Press release
Global Fuel Oil Market Projected to Surpass $201.39 Billion by 2029 with 3.8% Annual Growth
Fuel Oil Market
Anticipated surge in oil requirement is predicted to augment the expansion of the fuel oil market. The term oil, in petroleum industry parlance, refers to crude oil, a natural blend of hydrocarbons along with other organic compounds found in rock formations beneath the earth's surface. Sectors like transport, industrial and power generation have a sizable energy requirement. Progressively growing global population, economic growth and changing seasons also influence fuel oil's demand. For example, in October 2024, as per the Energy Information Administration, an American Federal Statistical System devoted to gathering, evaluating and distributing energy data, global petroleum and other liquid fuel production is predicted to rise by 2.0 million b/d in 2025, a significant increase from a growth of only 0.5 million b/d in the current year. Additionally, in June 2023, as informed by the International Energy Agency, an autonomous intergovernmental body based in France, global oil demand is likely to attain 105.7 million barrels per day (mb/d) by 2028, marking a total increase of 6% from the levels in 2022. Consequently, the soaring oil demand is fueling the growth of the fuel oil market. The growth of the fuel oil market is expected to be driven by the rising demand for electricity. Electricity, which denotes the movement of electric charge through conductors, powers various electronic systems and devices and forms an intrinsic part of contemporary technology as well as everyday life. Increasing demand for electricity may greatly influence the fuel oil sector as it enhances the efficiency, safety and control over fuel oil heating solutions. Merging electricity with fuel oil can result in heating solutions that are more dependable and conserve energy. For example, in 2022, the data shared by Our World in Data, an online scientific publication body based in the UK, showed that the US electricity demand escalated from 4,192.9 TWh (terawatt-hour) in 2021 to 4,338.1 TWh (terawatt-hour) in 2022. Hence, the burgeoning electricity demand is steering the growth of the fuel oil market.
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What is the projected compound annual growth rate (CAGR) of the fuel oil market from 2025 to 2034, and what factors influence it?
The dimensions of the fuel oil market have been expanding consistently in the past few years. This market is projected to escalate from a $166.9 billion valuation in 2024 to a stronger valuation of approximately $173.61 billion in 2025, experiencing a compound annual growth rate (CAGR) of 4.0%. Factors contributing to this historical market growth include industrial and economic expansion, an increase in power generation activities, growing marine and shipping industries, and demographics expansion.
Expectations for the fuel oil market size assert a consistent upswing in the upcoming years, with projections placing it at a value of $201.39 billion by 2029, reflecting a compound annual growth rate (CAGR) of 3.8%. The escalation predicted during the outlined period can be associated with multiple factors such as the development of infrastructure, enhanced energy efficiency, resilience, and preparation for emergencies, coupled with a growing need for backup power solutions. The forecast period also sees the emergence of substantial trends like the advent of advanced emissions control technologies, the rise of decentralized energy solutions, the growing field of maritime shipping, and technological innovations.
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What trends are poised to drive the future success of the fuel oil market?
In the fuel oil industry, key players are incorporating contemporary technologies such as the eFining method to retain market dominance. This unique technology allows methanol-to-jet fuel (MTJ) to be reliably and plentifully converted to eMethanol and eSAF. In May 2023, for example, the U.S multi-industry company, Honeywell International Inc, brought their own UOP eFining technology into the market. This is primarily used to create sustainable aviation fuel (SAF) from renewable hydrogen and trapped carbon dioxide (CO2). The technology outperforms others in both efficiency and scalability, making it an attractive option for the aviation industry. Not only is the technology efficient, but it's also cost-efficient and capable of being expanded, becoming a crucial asset in meeting the escalating demand for renewable fuels like SAF. Such advancements are in line with the global agenda to quicken the use of sustainable fuels in aviation and to make significant strides in reducing carbon emissions in the sector.
What are the major segments of the fuel oil market and their role in driving growth?
The fuel oil market covered in this report 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
Subsegments:
1) By Heavy Fuel Oil: Marine Fuel Oil, Industrial Fuel Oil, Power Generation Fuel Oil
2) By Light Fuel Oil: Heating Oil, Diesel Fuel, Kerosene
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Which regions are key players in the growth of the fuel oil market?
Asia-Pacific was the largest region in the fuel oil market in 2024. Middle-East is expected to be the fastest-growing region in the forecast period. The regions covered in fuel oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the key firms paving the way for growth in the fuel oil market?
Major companies operating 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., Pemex (Petroleos Mexicanos), OMV Group, Petrleos de Venezuela S.A (PDVSA), SK Innovation Co. Ltd., Abu Dhabi National Oil Company (ADNOC), Bharat Petroleum Corporation Limited (BPCL), Surgutneftegas PJSC, Hess Corporation, QatarEnergy, Cabot Oil & Gas Corporation, Sinopec Corp., Exxon Mobil Corporation, PJSC Gazprom, OAO Lukoil, National Iranian Oil Company (NIOC), Kuwait Petroleum Corporation (KPC).
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What Is Covered In The Fuel Oil Global Market Report?
• Market Size Forecast: Examine the fuel oil market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the fuel oil market for a structured understanding.
• Key Players Overview: Analyze major players in the fuel oil market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the fuel oil market.
• Segment Contributions: Evaluate how different segments drive overall growth in the fuel oil market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the fuel oil market.
• Industry Challenges: Identify potential risks and obstacles affecting the fuel oil market.
• Competitive Landscape: Review strategic developments in the fuel oil market, including expansions, agreements, and new product launches.
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