Press release
Fueling Growth: Rising Oil Demand Drives Expansion in the Fuel Oil Market || Royal Dutch Shell PLC, TotalEnergies SE, BP p.l.c., Chevron Corporation
Fuel Oil Market
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company's Fuel Oil Global Market Report 2023 identifies the increasing oil demand is expected to propel the growth of the fuel oil market going forward. Oil is a term used in the petroleum industry to describe crude oil, a naturally occurring mixture of hydrocarbons and other organic compounds found in subsurface rock formations. Transportation, industrialization, and power generation have a higher energy need. Growing global populations, economic development, and seasonal factors also impact fuel oil demand. For instance, in December 2022, according to the reports shared by the Energy Information Administration (EIA), oil production increased from 11.2 million barrels per day (b/d) in 2020 to 11.6 million barrels per day (b/d) by 2021.
The fuel oil market size has grown strongly in recent years. It will grow from $184.19 billion in 2023 to $195 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to industrialization and economic growth, rise in power generation, increasing maritime and shipping industry, population growth. The fuel oil market size is expected to see strong growth in the next few years. It will grow to $237.78 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
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Major competitors in the fuel oil market are Royal Dutch Shell PLC, TotalEnergies SE, BP p.l.c., Chevron Corporation, Marathon Petroleum Corporation, Phillips 66 Company, Saudi Aramco, ENI S.p.A., Valero Energy Corporation, PJSC Rosneft Oil Company, Reliance Industries Limited, Indian Oil Corporation, Petronas (Petroliam Nasional Berhad), Repsol S.A.
A key trend in the fuel oil market includes innovative technologies transforming. Major companies operating in the fuel oil market are adopting modern technologies, such as eFining technology, to sustain their position in the market. It is a methanol-to-jet fuel (MTJ) processing technology that can convert eMethanol to eSAF reliably and at scale. For instance, in May 2023, Honeywell International Inc., a US-based conglomerate corporation, introduced its UOP eFining technology, an innovative process for producing sustainable aviation fuel (SAF) from captured carbon dioxide (CO2) and renewable hydrogen. The technology is more efficient and scalable than other SAF production technologies, making it more likely to be adopted by the aviation industry.
Read More On The Global Fuel Oil Market Report Here: https://www.thebusinessresearchcompany.com/report/fuel-oil-global-market-report
The fuel oil market is segmented -
1) By Type: Heavy Fuel Oil, Light Fuel Oil
2) By Distribution Channel: Oil Pipelines, Gas Stations, Distribution Stores
3) By Application: Road And Domestic Waterway, Marine Bunkers, Petrochemicals, Residential Or Commercial Or Agricultural, Electricity Generation, Other Applications
4) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the fuel oil market.
The Business Research Company's "Global Fuel Oil Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Fuel Oil Market Include:
1. Executive Summary
2. Fuel Oil Market Characteristic
3. Fuel Oil Market Trends And Strategies
4. Fuel Oil Market - Macro Economic Scenario
5. Fuel Oil Market Size And Growth
……………
27. Fuel Oil Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Fuel Oil Market
29. Fuel Oil Market Future Outlook And Potential Analysis
30. Appendix
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