Fuel Oil Market size was valued at US$ 184.74 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 4.2% through 2023 to 2029, reaching nearly US$ 246.41 Bn.Fuel Oil Market Overview:
The Global Fuel Oil market was valued at US $184.74 Bn. in 2022, and it is expected to reach US $246.41 Bn. by 2029 with a CAGR of 4.2% during the forecast period. Fuel Oils are derived from refined crude oil to meet the standards for a given usage. The combustion process produces residual oils and distillate oil, which are divided into two major types in fuel oil.To know about the Research Methodology :- Request Free Sample Report
Fuel Oil Market Dynamics:
Various industries, including as transportation and petroleum refineries, are quickly growing their energy need around the world. The large amount of transportation activities, growing number of transportation modes, and related energy efficiency are driving transportation energy demand. Due to issues such as a lack of alternative fuels such as biofuels and higher biofuel production costs, technology constraints for plug-in electric vehicles, and the cost of batteries, the transportation sector consumes more than 80% of all fuel oil consumed by all end-user industries. Additionally, rising consumer investment power as a result of rising per capita income in emerging countries such as India, Korea, and Thailand is expected to boost energy consumption. As a result, the increasing demand for fuel oil in the transportation sector will considerably contribute to the global fuel oil market’s rising growth. The increasing fuel costs can be a large issue, estimated to control the development of the global market. The need for fuel oil is estimated to decrease from energy creation. This is also estimated to restrict the development of the global fuel oil market. The increasing implementation of fuel oil in crude oil in fossil fuel purifiers, building substances, metallurgy, and the power industry is expected to drive the global fuel oil market. Environmental and health related issues are worries connected to the increasing sulphur content of unconsumed power oil have guide to lead to modern rules and regulations that have remarkably decreased assumptions for subsequent residual combustible oil usage globally. The movement shift from combustible oil build heating in ships is expected to abandon an extensive quantity of surplus heavy combustible oil, which will be obtainable, most appropriately at a heavy deduction.Segment Analysis:
The Global Fuel Oil Market is segmented by Product, and Applications. Based on the Product, the market is segmented into Distillate Fuel Oil, and Residual Fuel Oil. Distillate Fuel Oil segment is expected to hold the largest market shares of xx% by 2029. Comparing to residual fuel oils, distillate fuel oils are more cleaner and more expensive per gallon. When burned in a boiler, distillate fuel oils are known to emit low levels of nitric oxide (NOx), particulate matter (PM), and sulphur dioxide (SO2). These are the key benefits that drives the growth of this segment in the global market during the forecast period.Based on the Applications, the market is segmented into Transportation, Petrochemical Industry, Petroleum Refineries, and Others. Transportation segment is expected to grow rapidly at a CAGR of xx% during the forecast period. On and off-highway diesel engines, such as trucks and automobiles, railroad locomotive engines, and agricultural machinery, run on distillate fuel oils. The maritime bunkering industry makes extensive use of residual fuels. These are the key factor that drives the growth of the Transportation segment in the global market during the forecast period.
