Fuel Oil Market Overview:
The purpose of this study is to provide an in-depth analysis of the Fuel Oil market by segments, industry, and geography. The study provides detailed information on the major factors influencing the growth of the Fuel Oil industry. The study also provides a thorough examination of the market's value chain.
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Global Fuel Oil Market size was valued at US$ 170.16 Bn. in 2020 and the total revenue is expected to grow at a CAGR of 4.2% through 2021 to 2027, reaching nearly US$ 226.95 Bn.
Market Scope:
The research method used to assess and forecast the Fuel Oil market begins with gathering revenue data from key suppliers using secondary research sources. When defining market segmentation, vendor offerings are also considered. Using the bottom-up method, the income of major corporations was utilized to assess the total size of the Fuel Oil market.
Drivers:
Around the world, a number of industries, such as transportation and oil refineries, are rapidly increasing their energy needs. Transportation energy demand is being driven by the numerous transportation-related activities, expanding number of transportation modes, and associated energy efficiency. The transportation sector consumes more than 80% of all fuel oil used by all end-user industries because of problems like a lack of alternative fuels like biofuels and higher biofuel production costs, technological limitations for plug-in electric vehicles, and the price of batteries. Energy consumption is also anticipated to increase due to rising consumer investment power brought on by rising per capita income in emerging nations like India, Korea, and Thailand.
Segmentation:
The market is divided into two categories based on the product: distillate fuel oil and residual fuel oil. By 2027, the distillate fuel oil segment is anticipated to command the largest market shares. Distillate fuel oils are more expensive per gallon and cleaner than residual fuel oils. Distillate fuel oils are known to release negligible amounts of nitric oxide (NOx), particulate matter (PM), and sulphur dioxide when burned in a boiler (SO2). These are the main advantages that will fuel this segment's expansion in the global market over the course of the forecast.
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Key Players: the key players are:
• BP PLC
• Chevron Corp
• Exxon Mobil Corp
• JXTG Holdings Inc.
• PJSC LUKOIL
• PT Pertamina
• Qatar Petroleum
• Reliance Industries Ltd.
• Royal Dutch Shell
• SK Innovation Co. Ltd.
• Gazprom Neft PJSC
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Regional Analysis:
Market share information for North America, Europe, Asia-Pacific, the Middle East, and Africa, and South America are available separately. Maximize analysts assess competitive strengths and conduct competitive analysis on each rival separately.
COVID-19 Impact Analysis on Fuel Oil Market: The detailed review of COVID-19 impact on the Fuel Oil market based on import, suppliers, ket players have also been included in the Fuel Oil market report.
Key Questions Answered in the Fuel Oil Market Report are:
- Which segment had the largest share in the Fuel Oil market?
- How is the competitive landscape of the Fuel Oil market?
- Which are the key factors impacting the Fuel Oil market growth?
- Which region has the maximum share in the Fuel Oil market?
- What will be the CAGR of the Fuel Oil market during the forecast period (2021-2027)?
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