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Global Fuel Oil Market: By Type: Heavy Fuel Oil, Light Fuel Oil; By Application: Road and Domestic Waterway, Marine Bunkers, Petrochemicals, Residential/Commercial/Agricultural, Electricity Generation, Regional Analysis; Historical Market and Forecast (2016-2026); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Fuel Oil Market Outlook

The global fuel oil market reached a volume of 4.8 MBPD in 2020, driven by the increased demand for crude oil across the world.

 

Global Fuel Oil Market

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The global fuel oil market is primarily driven by the crude market oil, which is majorly being driven by the Middle East region, which tops the list in terms of oil production. The region has booming demand for crude oil for exports to other nations. This is further driving the fuel oil market. The high maturity markets of the product include the United States, Australia, Canada, and Europe. The United States is dependent on imports from Canada and East Coast Russia. The regions which have a high scope of growth are Brazil, Chile, and South Africa. Within the Asia Pacific region, India, Korea, and Singapore are the major exporting regions, exporting heavy volumes to the other countries in the region. Similarly, within Latin America, Brazil is the net exporter of the product to the other countries in the region.

 

Properties and Applications

Fuel oil (also known as heavy oil, marine fuel, or furnace oil) is a fraction of the oil produced by distillation, either as a distillate or as a residue. Fuel oil refers to any liquid fuel that is usually burned in the boiler or furnace for heat generation. It is also used in the engine for the purpose of power generation, excluding oils with a flashpoint of approximately 42°C (108°F) and oils burned in wool wick burners or cotton. Fuel oil comprises long chains of hydrocarbons, alkanes, cycloalkanes, and aromatics. Fuel oil is applicable in a stricter sense to refer to the heaviest and the hardest commercial fuel that is obtained as the derivative of crude oil, i.e., heavier than petrol and naphtha. Fuel oil finds plenty of end-uses in electricity generation, road and domestic waterways, marine bunkers, petrochemicals, agriculture, commercial, as well as residential purposes. These oils could be delivered through pipelines, trucks, bunker ships, or retail fuel outlets.

 

 Global Fuel Oil Market By Application

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On the basis of application, the market can be segmented into the following:

  • Marine
  • Industrial
  • Others

The EMR report also covers the regional markets like North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

 

 Global Fuel Oil Market By Region

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Market Analysis

The market for fuel oil is being driven by the increasing application of heating oil, especially in the United States of America. The oil is widely used in boilers as well as furnaces, both in commercial as well as residential buildings. The demand for fuel oil is also being aided by the rising demand for electricity in power plants, which is generated with the help of fuel oil. Some constraints to the market like lower outputs during the Covid-19 lockdowns and increasing government regulations on crude oil extraction.

The major driving factor for the fuel oil market is the growing demand for crude oil among its consumers. Fuel oil is a residue of crude oil received after the distillation process. The increasing output of crude oil, thus, results in an increased output of fuel oil. The rising demand for crude oil, especially in North America, owing to the abundant of shale oil reserves and superior technologies, is driving the growth of fuel oil further.

The demand is also boosting in emerging regions like China and India. The economic growth of these countries is leading to more industries, leading to increased demand for fuel oil. The growth is also being aided by the rapidly rising population as well as urbanisation.

Regions like Africa and the Middle East are also supporting the demand growth for fuel oil. The discovery of new shale oil reserves in Africa is leading to increased production. Middle East region is the leading region in terms of oil production. The import demand from other countries is driving the demand for fuel oil as well.

 

Competitive Landscape

The report gives a detailed analysis of the following key players in the global fuel oil market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • ALICID ORGANIC INDUSTRIES LTD.
  • Chevron Corporation
  • Public Joint Stock Company Gazprom.
  • Qatar Petroleum
  • Royal Dutch Shell Plc
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter’s five forces model along with giving a SWOT analysis.

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual 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    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Fuel Oil Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Fuel Oil Historical Supply (2016-2020) 
    8.3    Global Fuel Oil Supply Forecast (2021-2026)
    8.4    Global Fuel Oil Historical Demand (2016-2020) 
    8.5    Global Fuel Oil Demand Forecast (2021-2026)
    8.6    Global Fuel Oil Market by Type
        8.6.1    Heavy Fuel Oil
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2016-2020)
            8.6.1.3    Forecast Trend (2021-2026)
        8.6.2    Light Fuel Oil
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2016-2020)
            8.6.2.3    Forecast Trend (2021-2026)
    8.7    Global Fuel Oil Market by Application
        8.7.1    Road and Domestic Waterway
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2016-2020)
            8.7.1.3    Forecast Trend (2021-2026)
        8.7.2    Marine Bunkers
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2016-2020)
            8.7.2.3    Forecast Trend (2021-2026)
        8.7.3    Petrochemicals
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2016-2020)
            8.7.3.3    Forecast Trend (2021-2026)
        8.7.4    Residential/Commercial/Agricultural
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2016-2020)
            8.7.4.3    Forecast Trend (2021-2026)
        8.7.5    Electricity Generation
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2016-2020)
            8.7.5.3    Forecast Trend (2021-2026)
        8.7.6    Other Industry
    8.8    Global Fuel Oil Market by Region
        8.8.1    Market Share
            8.8.1.1    North America
            8.8.1.2    Europe
            8.8.1.3    Asia Pacific
            8.8.1.4    Latin America
            8.8.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2016-2020)
        9.1.2    Forecast Trend (2021-2026)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2016-2020)
        9.2.2    Forecast Trend (2021-2026)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2016-2020)
        9.3.2    Forecast Trend (2021-2026)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2016-2020)
        9.4.2    Forecast Trend (2021-2026)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2016-2020)
        9.5.2    Forecast Trend (2021-2026)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyers Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Price Analysis