Regional Insights:
Asia Pacific dominates the global market during the forecast period 2023-2029. Asia Pacific is expected to hold the largest market shares of xx% by 2029. The Asia Pacific region has the world’s largest oil refining capacity, with china and India at the top. The market is expected to grow due to the growing transportation industry in major countries, where SUVs and trucks account for a large portion of the automotive market. These are the key factor that drives the growth of Asia Pacific region in the global market during the forecast period 2023-2029. North America and Europe are expected to grow rapidly at a CAGR of xx% and xx% during the forecast period. North America and Western Europe are also estimated to generate expecting the constructive growth footstep in the market due to the development in the zonal economy and emergence of innovative automations which will lower the time interval of the procedure. New refining dimensions are concentrated in places, where the demand need is increasing, particularly in the Asia Pacific region. The distribution is expected to lower down, due to the reduced need in fuel oil .This is produced mostly due to the strict environmental rules that are being followed globally. These are the major factor that drives the growth of the North America and Europe regions in the global market during the forecast period 2023-2029. The objective of the report is to present a comprehensive analysis of the Global Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also helps in understanding the Global Fuel Oil Market dynamic, structure by analyzing the market segments and project the Global Fuel Oil Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Fuel Oil Market make the report investor’s guide.Fuel Oil Market Scope: Inquire before buying
Fuel Oil Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2022 Market Size in 2022: US $ 184.74 Bn. Forecast Period 2023 to 2029 CAGR: 4.2% Market Size in 2029: US $ 246.41 Bn. Segments Covered: by Product Distillate Fuel Oil Residual Fuel Oil by Applications Transportation Petrochemical Industry Petroleum Refineries Others Fuel Oil Market, by Region
North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)Key Players are:
1.BP PLC 2.Chevron Corp 3.Exxon Mobil Corp 4.JXTG Holdings Inc. 5.PJSC LUKOIL 6.PT Pertamina 7.Qatar Petroleum 8.Reliance Industries Ltd. 9.Royal Dutch Shell 10.SK Innovation Co. Ltd. 11.Gazprom Neft PJSC 12.Total S.A 13.Rosneft 14.PetroChina 15.Petrobras 16.OthersFrequently Asked Questions:
1] What segments are covered in Fuel Oil Market report? Ans. The segments covered in Fuel Oil Market report are based on Product, and Applications. 2] Which region is expected to hold the highest share in the Global Fuel Oil Market? Ans. Asia Pacific is expected to hold the highest share in the Global Fuel Oil Market. 3] Who are the top key players in the Global Fuel Oil Market? Ans. BP PLC, Chevron Corp, Exxon Mobil Corp, JXTG Holdings Inc., PJSC LUKOIL, and PT Pertamina are the top key players in the Global Fuel Oil Market. 4] Which segment holds the largest market share in the Global Fuel Oil market by 2029? Ans. Distillate fuel oil segment hold the largest market share in the Global Fuel Oil market by 2029. 5] What is the market size of the Global Fuel Oil market by 2029? Ans. The market size of the Global Fuel Oil market is US $246.41 Bn. by 2029. 6] What was the market size of the Global Fuel Oil market in 2022? Ans. The market size of the Global Fuel Oil market was worth US $184.74 Bn. in 2022.
1.Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Global Fuel Oil Market Size, by Market Value (US$ Mn) 3.1. Global Market Segmentation 3.2. Global Market Segmentation Share Analysis, 2022 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Fuel Oil Market 3.4. Geographical Snapshot of the Fuel Oil Market, By Manufacturer share 4. Global Fuel Oil Market Overview, 2022-2029 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porters Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Global Fuel Oil Market 5. Supply Side and Demand Side Indicators 6. Global Fuel Oil Market Analysis and Forecast, 2022-2029 6.1. Global Fuel Oil Market Size & Y-o-Y Growth Analysis. 7. Global Fuel Oil Market Analysis and Forecasts, 2022-2029 7.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 7.1.1. Distillate Fuel Oil 7.1.2. Residual Fuel Oil 7.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 7.2.1. Transportation 7.2.2. Petrochemical Industry 7.2.3. Petroleum Refineries 7.2.4. Others 8. Global Fuel Oil Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2022-2029 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Fuel Oil Market Analysis and Forecasts, 2022-2029 9.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 9.1.1. Distillate Fuel Oil 9.1.2. Residual Fuel Oil 9.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 9.2.1. Transportation 9.2.2. Petrochemical Industry 9.2.3. Petroleum Refineries 9.2.4. Others 10. North America Fuel Oil Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Fuel Oil Market Analysis and Forecasts, 2022-2029 11.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 11.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 12. Canada Fuel Oil Market Analysis and Forecasts, 2022-2029 12.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 12.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 13. Mexico Fuel Oil Market Analysis and Forecasts, 2022-2029 13.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 13.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 14. Europe Fuel Oil Market Analysis and Forecasts, 2022-2029 14.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 14.