No.4 Fuel Oil Market - Growth, Trends, and Forecast (2019-2029)
No.4 fuel oil: Market Overview
No.4 fuel oil, a specific grade of distillate fuel oil, is formed during distillation of crude oil by blending residual and distillate fuel oils. No.4 fuel oil hence possesses characteristics of both residual and distillate fuel types. No.4 fuel oil is in liquid form at room temperature and doesn’t need to be stored in a heated tank, however it needs to be heated using a heat exchanger to improve its fuel atomization before pumping to the burner. It is less viscous, has lower sulfur content and lower energy content per gallon comparatively than residual fuels. No.4 fuel oil is the heaviest of the fuel oils from No.1 to No.6, which is usually made by mixing a 50-50 proportion of No.2 and No.6 fuel oils and is often priced mid-way of No.2 and No.6 oil. No.4 fuel oil finds its applications in burner installations, diesel engines as well as marine applications as well.
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No.4 fuel oil: Market Dynamics
No.4 fuel oil is primarily used in industrial and commercial heating applications. It finds its main purpose in commercial building and industrial plants which are not equipped with pre-heating facilities. Hence, No.4 fuel oil demand is expected to be majorly driven by cold prone countries where temperature drops to below zero degrees centigrade. Apart from burners, No.4 fuel oil is also used in low-to-high speed diesel engines in automobiles as diesel fuel. Hence, the growth in automobile sales is also expected to drive the No.4 fuel oil market in the coming years.
No.4 fuel oil market growth is expected to be challenged by other alternative options like natural gas, heat pumps and electric heating methods. Heat pumps are the most likely alternative, which is expected to hamper the growth of No.4 fuel oil market as they are much more economical and environmental friendly. But given the large scale adoption of no.4 fuel oil and already existing equipment among industries, the market is expected grow at a healthy pace in the coming years.
No.4 fuel oil: Market Segmentation
The overall No.4 fuel oil market can been segmented on the basis of application as:
The overall No.4 fuel oil market can been segmented on the basis of application as:
Low Speed Diesel Engines
High Speed Diesel Engines
No.4 fuel oil market: Regional Outlook
The No.4 fuel oil market is expected to be dominated by Asia Pacific region in terms of market demand given the large number of automobile vehicles on road and established industrial hubs in pockets of South East Asia. The installed fleet of on-road and off-road vehicles in the region over the last decade with the trend expected to continue over the next few years, is significantly driving the demand for No.4 fuel oil in the region. Europe is another prominent region in automobile sales and holds around 1/4th of the total automobile sales in the world. The automobile sales in the region is expected to continue growing at a moderate pace, which is expected to drive the No.4 fuel oil market in the region. North America is also anticipated to be one of the major end user of No.4 fuel oil market, given the presence of large number of process industries and the high number of automobile sales in the region. Middle East & Africa is expected to emerge as one of the leading producers of No.4 fuel oil and is also expected to create a significant demand in the coming years.
No.4 fuel oil market: Market Participants
Some of the key market participants identified in the No.4 fuel oil market across the globe are:
Indian Oil Corporation Ltd
Santa Energy Corporation
Crown Oil Ltd
Chevron Phillips Chemical Company
Bharat Petroleum Corporation Limited
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