November 29, 2023 03:00 ET | Source: SPHERICAL INSIGHTS LLP SPHERICAL INSIGHTS LLP
New York, United States, Nov. 29, 2023 (GLOBE NEWSWIRE) -- 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. Flexible Graphite Material Properties
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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.
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."
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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.
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North America is expected to grow at the fastest pace in the global fuel oil market during the forecast period.
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.
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. 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.
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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
Global Fuel Oil Market, By Application
Global Fuel Oil Market, Regional Analysis
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