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Fuel Oil Market

Global Fuel Oil Market Share, Size: 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; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032

Global Fuel Oil Market Outlook

The global fuel oil market reached a volume of 4.8 MBPD in 2023, 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.

 

Market Segmentation

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:

  • Exxon Mobil Corporation.
  • Shell International B.V.
  • Uniper SE
  • Chevron Corporation
  • GS Caltex Corporation.
  • Gazpromneft — Lubricants Ltd.
  • PJSC Lukoil
  • MOL Group
  • Neste Oyj
  • Petróleo Brasileiro S.A

 

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.

 

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:

  • Type
  • Application
  • Region
Breakup by Type
  • Heavy Fuel Oil
  • Light Fuel Oil
Breakup by Application
  • Road and Domestic Waterway
  • Marine Bunkers
  • Petrochemicals
  • Residential/Commercial/Agricultural
  • Electricity Generation
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Exxon Mobil Corporation.
  • Shell International B.V.
  • Uniper SE
  • Chevron Corporation
  • GS Caltex Corporation.
  • Gazpromneft — Lubricants Ltd.
  • PJSC Lukoil
  • MOL Group
  • Neste Oyj
  • Petróleo Brasileiro S.A

 

*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
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Fuel Oil Market Analysis

    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 by Type
        8.4.1    Heavy Fuel Oil
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Light Fuel Oil
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Fuel Oil Market by Application
        8.5.1    Road and Domestic Waterway
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Marine Bunkers
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Petrochemicals
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Residential/Commercial/Agricultural
            8.5.4.1    Historical Trend (2018-2023)
            8.5.4.2    Forecast Trend (2024-2032)
        8.5.5    Electricity Generation
            8.5.5.1    Historical Trend (2018-2023)
            8.5.5.2    Forecast Trend (2024-2032)
        8.5.6    Others
    8.6    Global Fuel Oil Market by Region
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2018-2023)
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2023)
            8.6.5.2    Forecast Trend (2024-2032)
9    North America Fuel Oil Market Analysis
    9.1    Market by Type
    9.2    Market by Application
    9.3    Market by Country
        9.3.1    United States of America 
            9.3.1.1    Historical Trend (2018-2023)
            9.3.1.2    Forecast Trend (2024-2032)
        9.3.2    Canada
            9.3.2.1    Historical Trend (2018-2023)
            9.3.2.2    Forecast Trend (2024-2032)
10    Europe Fuel Oil Market Analysis
    10.1    Market by Type
    10.2    Market by Application
    10.3    Market by Country
        10.3.1    United Kingdom
            10.3.1.1    Historical Trend (2018-2023)
            10.3.1.2    Forecast Trend (2024-2032)
        10.3.2    Germany
            10.3.2.1    Historical Trend (2018-2023)
            10.3.2.2    Forecast Trend (2024-2032)
        10.3.3    France
            10.3.3.1    Historical Trend (2018-2023)
            10.3.3.2    Forecast Trend (2024-2032)
        10.3.4    Italy
            10.3.4.1    Historical Trend (2018-2023)
            10.3.4.2    Forecast Trend (2024-2032)
        10.3.5    Others
11    Asia Pacific Fuel Oil Market Analysis
    11.1    Market by Type
    11.2    Market by Application
    11.3    Market by Country
        11.3.1    China
            11.3.1.1    Historical Trend (2018-2023)
            11.3.1.2    Forecast Trend (2024-2032)
        11.3.2    Japan
            11.3.2.1    Historical Trend (2018-2023)
            11.3.2.2    Forecast Trend (2024-2032)
        11.3.3    India
            11.3.3.1    Historical Trend (2018-2023)
            11.3.3.2    Forecast Trend (2024-2032)
        11.3.4    ASEAN
            11.3.4.1    Historical Trend (2018-2023)
            11.3.4.2    Forecast Trend (2024-2032)
        11.3.5    South Korea
            11.3.5.1    Historical Trend (2018-2023)
            11.3.5.2    Forecast Trend (2024-2032)
        11.3.6    Australia
            11.3.6.1    Historical Trend (2018-2023)
            11.3.6.2    Forecast Trend (2024-2032)
        11.3.7    Others
12    Latin America Fuel Oil Market Analysis
    12.1    Market by Type
    12.2    Market by Application
    12.3    Market by Country
        12.3.1    Brazil
            12.3.1.1    Historical Trend (2018-2023)
            12.3.1.2    Forecast Trend (2024-2032)
        12.3.2    Argentina
            12.3.2.1    Historical Trend (2018-2023)
            12.3.2.2    Forecast Trend (2024-2032)
        12.3.3    Mexico
            12.3.3.1    Historical Trend (2018-2023)
            12.3.3.2    Forecast Trend (2024-2032)
        12.3.4    Others
13    Middle East and Africa Fuel Oil Market Analysis
    13.1    Market by Type
    13.2    Market by Application
    13.3    Market by Country
        13.3.1    Saudi Arabia
            13.3.1.1    Historical Trend (2018-2023)
            13.3.1.2    Forecast Trend (2024-2032)
        13.3.2    United Arab Emirates
            13.3.2.1    Historical Trend (2018-2023)
            13.3.2.2    Forecast Trend (2024-2032)
        13.3.3    Nigeria
            13.3.3.1    Historical Trend (2018-2023)
            13.3.3.2    Forecast Trend (2024-2032)
        13.3.4    South Africa
            13.3.4.1    Historical Trend (2018-2023)
            13.3.4.2    Forecast Trend (2024-2032)
        13.3.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Price Analysis
17    Cost Analysis

