Global Fuel Oil Industry Report: Analysis and Forecast 2022-2027
Regional Category Spend, Primary Demand, Price Analysis and Indicators, and Best Buying Practices of the fuel oil Industry Report
The global Fuel oil industry was valued to be worth about 4.2 MBPD in 2021. In the projection period of 2022-2027, the industry is expected to grow at a CAGR of around 7.2 percent, achieving a value of around 6.35 MBPD by 2027.
The fuel oil industry report broadly studies the industry, together with important segments, movements, drivers, constraints, the competitive landscape, and other critical market features. The demand for fuel oil is increasing at a faster rate across numerous industries, including petroleum refineries, construction materials, metallurgy, and the electrical industry, which is expected to boost the fuel oil market. The Asia Pacific is the biggest category spender by region which is impelling the demand for the fuel oil industry.
Fuel Oil: Industry Definition and Segmentation
Fuel oil, also known as heavy oil, maritime fuel, or furnace oil, is a fraction of the oil produced during distillation, either as a distillate or as a residue. Furthermore, fuel oil refers to any liquid fuel that is typically used to generate heat in a boiler or furnace.
Long chains of hydrocarbons, alkanes, cycloalkanes, and aromatics make up this substance. Fuel oil is the most powerful and severe commercial fuel, derived from crude oil and heavier than gasoline and naphtha. It is delivered via pipelines, trucks, bunker ships, or retail fuel channels.
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The fuel oil industry report comprises segments:
- By application – road and domestic waterway, marine bunkers, petrochemicals, residential/commercial/agricultural and electricity generation
- By region – Europe, North America, Asia Pacific, Latin America and the Middle East, and Africa
Snapshot of the Report
The regional markets for the industry can be divided into Europe, North America, Asia Pacific, Latin America and the Middle East, and Africa.
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Several industries, such as transportation and petroleum refineries are rapidly increasing their need for energy across the globe. Hence, a huge amount of transportation activities, a rising volume of modes of transportation, and the concerning effectiveness of energy are propelling the demand for transportation energy.
Owing to issues like shortage of substitute fuels such as biofuels and elevated biofuel manufacturing costs, technology restraints for battery-operated electric vehicles, and the cost of batteries, the transportation segment consumes 80% and above of the total fuel oil that is utilised by all end-user industries.
Moreover, increasing consumer spending power due to growing per capita income in developing countries like India, Korea, and Thailand is projected to encourage the further consumption of energy. This rising demand for fuel in the transportation sector will substantially is adding to the growth of the global fuel oil market.
Category Insight by Region
The Asia Pacific region has the biggest oil refining capability in the world, with China and India being the leading countries in the region. The market is estimated to expand owing to the increasing transportation industry in prominent countries, in which SUVs and trucks hold a large part of the automotive market. Along with this new refining, components are concentrated in places specifically in the Asia Pacific region, where the demand need is growing.
Best Procurement Practices
The global fuel oil industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by fuel oil providing and utilising regions across the globe, such as contract terms, engagement models, and buyer and supplier negotiation levers, among others.
Category Management Studies
Fuel oils are obtained from refined or processed crude oil to get the right requirements for specific utilisation. Further, fuel oil is divided into two primary categories – residual oils and distillate oils that are manufactured by the combustion methodology. These fuel oils are grouped by their grade numbers as numbers 1 and 2 are called distillate oils, and residual oils are in grade numbers 5 and 6.
Additionally, grade oil number 4 is either a blend of residual and distillate oils or distillate oil. Moreover, the fuel oils are chemically improved with the use of dispersants, and antioxidants inhibitors to fulfil a particular demand based on their function.
Key Supplier Profiles included in the Global Fuel Oil Industry Report
The key market players are Exxon Mobil Corporation, Shell Plc, British Petroleum Plc, Chevron Corporation, Emery Oleochemicals LLC, and Total Energies SE.
The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments in the market.
Also Check Other Industry Reports
- Global Industrial Valves Industry Report – https://www.marketwatch.com/press-release/global-industrial-valves-market-analysis-and-forecast-2022-2027-2023-01-12
- Warehousing Services Industry Report – https://www.marketwatch.com/press-release/global-warehousing-industry-report-analysis-and-forecast-2022-2027-2023-01-12
- Forging Industry Report – https://www.marketwatch.com/press-release/global-forging-industry-report-analysis-and-forecast-2022-2027-2023-01-12
- Hydraulic Fracturing Services Industry Report – https://www.marketwatch.com/press-release/global-hydraulic-fracturing-services-industry-report-analysis-and-forecast-2022-2027-2023-01-12
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