Comprehensive historical analysis of global market for Fuel Oil has thoroughly analyzed in this report. It offers data and insights from 2019-2022, and provides extensive market forecasts from 2023-2032 by region/country and subsectors. It covers the price, sales volume, revenue, historical growth, gross margin, and future outlooks for the Fuel Oil market.
The Global Fuel Oil Market Size is anticipated to exceed USD 276.4 Billion by 2032, growing at a CAGR of 4.8% from 2022 to 2032.
The report includes growth prospects in the global Fuel Oil market by type, application, sub segement and region and QMI has compiled a comprehensive detailed research report to offer insights. The report details consumption in the Chemicals & Materials and other sectors. Regional coverage spans North America, Europe, and rest of the world including Asia Pacific.
Fuel oil, also known as furnace oil, is a yellowish to light-brown liquid derived from the residues of crude oil distillation. It is primarily used as fuel in steam boilers on ships, power plants, and various industrial facilities around the world. To achieve specific properties like flash point and viscosity, fuel oil is often blended with other petroleum fractions. Residual fuel oils, derived from the crude distillation or thermal cracking process, tend to have a more complex composition and contain more impurities compared to distillate fuel oils.
The market for fuel oil is expected to grow due to increasing domestic and commercial demand for electricity and its use in residential and commercial furnaces and boilers. Additionally, urbanization and population growth are driving higher demand for transportation, further boosting fuel oil consumption. However, market growth is restrained by rising concerns over environmental pollution and greenhouse gas emissions associated with fuel oil use.
Leading players of Fuel Oil including:
- Chevron Corp.
- BP PLC
- JXTG Holdings Inc.
- Exxon Mobil Corp
- PJSC LUKOIL, P.T.
- Pertamina
- Qatar Petroleum
- Reliance Industries Ltd.
- Shell PLC
- SK Innovation Co. Ltd.
- Gazprom Neft PJSC
- Total S.A.
- Rosneft
- PetroChina
- Petrobras
- Others
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Market split by Segement, can be divided into:
By Product
- Distillate Fuel Oil
- Residual Fuel Oil
By Application
- Transportation
- Petrochemical Industry
Market segment by Region/Country including:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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In January 2023, BP PLC announced plans to increase its investment in the onshore oil and gas industry in Texas and the Gulf of Mexico. The company plans to increase its investment by USD 2.4 billion in 2023, a 14% increase from USD 1.7 billion in 2022. The investment is expected to lower the country's fuel costs.
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Whats covered in the report?
- 1. Overview of the Fuel Oil market.
- 2. The current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa) market size data for the Fuel Oil market, based on segement.
- 3. Fuel Oil Market trends.
- 4. Fuel Oil Market drivers.
- 5. Analysis of major company profiles.
Reasons to buy this Market Report:
1. Save time carrying out entry-level research by identifying the size, growth, and leading players in the emerging Fuel Oil market.
2. Use the SWOT analysis to determine the competitive intensity and therefore attractiveness of the emerging Fuel Oil Industry.
3. Leading company profiles reveal details of key Fuel Oil market players emerging five operations and financial performance.
4. Add weight to presentations and pitches by understanding the future growth prospects of the emerging Fuel Oil market with five year historical forecasts.
5. Compares data from North America, South America, Asia Pacific Europe and Middle East Africa, alongside individual chapters on each region.
6. Extensive information on factors that will amplify the growth of the Fuel Oil market over the upcoming seven years
7. Accurate estimation of the global Fuel Oil market size
8. Exact estimations of the upcoming trends and changes observed in the consumer behavior
9. Growth of the global Fuel Oil market across the North & South America, EMEA, Asia Pacific, and Latin America
10. Information about Fuel Oil market growth potential
11. In-depth analysis of the industry’s competitive landscape and detailed information vis-a-vis on various vendors
12. Furnishing of detailed information on the factors that will restrain the growth of the Fuel Oil market
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