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Heavy Fuel Oil Market 2021-27 thriving growth with Chevron Corporation, Exxon Mobil Corporation, PetroChina Ltd, Qatar Petroleum, Rosneft Oil, Royal Dutch Shell, & Tauber Oil

05-03-2021 08:29 AM CET | Energy & Environment

Press release from: Allied Market Research

Heavy Fuel Oil Market

Heavy Fuel Oil Market

Rise in seaborne trade activities is a major factor that drives the growth of the heavy fuel oil market. This is attributed to the fact that the accelerated industrialization and liberalization of national economies boos the demand for consumer goods. This, in turn, leads to increased commercial activity. Thus, shipping is becoming an effective and accelerated form of transport. Furthermore, in cross-border transport, seaborne transport plays a crucial role, as it enables international trade and supports the supply chain. This drives the demand for heavy fuel oil, as it is majorly used in approximately all marine vessels and low-speed marine diesel engines. Upsurge in use of fuel oil in petroleum refineries, building materials, metallurgy, and the energy industry is expected to significantly contribute toward the growth of the heavy fuel oil market.

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In the coming years, the global heavy fuel oil industry is projected to grow at a considerable rate. This is attributed to surge in demand for heavy fuel oil, which is projected to generate significant growth opportunities in the future. However, many negative factors acts as challenges for heavy fuel oil market growth. For instance, heavy fuel oil releases toxic chemicals such as sulfur and is harmful to marine animals. Moreover, heavy fuel oil contains many other contaminants, which result in fluctuation of pH of water in lakes and seas. Furthermore, the key limiting factor of the heavy fuel oil market is the enforcement of environmental legislation to preserve marine life.
On the contrary, manufacturers are likely to witness strong opportunities to gain maximum share in the near future, owing to surge in demand for heavy fuel oil from ferries and cruises.

COVID-19 scenario analysis

The global heavy fuel oil market is expecting slowdown during the forecast period, owing to the outbreak of the COVID-19 pandemic. The lockdown implemented by government and public authorities have brought industries to a standstill. Companies are struggling with missed sales and disrupted supply chains, as production shutdowns and quarantine policies extend across the world, limiting travel and exchange, which, in turn, has negative impacted the growth of the global heavy fuel oil market. Furthermore, the outbreak has led to dampened demand for oil, contributing to dropping oil prices and declining supply.

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Key benefits of the report

• This study presents the analytical depiction of the global heavy fuel oil industry along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global heavy fuel oil market share.

• The current market is quantitatively analyzed from 2019 to 2027 to highlight the global heavy fuel oil market growth scenario.

• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

• The report provides a detailed global heavy fuel oil market analysis depending on competitive intensity and how the competition will take shape in coming years.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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