20-Sep-2021 | Market Research Store
The recently published report by MRS titled “Fuel Oil Market By Application (Marine, Industrial, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2021–2026” states that the global demand for the fuel oil market in 2020 was approximately USD 168.2 Billion. The market is likely to grow at a CAGR of 3.8% and is anticipated to reach around USD 220.8 Billion by 2026.
In the past few years, the global transportation industry has been expanding at a rapid rate. Fuel oil finds usages in the petroleum refineries and petrochemical industry. Industries driving in the transportation industry are the leading customers of fuel oil.
As high-quality oil enhances productivity and engines along with the demand is probably to boost from different end-user industries. Furthermore, the potential industries are expected to obtain the rising demand from numerous end-user industries. . The global fuel oil market is projected to enhance at a rapid speed during the forecast period. The expanding application of fuel oil in petroleum refineries, building materials, metallurgy, and the electricity industry is expected to boost up the global fuel oil market.
As a result, the fuel oil market players should focus on seizing business opportunities from the marine sector as it accounted for the major market share in the forthcoming years. On the other hand, the rise in fuel prices can be a major reason which is most likely to hamper the global fuel oil market growth. The necessity for fuel oil is possible to refuse from power generation. This is also estimated to hinder the growth of the global fuel oil market.
Geographically, the global fuel oil market is divided into North America, Asia-Pacific, Europe, and the Rest of the World. North America is accounted to the largest share of the market in the global fuel market with the rate of 6.45% amongst the other regions. This is likely to gain potential opportunities for the players in the upcoming years.
Browse the full “Fuel Oil Market By Application (Marine, Industrial, and Others): Global & Regional Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2021 – 2026.” Report at https://www.marketresearchstore.com/market-insights/fuel-oil-market-828629
Moreover, the global market for fuel oil is also dominated by Asia-Pacific presently owing to the rise in requirement for fuel oil from industries that are operating in China, Japan, and India. The United States will also put in most to the growth of the global fuel oil market during the forecast period. Also, in other regions, the demand for better-quality fuel oil is growing.
Some major key players in the fuel oil market are Concord Overseas, Verona Products Pvt. Ltd., Moletech International Technology Limited, Bell Performance Inc., OOO Oil-Garant, Sazeh Pardaz Simorgh Company, Alicid Organic Industries Ltd., Shangqiu Donghe Special Equipments Co. Ltd., Ningling Lanning Technology Co. Ltd., and Honari Co.
Major industries driving in the global fuel oil market are taking efforts to obtain the latest technologies for increasing the fuel oil production. It is forecasted that key industries will face tough competition from the new entrant in the future.
For example, Garant Oil OOO was founded in 2008. The company's line of business includes the wholesale distribution of miscellaneous industrial supplies.
This report segments the global fuel oil market as follows:
Global Fuel Oil Market: By Application
Global Fuel Oil Market: Regional Segmentation Analysis
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