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Europe Fuel Oil Market Size, Share, Growth, Analysis, Trends: By Type: Heavy Fuel Oil, Light Fuel Oil; By Application: Road and Domestic Waterway, Marine Bunkers, Petrochemicals, Residential/Commercial/Agricultural, Electricity Generation, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Europe Fuel Oil Market Outlook
The Europe fuel oil market size reached USD 989.09 million in 2023.
Key Takeaways:
- In 2021, OECD data reveals Germany allocated 6.65 billion euros (7.35 billion dollars) to fossil fuel subsidies.
- MASE's National Energy Outlook reports petroleum products accounted for 35.7% of energy consumption in 2022.
- IEA states the UK's 2022 oil supply stood at 2,246,947 TJ, constituting 34.9% of the total energy supply.
Marine bunkers boost the Europe fuel oil market growth based on their capacity to offer a high energy density, which makes them an effective energy source for large ships boarding on long expeditions
This efficacy enables vessels to transport significant cargo without the need for frequent refuelling stops. Marine bunkers use heavy fuel oils for ships and are crucial for trade due to their high energy density and efficiency. Ports and shipping routes are improved to accommodate marine bunkers, ensuring their consistent availability in Europe, and enabling seamless maritime transportation for large vessels across vast distances.
In April 2024, the UK energy company EnQuest aimed to commence oil drilling in the North Sea, expecting the most significant oil production in two decades. Equinor's Rosebank North Sea oil field, which was approved last September, is projected to extract an assessed 350 million barrels of oil. EnQuest's subsidiary, EnQuest Heather, obtained a license in February, one of the 24 newly granted licenses.
Petrochemicals enhance execution by improving ignition and reducing emissions such as sulfur, which is important for cleaning the air of marine vessels. These extracts also provide maintenance benefits by preventing deposits, leading to easier operation and longer engine life. In colder climates, they prevent fuel-related issues and offer corrosion protection in harsh marine environments.
Market Segmentation
Europe Fuel Oil Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
- Heavy Fuel Oil
- Light Fuel Oil
Market Breakup by Application
- Road and Domestic Waterway
- Marine Bunkers
- Petrochemicals
- Residential/Commercial/Agricultural
- Electricity Generation
- Others
Market Breakup by Region
- Germany
- United Kingdom
- France
- Italy
- Others
The Europe fuel oil market key players are Exxon Mobil Corporation, Shell Plc, Chevron Corp., BP Plc, TotalEnergies SE, Eni S.p.A and Valero Energy Corporation among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
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| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Fuel Oil Market Overview
8.1 Key Industry Highlights
8.2 Global Fuel Oil Historical Market (2018-2023)
8.3 Global Fuel Oil Market Forecast (2024-2032)
8.4 Global Fuel Oil Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 Europe Fuel Oil Market Overview
9.1 Key Industry Highlights
9.2 Europe Fuel Oil Historical Market (2018-2023)
9.3 Europe Fuel Oil Market Forecast (2024-2032)
10 Europe Fuel Oil Market by Type
10.1 Heavy Fuel Oil
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Light Fuel Oil
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Europe Fuel Oil Market by Application
11.1 Road and Domestic Waterway
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Marine Bunkers
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Petrochemicals
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Residential/Commercial/Agricultural
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Electricity Generation
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Europe Fuel Oil Market by Country
12.1 Germany
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 United Kingdom
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 France
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Italy
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators of Demand
13.4 Key Indicators of Price
14 Value Chain Analysis
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Exxon Mobil Corporation
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Shell Plc
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Chevron Corp.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 BP Plc
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 TotalEnergies SE
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Eni S.p.A
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Valero Energy Corporation
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Fuel Oil Market: Key Industry Highlights, 2018 and 2032
2. Europe Fuel Oil Market: Key Industry Highlights, 2018 and 2032
3. Europe Fuel Oil Historical Market: Breakup by Type (USD Million), 2018-2023
4. Europe Fuel Oil Market Forecast: Breakup by Type (USD Million), 2024-2032
5. Europe Fuel Oil Historical Market: Breakup by Application (USD Million), 2018-2023
6. Europe Fuel Oil Market Forecast: Breakup by Application (USD Million), 2024-2032
7. Europe Fuel Oil Historical Market: Breakup by Country (USD Million), 2018-2023
8. Europe Fuel Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
9. Europe Fuel Oil Market Structure
Key Questions Answered in the Report
The market is estimated to be valued at USD 989.09 million in 2023.
The fuel oil market is categorised according to the type, which includes heavy fuel oil and light fuel oil.
The key players are Exxon Mobil Corporation, Shell Plc, Chevron Corp., BP Plc, TotalEnergies SE, Eni S.p.A and Valero Energy Corporation among others.
Based on the application, the market is divided into road and domestic waterways, marine bunkers, petrochemicals, residential/commercial/agricultural, electricity generation and others.
The market is broken down into Germany, the United Kingdom, France, Italy, and others.
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