The fuel oil market size will decrease by USD 84.77 billion during 2020-2024. This report provides a detailed analysis of the market by application (marine, industrial, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BP Plc, Chevron Corp., Exxon Mobil Corp., JXTG Holdings Inc., PJSC LUKOIL, PT Pertamina(Persero), Qatar Petroleum, Reliance Industries Ltd., Royal Dutch Shell Plc, and SK Innovation Co. Ltd.
Market Overview
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Market Competitive Analysis
The fuel oil market is fragmented with numerous vendors that produce and supply fuel oil to customers. Vendors need to make high capital investments to remain competitive in the market. BP Plc, Chevron Corp., and Exxon Mobil Corp. are some of the major market participants. Although the rise in world energy demand will offer immense growth opportunities, the fluctuations in crude oil prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this fuel oil market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this fuel oil market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- BP Plc
- Chevron Corp.
- Exxon Mobil Corp.
- JXTG Holdings Inc.
- PJSC LUKOIL
- PT Pertamina(Persero)
- Qatar Petroleum
- Reliance Industries Ltd.
- Royal Dutch Shell Plc
- SK Innovation Co. Ltd.
Fuel Oil Market: Segmentation by Application
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The primary requirement of any marine engine is to propel the ship or generate onsite power by using the energy obtained from burning fuel oil. The mega marine engines of ships burn tons of fuel every day to propel the massively loaded ships. The rise in demand for bunker fuel oil due to the growing seaborne trade and growing naval activities will drive the demand for fuel oil for marine.
However, market growth in this segment will be slower than the growth of the market in the industrial and other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the fuel oil market size.
Fuel Oil Market: Segmentation by Geography
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North America will offer several growth opportunities to market vendors during the forecast period. The strong consumption of space heating fuel, growing refinery capacity, and proliferating marine trade will significantly influence fuel oil market growth in this region over the forecast period. The US is a key market for fuel oil in North America.
Fuel Oil Market: Key Drivers and Trends
The fluctuation in oil prices has affected the business of several oil and gas companies and refinancing companies. As a result, crude oil processing projects generate less revenue and many oil and gas companies suspend or postpone their exploration and production projects. Fluctuations in crude oil prices also impact investments in E&P and refining projects. Such factors will result in a slowdown in the growth of the global fuel oil market during the forecast period.
The adoption of blockchain in the oil and gas industry helps in overcoming several issues including the complexity of logistics, high fuel prices, and environmental pollution. Blockchain platforms facilitate secure and faster transactions between the entities and maintain transparency. Blockchain also helps in reducing cash cycle time and intermediary costs. These benefits will result in an increase in the adoption of blockchain to enhance the overall operational efficiency of the existing refineries. As a result of such factors, the fuel oil market will register a CAGR of (13)% during the forecast period.
Fuel Oil Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive fuel oil market growth during the next five years
- Precise estimation of the fuel oil market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the fuel oil industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of fuel oil market vendors
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