Press release
Fuel Oil Market Expansion Continues, with Forecast Valuation of $201.39 Billion by 2029
Fuel Oil Market
Fuel Oil Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
Over recent years, the fuel oil market capacity has seen a consistent expansion. It is predicted to increase from $166.9 billion in 2024 to $173.61 billion in 2025, with a compound annual growth rate (CAGR) of 4.0%. The increment during the historic period can be linked to the advancement of industrialization and economic growth, an increase in power generation, an expanding maritime and shipping sector, and population growth.
Fuel Oil Market Size Forecast: What's the Projected Valuation by 2029?
Expectations are for the fuel oil market size to experience consistent expansion in the coming years. Projected to swell to $201.39 billion in 2029 with a compound annual growth rate (CAGR) of 3.8%. The growth expected during this forecast period is mainly due to factors such as infrastructure development, energy efficiency, resilience and emergency readiness, along with an increased demand for backup power solutions. In addition to these, the forecast period is likely to witness trends like advanced emission control technologies, decentralized energy solutions, maritime shipping, and technological innovations.
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What Are the Drivers Transforming the Fuel Oil Market?
Fuel oil market expansion is predicted to be driven by rising oil demand. The term oil in the petroleum industry refers to crude oil, a naturally occurring amalgamation of hydrocarbons and other organic compounds located in subsurface rock layers. Greater energy requirements are spurred by transportation, industrialization, and power generation. Fuel oil demand is also influenced by the increasing global population, economic growth, and seasonal factors. As indicated by the Energy Information Administration, a US Federal Statistical System which collects, analyzes and shares energy data, global petroleum and other liquid fuel production is expected to rise by 2.0 million b/d in 2025, a significant jump from a growth of just 0.5 million b/d this year as of October 2024. In addition, the International Energy Agency, an autonomous intergovernmental organization based in France, predicted in June 2023 that global oil demand will hit 105.7 million barrels per day (mb/d) by 2028, marking a collective increase of 6% from 2022. This surge in oil demand is leading to the expansion of the fuel oil market. Fuel Oil Market Driver: Rising Demand for Electricity Spurs Fuel Oil Market Growth
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What Long-Term Trends Will Define the Future of the Fuel Oil Market?
Key players in the fuel oil market are turning to advanced technologies like eFining to maintain their foothold. This methanol-to-jet fuel (MTJ) conversion technology enables the large-scale and reliable transformation of eMethanol into eSAF. In May 2023, for example, the American corporate giant, Honeywell International Inc., launched their UOP eFining technology, a novel approach to manufacturing sustainable aviation fuel (SAF) from carbon dioxide (CO2) capture and renewable hydrogen. Compared to other SAF production technologies, this method is extremely efficient and easily upgradable, hence its potential acceptance by the aviation industry. The technology's efficiency, affordability, and scalability make it indispensable in confronting the fast-increasing demand for renewable fuels, SAF included. Such an innovation falls in line with worldwide attempts to speed up the use of sustainable aviation fuels and fulfill stringent decarbonizing targets within the aviation sector.
Which Segments in the Fuel Oil Market Offer the Most Profit Potential?
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 Firms Dominate the Fuel Oil Market by Market Share and Revenue in 2025?
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).
Which Regions Offer the Highest Growth Potential in 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.
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