Heavy Fuel Oil Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

Heavy fuel oil generally consists of sulphur, carbon, hydrogen and some impurities, such as metals, ash and small quantities of water. Heavy fuel oil is a low grade fuel and is obtained from the distillation process of lighter petroleum products, such as kerosene and gasoline. Heavy fuel oil is the by-product obtained in refineries. It is a carbon-intensive fuel. After complete burning, it releases many gases, such as sulphur dioxide and other pollutants into the atmosphere, contributing to greenhouse gas emission.

MARKET SCOPE

The "Global Heavy fuel oil Market Analysis to 2031" is a specialized and in-depth study of the Heavy fuel oil market with a special focus on the global market trend analysis. The report aims to provide an overview of Heavy fuel oil market with detailed market segmentation by classification, application, and geography. The global Heavy fuel oil market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Heavy fuel oil market players and offers key trends and opportunities in the Heavy fuel oil market.

MARKET SEGMENTATION

•  The global heavy fuel oil market is segmented on the basis of classification, and application.
  
•  On the basis of classification, the market is divided into low, medium, and high.
  
•  On the basis of application the market is segmented into industrial, and non-industrial.
  

MARKET DYNAMICS

Drivers:

•  Heavy fuel oil is an important fuel source for a variety of end use industries and thus, the heavy fuel market is all set to witness major growth in the coming years.
  

Restraints:

•  Heavy fuel oil emits hazardous chemicals, such as sulphur, which is harmful for aquatic animals.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The heavy fuel oil market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the heavy fuel oil market in these regions.

IMPACT OF COVID-19 ON HEAVY FUEL OIL MARKET

Due to the COVID-19 pandemic, a temporary ban on import and export, as well as manufacturing and processing activities across multiple industries, was enforced, reducing demand for heavy fuel oil from these users. As a result, market growth in the second, third, and fourth quarters of 2021 has slowed. The heavy fuel oil industry, on the other hand, is predicted to recover by the second quarter of 2021, since COVID-19 immunisation has begun in a number of economies throughout the world, which is expected to boost the global economy.

MARKET PLAYERS

The report covers key developments in the heavy fuel oil market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from heavy fuel oilmarket market are anticipated to lucrative growth opportunities in the future with the rising demand for heavy fuel oil market in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Heavy fuel oil market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•  BP Plc
  
•  Chevron Corp
  
•  Exxon Mobil
  
•  NESTE
  
•  Shell Global
  
•  SA Oil
  
•  Tauber Oil
  
•  Hilap Huat Holdings Berhard
  
•  EMO
  
•  Qatar Petroleum.
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Heavy Fuel Oil Report Scope