Reports
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; 2023-2028
Global Fuel Oil Market Outlook
The global fuel oil market reached a volume of 4.8 MBPD in 2022, driven by the increased demand for crude oil across the world.
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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.
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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.
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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
- Royal Dutch Shell plc
- BP Oil International Limited
- Chevron Corporation
- PJSC NK Rosneft
- 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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*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 (2018-2022)
8.3 Global Fuel Oil Market Forecast (2023-2028)
8.4 Global Fuel Oil Market by Type
8.4.1 Heavy Fuel Oil
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Light Fuel Oil
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.5 Global Fuel Oil Market by Application
8.5.1 Road and Domestic Waterway
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Marine Bunkers
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Petrochemicals
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Residential/Commercial/Agricultural
8.5.4.1 Historical Trend (2018-2022)
8.5.4.2 Forecast Trend (2023-2028)
8.5.5 Electricity Generation
8.5.5.1 Historical Trend (2018-2022)
8.5.5.2 Forecast Trend (2023-2028)
8.5.6 Others
8.6 Global Fuel Oil Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2022)
8.6.5.2 Forecast Trend (2023-2028)
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 (2018-2022)
9.3.1.2 Forecast Trend (2023-2028)
9.3.2 Canada
9.3.2.1 Historical Trend (2018-2022)
9.3.2.2 Forecast Trend (2023-2028)
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 (2018-2022)
10.3.1.2 Forecast Trend (2023-2028)
10.3.2 Germany
10.3.2.1 Historical Trend (2018-2022)
10.3.2.2 Forecast Trend (2023-2028)
10.3.3 France
10.3.3.1 Historical Trend (2018-2022)
10.3.3.2 Forecast Trend (2023-2028)
10.3.4 Italy
10.3.4.1 Historical Trend (2018-2022)
10.3.4.2 Forecast Trend (2023-2028)
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 (2018-2022)
11.3.1.2 Forecast Trend (2023-2028)
11.3.2 Japan
11.3.2.1 Historical Trend (2018-2022)
11.3.2.2 Forecast Trend (2023-2028)
11.3.3 India
11.3.3.1 Historical Trend (2018-2022)
11.3.3.2 Forecast Trend (2023-2028)
11.3.4 ASEAN
11.3.4.1 Historical Trend (2018-2022)
11.3.4.2 Forecast Trend (2023-2028)
11.3.5 South Korea
11.3.5.1 Historical Trend (2018-2022)
11.3.5.2 Forecast Trend (2023-2028)
11.3.6 Australia
11.3.6.1 Historical Trend (2018-2022)
11.3.6.2 Forecast Trend (2023-2028)
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 (2018-2022)
12.3.1.2 Forecast Trend (2023-2028)
12.3.2 Argentina
12.3.2.1 Historical Trend (2018-2022)
12.3.2.2 Forecast Trend (2023-2028)
12.3.3 Mexico
12.3.3.1 Historical Trend (2018-2022)
12.3.3.2 Forecast Trend (2023-2028)
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 (2018-2022)
13.3.1.2 Forecast Trend (2023-2028)
13.3.2 United Arab Emirates
13.3.2.1 Historical Trend (2018-2022)
13.3.2.2 Forecast Trend (2023-2028)
13.3.3 Nigeria
13.3.3.1 Historical Trend (2018-2022)
13.3.3.2 Forecast Trend (2023-2028)
13.3.4 South Africa
13.3.4.1 Historical Trend (2018-2022)
13.3.4.2 Forecast Trend (2023-2028)
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 2028
2. Global Fuel Oil Historical Market: Breakup by Type (Million Barrels/Day), 2018-2022
3. Global Fuel Oil Market Forecast: Breakup by Type (Million Barrels/Day), 2023-2028
4. Global Fuel Oil Historical Market: Breakup by Application (Million Barrels/Day), 2018-2022
5. Global Fuel Oil Market Forecast: Breakup by Application (Million Barrels/Day), 2023-2028
6. Global Fuel Oil Historical Market: Breakup by Region (Million Barrels/Day), 2018-2022
7. Global Fuel Oil Market Forecast: Breakup by Region (Million Barrels/Day), 2023-2028
8. North America Fuel Oil Historical Market: Breakup by Country (Million Barrels/Day), 2018-2022
9. North America Fuel Oil Market Forecast: Breakup by Country (Million Barrels/Day), 2023-2028
10. Europe Fuel Oil Historical Market: Breakup by Country (Million Barrels/Day), 2018-2022
11. Europe Fuel Oil Market Forecast: Breakup by Country (Million Barrels/Day), 2023-2028
12. Asia Pacific Fuel Oil Historical Market: Breakup by Country (Million Barrels/Day), 2018-2022
13. Asia Pacific Fuel Oil Market Forecast: Breakup by Country (Million Barrels/Day), 2023-2028
14. Latin America Fuel Oil Historical Market: Breakup by Country (Million Barrels/Day), 2018-2022
15. Latin America Fuel Oil Market Forecast: Breakup by Country (Million Barrels/Day), 2023-2028
16. Middle East and Africa Fuel Oil Historical Market: Breakup by Country (Million Barrels/Day), 2018-2022
17. Middle East and Africa Fuel Oil Market Forecast: Breakup by Country (Million Barrels/Day), 2023-2028
18. Global Fuel Oil Market Structure
Key Questions Answered in the Report
In 2022, the global fuel oil market attained a volume of nearly 4.8 MBPD.
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 2022, 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 2023-2028.
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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