Wednesday, 19 May 2021 12:02 GMT

Global Fuel Oil Market to be Driven by increasing demand for crude oil in the Forecast Period of 2021-2026

(MENAFN - GetNews) The new report by Expert Market Research titled, 'Global Fuel Oil Market Price, Trends, Growth, Analysis, Outlook, Report and Forecast 2021-2026', gives in-depth analysis of the global fuel oil market, assessing the market based on its segments like application, and major regions.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter's Five Forces models.


Note 1:  For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.


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The key highlights of the report include:

Market Overview (2016-2026):

• Historical Market Size (2020): 4.8 MBPD


Since the last decade, the global transportation industry has been rapidly expanding. Companies in the automotive sector are the biggest users of fuel oil. Apart from that, fuel oil is used in the petrochemical and petroleum refining industries. Since many years, the building materials industry has also been on the rise. The building materials industry is projected to increase demand for fuel oil. The global fuel oil demand is expected to be propelled by all these factors.


Industry Definition and Major Segments

A fraction of the oil formed by distillation, either as a distillate or as a residue, is known as fuel oil (also known as heavy oil, marine fuel, or furnace oil). Any liquid fuel that is typically burned in a boiler or furnace to generate heat is referred to as fuel oil. Oils with a flashpoint of approximately 42°C (108°F) and oils burned in wool wick burners or cotton are often used in the engine for the purpose of power generation.


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On the basis of application, the market can be segmented into the following:

• Marine
• Industrial
• Others


Based on region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa


Market Trends

The growing use of heating oil, especially in the United States of America, is driving the demand for fuel oil. In both commercial and residential buildings, the oil is commonly used in boilers and furnaces. The rising demand for electricity in power plants, which is produced with the help of fuel oil, is also helping to boost demand for fuel oil. Lower outputs during the Covid-19 lockdowns, as well as increased government controls on crude oil extraction, are some of the market's constraints. The rising demand for crude oil among consumers is the primary driver of the fuel oil market. In all regions, there is a growing market for higher-quality fuel oils. Since good quality oil improves efficiency and engine life, demand from various end-use industries is expected to rise. Because of the increased demand, major companies are putting forward efforts to manufacture higher-quality fuel oil. Key companies should be able to meet the increasing demand from various end-use industries because of this. The Asia Pacific region dominates the global fuel oil industry. This is due to an increase in fuel oil demand from industries in China, Japan, and India. The United States is expected to play a significant role in the global fuel oil market's expansion.


Key Market Players

The major players in the market are Alicid Organic Industries Ltd., Chevron Corporation, Public Joint Stock Company Gazprom, Qatar Petroleum, Royal Dutch Shell Plc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.


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Note 2:  As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.


About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At Expert Market Research, we tailor our approach according to our clients' needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

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Informes de Expertos ( https://informesdeexpertos.com ), the Spanish variant of Expert Market Research, is a platform that offers market research and consultancy services to a broad clientele base across Spanish speaking countries. With our primary focus on the Latin America and Spain markets, our research experts provide relevant and actionable insights into the markets and track major trends, economic developments, and global trade data.

Determined to bring client satisfaction, we make sure that our tailored approach meets the client's unique market intelligence requirements. Our syndicated and customized research reports cover a wide spectrum of industries ranging from pharmaceuticals and food and beverage to packaging, logistics, and transportation.

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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