The new report by Expert Market Research titled, ‘Global Fuel Oil Market Size, Share, Price, Growth, Trends, Industry, Report and Forecast 2021-2026’, gives an in-depth analysis of the global fuel oil market, assessing the market based on its segments like type, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): 4.8 MBPD
In the historical period 2016-2020, the demand for fuel oil has been high and there has been a consistent rise in it too. In recent times, due to the COVID-19 pandemic, the disruption of supply chains lowered the supply, but the demand in the future is expected to be high in the forecast period 2021-2026. The market is mainly dependent on supply of crude oil from the Middle East, which is the major supplier of crude oil across the world. With explorations in North America, the overall supply is expected to rise even further. In the Asia Pacific, emerging economies like China and India are expected to fuel demand over the forecast period.
Industry Definition and Major Segments
Fuel oil is any oil which is burnt in a furnace to generate heat. It is obtained as a fraction, which is heavier than naphtha and petrol, in distillation during refining of crude oil. It may be used in engines to generate power and is often used in electricity generation, manufacturing of petrochemicals and for residential purposes. Its structure consists of long chain hydrocarbons, cycloalkanes, aromatics and alkanes.
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Based on type, the industry can be divided into:
• Heavy Fuel Oil
• Light Fuel Oil
It finds wide applications in the following:
The regional markets include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The applications of fuel oil as a heating fuel are driving its demand across the world. With exploration projects for petroleum increasing in number across the world, the market for fuel oil is expected to increase with greater supply. Intensive industrialisation in the Asia Pacific countries, particularly emerging economies like India and China can give a boost to the demand for fuel oil in the future. The rapid rise in population and urbanisation are also further increasing the demand. Since the major supply is from the Middle East and Africa sector, the supply is highly dependent on these countries’ oil export policies and the possibility of newer exploration projects being taken up. Overall, the general trend for the fuel oil market is expected to be positive for the forecast period.
Key Market Players
The major players in the market are Exxon Mobil Corporation, Royal Dutch Shell plc, BP Oil International Limited, Chevron Corporation, and PJSC NK Rosneft, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
Key Market Players
The major players in the market are Böcker Maschinenwerke GmbH, Escorts Limited , Effer S.P.A , The Manitowoc Company, Inc., XCMG Group, Liebherr-International Deutschland GmbH and few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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