    12.1    North America Historical Price Trends (2016-2020) and Forecast (2021-2026)
    12.2    Europe Historical Price Trends (2016-2020) and Forecast (2021-2026)
    12.3    Asia Pacific Historical Price Trends (2016-2020) and Forecast (2021-2026)
    12.4    Latin America Historical Price Trends (2016-2020) and Forecast (2021-2026)
    12.5    Middle East and Africa Historical Price Trends (2016-2020) and Forecast (2021-2026)
13    Cost Analysis
    13.1    Product Cost
    13.2    Distribution Costs
    13.3    Overhead Costs
14    Competitive Landscape
    14.1    Market Structure
    14.2    Company Profiles
        14.2.1    Exxon Mobil Corporation
            14.2.1.1    Company Overview
            14.2.1.2    Product Portfolio
            14.2.1.3    Demographic Reach and Achievements
            14.2.1.4    Certifications
        14.2.2    Royal Dutch Shell plc
            14.2.2.1    Company Overview
            14.2.2.2    Product Portfolio
            14.2.2.3    Demographic Reach and Achievements
            14.2.2.4    Certifications
        14.2.3    BP Oil International Limited
            14.2.3.1    Company Overview
            14.2.3.2    Product Portfolio
            14.2.3.3    Demographic Reach and Achievements
            14.2.3.4    Certifications
        14.2.4    Chevron Corporation
            14.2.4.1    Company Overview
            14.2.4.2    Product Portfolio
            14.2.4.3    Demographic Reach and Achievements
            14.2.4.4    Certifications
        14.2.5    PJSC NK Rosneft
            14.2.5.1    Company Overview
            14.2.5.2    Product Portfolio
            14.2.5.3    Demographic Reach and Achievements
            14.2.5.4    Certifications
        14.2.6    Others
15    Industry Events and Developments


List of Figures and Tables

1.    Global Fuel Oil Market: Key Industry Highlights, 2016 and 2026
2.    Global Fuel Oil Historical Market: Breakup by Type (MBPD), 2016-2020
3.    Global Fuel Oil Market Forecast: Breakup by Type (MBPD), 2021-2026
4.    Global Fuel Oil Historical Market: Breakup by Application (MBPD), 2016-2020
5.    Global Fuel Oil Market Forecast: Breakup by Application (MBPD), 2021-2026
6.    Global Fuel Oil Historical Market: Breakup by Region (MBPD), 2016-2020
7.    Global Fuel Oil Market Forecast: Breakup by Region (MBPD), 2021-2026
8.    North America Fuel Oil Historical Market: Breakup by Country (MBPD), 2016-2020
9.    North America Fuel Oil Market Forecast: Breakup by Country (MBPD), 2021-2026
10.    Europe Fuel Oil Historical Market: Breakup by Country (MBPD), 2016-2020
11.    Europe Fuel Oil Market Forecast: Breakup by Country (MBPD), 2021-2026
12.    Asia Pacific Fuel Oil Historical Market: Breakup by Country (MBPD), 2016-2020
13.    Asia Pacific Fuel Oil Market Forecast: Breakup by Country (MBPD), 2021-2026
14.    Latin America Fuel Oil Historical Market: Breakup by Country (MBPD), 2016-2020
15.    Latin America Fuel Oil Market Forecast: Breakup by Country (MBPD), 2021-2026
16.    Middle East and Africa Fuel Oil Historical Market: Breakup by Country (MBPD), 2016-2020
17.    Middle East and Africa Fuel Oil Market Forecast: Breakup by Country (MBPD), 2021-2026
18.    North America Historical Price Trends and Forecast 2016-2026
19.    Europe Historical Price Trends and Forecast 2016-2026
20.    Asia Pacific Historical Price Trends and Forecast 2016-2026
21.    Latin America Historical Price Trends and Forecast 2016-2026
22.    Middle East and Africa Historical Price Trends and Forecast 2016-2026
23.    Global Fuel Oil Market Structure

Key Questions Answered in the Report

In 2020, the global fuel oil market attained a volume of nearly 4.8 MBPD in 2020.

The major drivers of the industry include growing demand for crude oil across the world due to rapid industrialisation and growing populations, and more oil exploration projects.

The overall trend in the global fuel oil market appears to be a constant growth with a consistent growth rate due to increasing population, improving industrial infrastructure and increasing oil exploration projects.

The major applications for the global fuel oil industry are marine and industrial, among others.

The regions involved in the global fuel oil market are North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

The leading players in the market are Alicid Organic Industries Ltd., Chevron Corporation (NYSE: CVX), Public Joint Stock Company Gazprom (MCX: GAZP), Qatar Petroleum, and Royal Dutch Shell plc (AMS: RDSA), among others.

Analyst Review

The global fuel oil market reached a volume of 4.8 MBPD in 2020, primarily driven by the rising demand of fuel oil worldwide. Aided by growing industrialisation, the industry is expected to witness a further growth in the forecast period of 2021-2026.

EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on the applications, the global fuel oil market can be segmented into marine and industrial, amongst others. The different regions considered for the fuel oil market are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The key players in the above industry include Alicid Organic Industries Ltd., Chevron Corporation (NYSE: CVX), Public Joint Stock Company Gazprom (MCX: GAZP), Qatar Petroleum, and Royal Dutch Shell plc (AMS: RDSA), amongst others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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