The global fuel oil market size reached US$ 190.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 260.3 Billion by 2032, exhibiting a growth rate (CAGR) of 3.56% during 2024-2032. The increasing demand for electricity in power plants, the widespread product utilization in the transportation industry, and extensive research and development (R&D) activities represent some of the key factors driving the market.
|Market Size in 2023
||US$ 190.0 Billion
|Market Forecast in 2032
||US$ 260.3 Billion
|Market Growth Rate 2024-2032
Fuel oil is a liquid fuel produced by distillation, either as a distillate or as a residue. It comprises long chains of hydrocarbons, alkanes, cycloalkanes, and aromatics. It is usually burned in the boiler or furnace for heat generation or blended with other petroleum fractions to produce the desired viscosity and flash point. Fuel oil is widely used to power machines and steam boilers in power plants, aboard ships, and industrial plants. It is commonly delivered through trucks, ships, bunks, pipelines, and retail fuel outlets. As compared to natural gas, fuel oil offers more safety, efficiency, and warmth and is a stable, combustible, non-explosive product. As a result, it finds extensive applications across the petrochemicals, agriculture, petrochemicals, agriculture, road and domestic waterways, electricity generation, and petrochemical industries.
Fuel Oil Market Trends:
The increasing demand for electricity in power plants across the globe is one of the key factors driving the market growth. Fuel oil is burned at power plants to create steam that drives turbines to generate electricity. In line with this, the widespread application of heating oil in boilers and furnaces, especially in the commercial sector, due to its affordability, reliability, and efficiency, is favoring the market growth. Additionally, the increasing product demand due to increasing urbanization and the rising demand for energy to power homes, buildings, and transportation is acting as another growth-inducing factor. Apart from this, the development of ultra-low-sulfur fuel oil with advanced technologies that contain less sulfur produces fewer emissions when burned and reduces harmful pollutants is providing an impetus to the market growth. Moreover, key players are focusing on the hydrogenation process that involves sparging the oil at high temperatures and pressure with hydrogen in the presence of a catalyst. This process adds hydrogen to fuel oil, which can make it burn cleaner and produce fewer emissions, which, in turn, is propelling the market growth. Furthermore, the widespread product utilization in the transportation industry and the increasing product application in various marine-related activities are positively influencing the market growth. Other factors, including increasing industrial activities, growing crude oil production, rising expenditure capacities of consumers, and extensive research and development (R&D) activities, are anticipated to create a positive outlook for the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global fuel oil market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type and application.
- Heavy Fuel Oil
- Light Fuel Oil
The report has provided a detailed breakup and analysis of the fuel oil market based on the type. This includes heavy and light fuel oil.
- Road and Domestic Waterway
- Marine Bunkers
- Electricity Generation
A detailed breakup and analysis of the fuel oil market based on the application has also been provided in the report. This includes road and domestic waterway, marine bunkers, petrochemicals, residential/commercial/agricultural, electricity generation and others. According to the report, road and domestic waterway accounted for the largest market share.
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for fuel oil. Some of the factors driving the Asia Pacific fuel oil market included The increasing demand for electricity in power plants, extensive research and development (R&D) activities, and rising expenditure capacities of consumers.
The report has also provided a comprehensive analysis of the competitive landscape in the global fuel oil market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include BP p.l.c., Exxon Mobil Corporation, Gazprom Neft PJSC (Gazprom PAO), Petróleo Brasileiro S.A., PJSC Lukoil Oil Company, PJSC Rosneft Oil Company, PT Pertamina (Persero), Shell plc, TotalEnergies SE, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Fuel Oil Market Report Scope:
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Heavy Fuel Oil, Light Fuel Oil
||Road and Domestic Waterway, Marine Bunkers, Petrochemicals, Residential/Commercial/Agricultural, Electricity Generation, Others
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||BP p.l.c., Exxon Mobil Corporation, Gazprom Neft PJSC (Gazprom PAO), Petróleo Brasileiro S.A., PJSC Lukoil Oil Company, PJSC Rosneft Oil Company, PT Pertamina (Persero), Shell plc, TotalEnergies SE, etc.
||10% Free Customization
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|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global fuel oil market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global fuel oil market?
- What is the impact of each driver, restraint, and opportunity on the global fuel oil market?
- What are the key regional markets?
- Which countries represent the most attractive fuel oil market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the fuel oil market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the fuel oil market?
- What is the competitive structure of the global fuel oil market?
- Who are the key players/companies in the global fuel oil market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the fuel oil market from 2018-2032.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global fuel oil market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the fuel oil industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.