Fuel Oil Market

Fuel oil market is expected to witness a CAGR of approximately 4.3% during the forecast period, 2023-2030.

Introduction of Fuel Oil Market Report

Fuel Oil is the residue obtained from the distilling crude oil during the process of refining and is one of the least volatile and the heaviest fuels, which is mainly used for commercial purposes. It is obtained through distillation process of petroleum and is burned in boilers or furnace for generating power or heat. The fuel oil comprises of long chains of hydrocarbon, including aromatics, alkanes, and cycloalkane and is considered to be a heavier commercial fuel as compared to naphtha and gasoline.

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Fuel Oil Market Key Drivers

The continuous expansion in the transportation industry followed by the increasing consumption level of fuel oil and rising demand for building materials, are some of the major factors contributing towards the growth of the Fuel Oil market across the globe. The drastic rise in the demand for energy driven by the economic growth and increasing energy demand across various industries will drive the demand for fuel oil over the coming years. In addition to this, the growing requirement of IMO regulations- based refinery, increasing adoption of blockchain in the oil and gas industry and the expanding seaborne trade at the global level, will have a positive impact on the Global Fuel Oil market. The fuel oil offers exceptional benefits such as easy availability, high energy density, better stability, and is non-explosive, which increases its efficiency and safety, thereby encouraging the end-users to opt for fuel oil for enhanced productivity.

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Based on the type, the number 1,2, and 3 fuel oils are anticipated to lead the market during the forecast period. These fuel oils are also known as distillate fuel oils, light fuel oils, diesel fuel oils, or just distillate. These types of fuel oil are formed according to the boiling point, purpose, and combustion of the oil. The carbon chain length ranging from 20 to 70 atoms and 175 to 600°C of the fuel increases with the fuel oil number. The price of fuel oil generally decreases as the fuel number increases, and the viscosity of the fuel oil also increases with the number of fuel oil.

Based on the application, the marine segment is expected to grow at a higher CAGR during the forecast period due to the increasing usage of fuel oil for rotating the ship propeller or the alternator across the globe. The fuel oil releases energy by burning the fuel present in the combustion chamber of the engine, which helps in generating steam inside the boiler. The main purpose of the marine engine is to drive the ship and generate power onboard using energy which is obtained by burning fuel oil. This type of fuel is mostly used fuel for commercial vessels. The Industrial segment is projected to grow at a higher CAGR during the forecast period owing to the increasing usage of fuel oil across various industries to generate electricity.

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Regional – Segment Analysis

Based on region, Asia-Pacific region is anticipated to lead the market during the forecast period owing to the significant rise in the demand for fuel oil, especially in developing economies such as China, India, and Japan. In addition to this, the rapid industrialization across the Asian countries and the increasing demand for energy will further fuel the demand for fuel oil in this region.

Top Market Players

Various notable players operating in the Global Fuel Oil Market include Chevron Corporation, Exxon Mobil Corporation, Gazprom, Royal Dutch Shell PLC, Sinopec, Saudi Aramco, BP, Kuwait Petroleum Corporation, Total, Valero and GoodFuels among others.

Key Market Developments:

• • In 2019, Jumbo and Good Fuel entered into a partnership for testing the marine Bio-Fuel Oil on an offshore decommissioning project.
  • In 2019, Exxon Mobil Corporation entered into an agreement with Oil and Natural Gas Corporation (ONGC) to expand its footprints in India.

Segments covered in the Report:

The Global Fuel Oil market is segmented by type, application, and key regions. Based on type, the market is segmented into number 1 fuel oil, number 2 fuel oil, number 3 fuel oil, number 4 fuel oil, number 5 fuel oil, and number 6 fuel oil. Based on the Application, the market is segmented into marine, industrial, and others.

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Key questions answered in this research report:

• • At what pace is the Global Fuel Oil market growing? What will be the growth in the future?
  • What are the key restraints and drivers in the global fuel oil market? What will be the impact of restraints and drivers in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Fuel Oil market?
  • What are the various application areas of the Global Fuel Oil market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
  • Which type of fuel-oil generated maximum revenues in 2022 and identify the most promising types during the forecast period?

Report Coverage	Details
Market Revenues (2022)	Million
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Chevron Corporation, Exxon Mobil Corporation, Gazprom, Royal Dutch Shell PLC, Sinopec, Saudi Aramco, BP, Kuwait Petroleum Corporation, Total, Valero and GoodFuels ; a total of 11 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Fuel Oil Market by Type

• • Number 1 Fuel Oil
  • Number 2 Fuel Oil
  • Number 3 Fuel Oil
  • Number 4 Fuel Oil
  • Number 5 Fuel Oil
  • Number 6 Fuel Oil

Global Fuel Oil Market by Application

• • Marine
  • Industrial
  • Others

Global Fuel Oil Market by Region

• • North America Fuel Oil Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Application
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Fuel Oil Market (Option 2: As a part of the free 25% Customization)
    • By Type
    • By Application
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Fuel Oil Market (Option 3: As a part of the free 25% Customization)
    • By Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • ROW Fuel Oil Market (Option 4: As a part of the free 25% Customization)
    • By Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Fuel Oil Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Chevron Corporation
  • Exxon Mobil Corporation
  • Gazprom
  • Royal Dutch Shell PLC
  • Sinopec
  • Saudi Aramco
  • BP
  • Kuwait Petroleum Corporation
  • Total
  • Valero
  • GoodFuels