NEW YORK, April 28, 2022 /PRNewswire/ -- As per Market Research Store study, "Fuel Oil Market By Application (Marine, Industrial, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2021-2026" states that the global demand for the fuel oil market in 2020 was approximately USD 168.2 Billion. The market is likely to grow at a CAGR of 3.8% and is anticipated to reach around USD 220.8 Billion by 2026.
Key Industry Insights & Finding of the Fuel Oil Market Reports:
- As per the analysis shared by our research analyst, the Fuel Oil Market is expected to grow annually at a CAGR of around 3.8% (2021 - 2026).
- Through the primary research, it was established that the Fuel Oil Market was valued approximately USD 168.2 Billion in 2020 and is projected to reach to roughly USD 220.8 Billion by 2028.
- As high-quality oil enhances productivity and engines along with the demand is probably to boost from different end-user industries.
- The expanding application of fuel oil in petroleum refineries, building materials, metallurgy, and the electricity industry is expected to boost up the global fuel oil market.
Market Research Store published the latest report titled as"Fuel Oil Market By Application (Marine, Industrial, and Others): Global & Regional Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2021 - 2026."into their research database.
Fuel Oil Market: Overview
In the past few years, the global transportation industry has been rising at a rapid rate. Industries driving in the transportation industry are the biggest customers of fuel oil. In addition, Fuel Oil finds utilization in the petroleum refineries and petrochemical industry. For a long time, the building material industry is also expanding. The demand for Fuel Oil is expected to increase from the building material industry is the factor that is expected to drive the Global Fuel Oil market.
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Industry Dynamics:
Fuel Oil Market: Growth Dynamics
The Global Fuel Oil market is likely to increase at a rapid speed during the forecast period. The expanding application of Fuel Oil in petroleum refineries, building materials, metallurgy, and the electricity industry is likely to boost the Global Fuel Oil market.
As high-quality oil enhances productivity and engines along with the demand is probably to boost from different end-user industries. Taking into consideration the growing demand, the potential industries are taking efforts to generate superior quality fuel oil. Moreover, potential industries are likely to achieve the rising demand from several end-user industries. Therefore, the Fuel Oil market players should focus on seizing business opportunities from the marine sector as it accounted for the major market share in the forthcoming years. Volatility in the costs of crude oil and the insufficiency of crude oil has made many research and development centers find an alternative fuel source.
Even though the Global Fuel Oil market is showing capable growth, it is projected to be held back by some challenges. The increase in fuel prices can cause a major difficulty which is probably to hamper the Global Fuel Oil market growth. The requirement for Fuel Oil is likely to refuse from power generation. This, in turn, is also projected to impede the growth of the Global Fuel Oil market.
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List of Key Players of Fuel Oil Market:
- Alicid Organic Industries Ltd.
- Verona Products Pvt. Ltd.
- Shangqiu Donghe Special Equipments Co. Ltd.
- Moletech International Technology Limited
- Bell Performance Inc.
- OOO Oil-Garant
- Sazeh Pardaz Simorgh Company
- Ningling Lanning Technology Co. Ltd.
- Concord Overseas
- Honari Co.
Key questions answered in this report:
- What are the growth rate forecast and market size for Fuel Oil Market?
- What are the key driving factors propelling the Fuel Oil Market forward?
- What are the most important companies in the Fuel Oil Market Industry?
- What segments does the Fuel Oil Market cover?
- How can I receive a free copy of the Fuel Oil Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2020 | USD 168.2 Billion |
Revenue forecast in 2028 | USD 220.8 Billion |
Growth Rate | CAGR of almost 38% 2021 - 2026 |
Base Year | 2020 |
Historic Years | 2016 - 2021 |
Forecast Years | 2021 - 2026 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Alicid Organic Industries Ltd., Verona Products Pvt. Ltd., Shangqiu Donghe Special Equipments Co. Ltd., Moletech International Technology Limited, Bell Performance Inc., OOO Oil-Garant, Sazeh Pardaz Simorgh Company, Ningling Lanning Technology Co. Ltd., Concord Overseas, and Honari Co. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Regional Dominance:
- Increase requirement for Fuel Oil
Based on region, the Global Fuel Oil market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World. Here, North America is contributing to the largest share of the market in the global fuel market with the rate of 6.45% amongst the other regions. This is projected to obtain potential opportunities for the players in the forthcoming years. Also, in other regions, the demand for superior quality Fuel Oil is rising.
Furthermore, the global market for Fuel Oil is also dominated by Asia-Pacific presently due to the increase in requirement for Fuel Oil from industries that are operating in China, Japan, and India. The United States will also contribute most to the growth of the Global Fuel Oil market during the forecast period.
Global Fuel Oil Market is segmented as follows:
Fuel Oil Market: By Application Outlook (2021 - 2026)
- Marine
- Industrial
- Others
Fuel Oil Market: By Region Outlook (2021 - 2026)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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