Global Fuel Oil Market Size Worth USD 276.4 Billion By 2032 | CAGR of 4.8%
Category: Chemicals & MaterialsGlobal Fuel Oil Market Size Worth USD 276.4 Billion By 2032
According to a research report published by Spherical Insights & Consulting, the Global Fuel Oil Market Size is to grow from USD 172.7 billion in 2022 to USD 276.4 billion by 2032, at a Compound Annual Growth Rate CAGR of 4.8% during the projected period. The widespread use of oil in the agricultural, petrochemical, power generation, domestic waterways, and road transportation sectors is a major driver of market growth. Furthermore, economic development in a number of countries around the world is a major driver of market growth.
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Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the Global Fuel Oil Market Size, Share, and COVID-19 Impact Analysis, By Product (Distillate Fuel Oil, Residual Fuel Oil), By Application (Transportation, Petrochemical Industry), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/fuel-oil-market
Fuel oil, also known as furnace oil, is a yellowish to light-brown liquid mixture composed of crude oil distillation residues. The oil is primarily used in steam boilers on ships, power plants, and industrial plants worldwide. The oil is typically blended with other petroleum fractions to achieve the desired flash point and viscosity. The deposits from the crude distillation of thermal cracking make up residual fuel oils, which are generally more complex in terms of impurities and composition than distillate fuel oils. Rising domestic and commercial demand for electricity, as well as increased use of oil in furnaces and boilers for residential and commercial buildings, will likely drive market growth. Population growth and urbanization increase demand for transportation services, resulting in increased fuel oil consumption. However, one of the major restraints on the fuel oil market is the growing concern about environmental pollution and greenhouse gas emissions.
The distillate fuel oil segment accounted for the largest share in the global fuel oil market in 2022.
The global fuel oil market is divided into two types: distillate fuel oil and residual fuel oil. The distillate fuel oil segment held the largest share of the global fuel oil market in 2022. Distillate fuel oil is a refined petroleum product derived from the distillation of crude oil. It is a lighter and cleaner fuel than residual fuel oil. Distillate fuel oil is widely used in a wide range of applications.
The transportation segment accounted for the largest share in 2022.
The global fuel oil market is divided into two applications: transportation and petrochemical industry. The transportation sector held the largest share in 2022. The transportation industry consumes a significant amount of fuel oil, particularly distillate fuel oil and diesel, for various modes of transportation. Automobiles, trains, ships, and aircraft are all examples.
North America is expected to grow at the fastest pace in the global fuel oil market during the forecast period.
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North America has a well-developed transportation and manufacturing sector, which contributes to the country's high fuel oil consumption. Because of its extensive road transportation network, trucking industry, and power generation, the United States consumes a significant amount of distillate fuel oil.
In 2022, Asia Pacific accounted for the largest share of the global fuel oil market. The Asia-Pacific region is the largest consumer of fuel oil due to its rapid economic growth, industrialization, and extensive transportation networks. China, India, Japan, and South Korea consume a large amount of fuel oil for power generation, transportation, and industrial processes.
Major vendors in the Global Fuel Oil Market include 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, and Others.
Recent Developments
- 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.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Fuel Oil Market based on the below-mentioned segments:
Global Fuel Oil Market, By Product
- Distillate Fuel Oil
- Residual Fuel Oil
Global Fuel Oil Market, By Application
- Transportation
- Petrochemical Industry
Global Fuel Oil Market, Regional Analysis
- 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
About the Spherical Insights & Consulting
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