    17.1    Production Cost
    17.2    Distribution Costs
    17.3    Overhead Costs 
18    Competitive Landscape
    18.1    Market Structure
    18.2    Company Profiles
        18.2.1    Exxon Mobil Corporation.
            18.2.1.1    Company Overview
            18.2.1.2    Product Portfolio
            18.2.1.3    Demographic Reach and Achievements
            18.2.1.4    Certifications
        18.2.2    Shell International B.V.
            18.2.2.1    Company Overview
            18.2.2.2    Product Portfolio
            18.2.2.3    Demographic Reach and Achievements
            18.2.2.4    Certifications
        18.2.3    Uniper SE
            18.2.3.1    Company Overview
            18.2.3.2    Product Portfolio
            18.2.3.3    Demographic Reach and Achievements
            18.2.3.4    Certifications
        18.2.4    Chevron Corporation
            18.2.4.1    Company Overview
            18.2.4.2    Product Portfolio
            18.2.4.3    Demographic Reach and Achievements
            18.2.4.4    Certifications
        18.2.5    GS Caltex Corporation.
            18.2.5.1    Company Overview
            18.2.5.2    Product Portfolio
            18.2.5.3    Demographic Reach and Achievements
            18.2.5.4    Certifications
        18.2.6    Gazpromneft — Lubricants Ltd.
            18.2.6.1    Company Overview
            18.2.6.2    Product Portfolio
            18.2.6.3    Demographic Reach and Achievements
            18.2.6.4    Certifications
        18.2.7    PJSC Lukoil
            18.2.7.1    Company Overview
            18.2.7.2    Product Portfolio
            18.2.7.3    Demographic Reach and Achievements
            18.2.7.4    Certifications
        18.2.8    MOL Group
            18.2.8.1    Company Overview
            18.2.8.2    Product Portfolio
            18.2.8.3    Demographic Reach and Achievements
            18.2.8.4    Certifications
        18.2.9    Neste Oyj
            18.2.9.1    Company Overview
            18.2.9.2    Product Portfolio
            18.2.9.3    Demographic Reach and Achievements
            18.2.9.4    Certifications
        18.2.10    Petróleo Brasileiro S.A
            18.2.10.1    Company Overview
            18.2.10.2    Product Portfolio
            18.2.10.3    Demographic Reach and Achievements
            18.2.10.4    Certifications
19    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.    Global Fuel Oil Historical Market: Breakup by Type (Million Barrels/Day), 2018-2023
3.    Global Fuel Oil Market Forecast: Breakup by Type (Million Barrels/Day), 2024-2032
4.    Global Fuel Oil Historical Market: Breakup by Application (Million Barrels/Day), 2018-2023
5.    Global Fuel Oil Market Forecast: Breakup by Application (Million Barrels/Day), 2024-2032
6.    Global Fuel Oil Historical Market: Breakup by Region (Million Barrels/Day), 2018-2023
7.    Global Fuel Oil Market Forecast: Breakup by Region (Million Barrels/Day), 2024-2032 
8.    North America Fuel Oil Historical Market: Breakup by Country (Million Barrels/Day), 2018-2023
9.    North America Fuel Oil Market Forecast: Breakup by Country (Million Barrels/Day), 2024-2032
10.    Europe Fuel Oil Historical Market: Breakup by Country (Million Barrels/Day), 2018-2023
11.    Europe Fuel Oil Market Forecast: Breakup by Country (Million Barrels/Day), 2024-2032
12.    Asia Pacific Fuel Oil Historical Market: Breakup by Country (Million Barrels/Day), 2018-2023
13.    Asia Pacific Fuel Oil Market Forecast: Breakup by Country (Million Barrels/Day), 2024-2032
14.    Latin America Fuel Oil Historical Market: Breakup by Country (Million Barrels/Day), 2018-2023
15.    Latin America Fuel Oil Market Forecast: Breakup by Country (Million Barrels/Day), 2024-2032
16.    Middle East and Africa Fuel Oil Historical Market: Breakup by Country (Million Barrels/Day), 2018-2023
17.    Middle East and Africa Fuel Oil Market Forecast: Breakup by Country (Million Barrels/Day), 2024-2032
18.    Global Fuel Oil Market Structure

Key Questions Answered in the Report

In 2023, the global fuel oil market attained a volume of nearly 4.8 MBPD.

The major drivers of the market include rising demand for crude oil, rapid urbanisation, and increasing oil exploration activities.

The key trends guiding the market include the surging applications of heating oils, the rising demand for electricity in power plants, and the robust economic growth in countries like India and China.

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The various types of fuel oil considered in the market report are heavy fuel oil and light fuel oil. 

The significant applications of fuel oil are road and domestic waterway, marine bunkers, petrochemicals, residential/commercial/agricultural, and electricity generation, among other industries.

The major players in the market are Exxon Mobil Corporation., Shell International B.V., Uniper SE, Chevron Corporation, GS Caltex Corporation., Gazpromneft — Lubricants Ltd., PJSC Lukoil, MOL Group, Neste Oyj, Petróleo Brasileiro S.A. 

Analyst Review

The global fuel oil market reached a volume of 4.8 MBPD in 2023, 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 2024-2032.

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 Exxon Mobil Corporation., Shell International B.V., Uniper SE, Chevron Corporation, GS Caltex Corporation., Gazpromneft — Lubricants Ltd., PJSC Lukoil, MOL Group, Neste Oyj, Petróleo Brasileiro S.A. 

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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