Fuel Oil Global Market Size, Share, Trend Analysis, By Type, By Distribution Channel, By Application, By Region And Segment Forecast 2024-2033 | Hess Corporation, QatarEnergy, Gas Corporation, Sinopec Corp.,

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Overview and Scope
Fuel oil is a liquid petroleum product obtained from petroleum distillation. It is a dark, thick, and yellowish to light brown mixture of liquids made from crude petroleum through various refining procedures. It is commonly used for energy-related purposes, including heating, power generation, industrial processes, and transportation.

Sizing and Forecast
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%. The growth in the forecast period can be attributed to infrastructure development, energy efficiency, resilience and emergency preparedness, increasing demand for backup power solutions. Major trends in the forecast period include advanced emissions control technologies, decentralized energy solutions, maritime shipping, technological innovations.

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Segmentation & Regional Insights
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

Asia-Pacific was the largest region in the fuel oil market in 2023. 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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Major Driver Impacting Market Growth
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. Furthermore, in June 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, global oil demand is projected to reach 105.7 million barrels per day (mb/d) by 2028, showing a cumulative increase of 6% from 2022. Therefore, the increasing demand for oil is driving the growth of the fuel oil market.

Key Industry Players
Major players 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).

The fuel oil market report table of contents includes:
1. Executive Summary