Fuel Oil Market Research Report

 

Growth Opportunities in the global fuel oil market look promising over the next six years. The rapid development in the transportation industry and the rising consumption level of fuel oil are the key factors driving the growth of the global fuel oil market.

Introduction of the Fuel Oil Market:

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

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Fuel Oil Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

The significant factors contributing to the growth of the fuel oil market globally include the rapid development in the transportation industry, the rising consumption level of fuel oil, and the strong demand for building materials. Furthermore, the growing adoption of blockchain in the oil and gas industry, increasing need for IMO regulations- based refinery, and the developing seaborne trade across the globe will further boost the growth of the global fuel oil market. The increase in the demand for energy due to the economic growth and rising energy demand across several industries will enhance the demand for fuel oil during the forecast period. The end-users are increasingly opting for fuel oil, which provides unique benefits such as high energy density, easy availability, better stability, and is non-explosive, which improves its efficiency and safety.

Based on the region, the Asia-Pacific region is expected to dominate the market during the forecast period. This is mainly due to the drastic increase in the demand for fuel oil, particularly in developing countries such as India, China, and Japan. Additionally, the rapid industrialization in the Asian countries and the rising demand for energy will further propel the demand for fuel oil in this region.

Key Players of the Global Fuel Oil Market:

·        Chevron Corporation

·        Exxon Mobil Corporation

·        Gazprom

·        Royal Dutch Shell PLC

·        Sinopec

·        Saudi Aramco

·        BP

·        Kuwait Petroleum Corporation

·        Total

·        Valero

·        GoodFuels

Fuel Oil Market Segmentation:

Global Fuel Oil Market Report Segment 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 Report Segment by Application:

·        Marine

·        Industrial

·        Others

Global Fuel Oil Market Report Segment by Region:

·        North America

o   United States of America

o   Canada

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.

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