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 15. Europe Fuel Oil Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Fuel Oil Market Analysis and Forecasts, 2022-2029 16.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 16.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 17. France Fuel Oil Market Analysis and Forecasts, 2022-2029 17.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 17.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 18. Germany Fuel Oil Market Analysis and Forecasts, 2022-2029 18.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 18.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 19. Italy Fuel Oil Market Analysis and Forecasts, 2022-2029 19.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 19.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 20. Spain Fuel Oil Market Analysis and Forecasts, 2022-2029 20.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 20.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 21. Sweden Fuel Oil Market Analysis and Forecasts, 2022-2029 21.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 21.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 22. CIS Countries Fuel Oil Market Analysis and Forecasts, 2022-2029 22.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 22.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 23. Rest of Europe Fuel Oil Market Analysis and Forecasts, 2022-2029 23.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 23.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 24. Asia Pacific Fuel Oil Market Analysis and Forecasts, 2022-2029 24.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 24.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 25. Asia Pacific Fuel Oil Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Fuel Oil Market Analysis and Forecasts, 2022-2029 26.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 26.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 27. India Fuel Oil Market Analysis and Forecasts, 2022-2029 27.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 27.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 28. Japan Fuel Oil Market Analysis and Forecasts, 2022-2029 28.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 28.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 29. South Korea Fuel Oil Market Analysis and Forecasts, 2022-2029 29.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 29.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 30. Australia Fuel Oil Market Analysis and Forecasts, 2022-2029 30.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 30.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 31. ASEAN Fuel Oil Market Analysis and Forecasts, 2022-2029 31.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 31.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 32. Rest of Asia Pacific Fuel Oil Market Analysis and Forecasts, 2022-2029 32.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 32.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 33. Middle East Africa Fuel Oil Market Analysis and Forecasts, 2022-2029 33.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 33.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 34. Middle East Africa Fuel Oil Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Fuel Oil Market Analysis and Forecasts, 2022-2029 35.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 35.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 36. GCC Countries Fuel Oil Market Analysis and Forecasts, 2022-2029 36.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 36.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 37. Egypt Fuel Oil Market Analysis and Forecasts, 2022-2029 37.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 37.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 38. Nigeria Fuel Oil Market Analysis and Forecasts, 2022-2029 38.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 38.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 39. Rest of ME&A Fuel Oil Market Analysis and Forecasts, 2022-2029 39.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 39.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 40. South America Fuel Oil Market Analysis and Forecasts, 2022-2029 40.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 40.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 41. South America Fuel Oil Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Fuel Oil Market Analysis and Forecasts, 2022-2029 42.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 42.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 43. Argentina Fuel Oil Market Analysis and Forecasts, 2022-2029 43.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 43.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 44. Rest of South America Fuel Oil Market Analysis and Forecasts, 2022-2029 44.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 44.2. Market Size (Value) Estimates & Forecast By Applications, 2022-2029 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Global Fuel Oil Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, Applications and R&D Investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment and Verticals 45.2.3.2. M&A, Forward Integration and Backward Integration 45.2.3.3. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements 45.3. Company Profile : Key Players 45.3.1. BP PLC 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.3.2. Chevron Corp 45.3.3. Exxon Mobil Corp 45.3.4. JXTG Holdings Inc. 45.3.5. PJSC LUKOIL 45.3.6. PT Pertamina 45.3.7. Qatar Petroleum 45.3.8. Reliance Industries Ltd. 45.3.9. Royal Dutch Shell 45.3.10. SK Innovation Co. Ltd. 45.3.11. Gazprom Neft PJSC 45.3.12. Total S.A 45.3.13. Rosneft 45.3.14. PetroChina 45.3.15. Petrobras 45.3.16. Others 46. Primary Key Insights