticipated to begin operating near to full capacity shortly due to the subsequent reduction in cases and the availability of various vaccines, which will improve fuel oil output and support overall market growth.
The rising use of heating oil, particularly in the United States of America, is driving the market for fuel oil. Both business and residential buildings use oil extensively in their boilers and furnaces. The increase in demand for power plants' energy, which is produced with the help of fuel oil, is also helping to drive up demand for fuel oil. Some market restraints include higher government regulations on crude oil production and decreased outputs during the Covid-19 lockdowns. The market for fuel oil is primarily driven by customers' rising demand for crude oil. Fuel oil is a byproduct of crude oil that is obtained following distillation. Thus, there is a rise in the production of fuel oil as a result of rising crude oil production. Fuel oil is continuing to expand as a result of the rising demand for crude oil, particularly in North America, which is being fueled by the abundance of shale oil sources and advanced technology.
Report Coverage
Global Fuel Oil research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Fuel Oil report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Fuel Oil competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Fuel Oil market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Chevron Corp., BP PLC, JXTG Holdings Inc., Exxon Mobil Corp, PJSC LUKOIL, P.T., Pertamina, Qatar Petroleum, Reliance Industries Ltd., Shell PLC, SK Innovation Co. Ltd., Gazprom Neft PJSC, Total S.A., Rosneft, PetroChina, Petrobras, Uniper SE, GS Caltex Corporation, Gazpromneft — Lubricants Ltd., MOL Group, Neste Oyj, Petróleo Brasileiro S.A. and Others. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Fuel Oil Market from 2021 to 2030.
- Market Forecast for Fuel Oil Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Fuel Oil competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Fuel Oil
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Fuel Oil market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Fuel Oil market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Chevron Corp., BP PLC, JXTG Holdings Inc., Exxon Mobil Corp, PJSC LUKOIL, P.T., Pertamina, Qatar Petroleum, Reliance Industries Ltd., Shell PLC, SK Innovation Co. Ltd., Gazprom Neft PJSC, Total S.A., Rosneft, PetroChina, Petrobras, Uniper SE, GS Caltex Corporation, Gazpromneft — Lubricants Ltd., MOL Group, Neste Oyj, Petróleo Brasileiro S.A. and Others.
Primary Target Market
- Market Players of Fuel Oil
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Fuel Oil market based on the below-mentioned segments:
Global Fuel Oil Market, By Type
Distillate Fuel Oil
Residual Fuel Oil
Global Fuel Oil market, By Application
Transportation
Petrochemical Industry
Global Fuel Oil market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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