Fuel Oil Market to Grow at 3.9% CAGR, Reaching $228.39 Billion by 2029

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Fuel Oil Market Outlook: How is the Market Expected to Grow by 2025?
The steady expansion of the fuel oil market size in the past few years has been observed. The market is expected to surge from $191.29 billion in 2024 to $196.03 billion in 2025, which accounts for a compound annual growth rate (CAGR) of 2.5%. The factors contributing to the growth during the historic period include industrialization and economic development, increased power generation, a rising maritime and shipping industry, and population growth.

Fuel Oil Market Forecast: What Size Will It Reach By 2029?
The projected expansion of the fuel oil market is expected to be continuous in the upcoming years, with a predicted valuation of $228.39 billion by 2029, progressing at a compound annual growth rate (CAGR) of 3.9%. Contributing factors to this anticipated growth during the forecast period include improvements in infrastructure, better energy efficiency, improved resilience, and provisions for emergency preparedness, as well as a surge in demand for backup power solutions. Key future trends include the implementation of enhanced emission control technologies, the proliferation of decentralized energy solutions, developments in maritime shipping, and technological breakthroughs.

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Which Key Market Drivers Will Shape Fuel Oil Industry Trends in 2025-2029?
The surge in oil consumption is anticipated to drive the expansion of the fuel oil market. Oil in the petroleum industry refers to crude oil, which is a naturally derived blend of hydrocarbons and other organic elements located in subsurface rock structures. The need for energy is highest in transport, industrialization, and power generation sectors. Elements such as burgeoning global populations, economic advancement, and varying weather conditions also influence the demand for fuel oil. For example, the Energy Information Administration, an American federal statistical system in charge of gathering, examining, and disseminating energy information, projected in October 2024 that the worldwide production of petroleum and other liquid fuels is set to see a rise by 2.0 million b/d in 2025, an increase from growth of merely 0.5 million b/d in the current year. Moreover, the International Energy Agency, an autonomous intergovernmental organization based in France, forecasted in June 2023 that the global oil demand is set to hit 105.7 million barrels per day (mb/d) by 2028, marking a cumulative growth of 6% from 2022. Hence, the escalating oil demand serves as the catalyst for the fuel oil market's growth.

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What Are the High-Growth Segments in the Fuel Oil Market?
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

Which Global Trends Are Driving Fuel Oil Market Expansion?
Leading businesses in the fuel oil market are leveraging advanced technologies like eFining to maintain market dominance. This methanol-to-jet fuel (MTJ) processing technology enables the reliable and large-scale conversion of eMethanol to eSAF. For example, Honeywell International Inc., a conglomerate based in the USA, launched its UOP eFining technology in May 2023. This revolutionary method produces sustainable aviation fuel (SAF) from caputred carbon dioxide (CO2) and renewable hydrogen. Compared to other SAF production technologies, it is more efficient and scalable, making it attractive to the aviation industry. The technology's efficiency, cost-effectiveness and scalability make it pivotal in meeting the increasing demand for renewable fuels, including SAF. This progress is in line with worldwide efforts to speed up the usage of sustainable aviation fuels and fulfill aggressive decarbonization objectives in the aviation industry.

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Who Are the Fastest-Growing Companies in the Fuel Oil Industry?
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).

What Is the Regional Outlook for the Fuel Oil Market by 2029?
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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This release was published on openPR.