Heavy Fuel Oil Market Developments by 2031
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.
- 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.
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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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1. 1. SCOPE OF THE STUDY
1. 2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1. 3.MARKET SEGMENTATION
1. 3.1Heavy Fuel Oil Market - By Classification
1. 3.2Heavy Fuel Oil Market - By Application
1. 3.3Heavy Fuel Oil Market - By Region
1. 3.3.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.HEAVY FUEL OIL MARKET LANDSCAPE
4.1. OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.EXPERT OPINIONS
5.HEAVY FUEL OIL MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6.HEAVY FUEL OIL MARKET - GLOBAL MARKET ANALYSIS
6.1. HEAVY FUEL OIL - GLOBAL MARKET OVERVIEW
6.2.HEAVY FUEL OIL - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING
7.HEAVY FUEL OIL MARKET - REVENUE AND FORECASTS TO 2028 â" CLASSIFICATION
7.1. OVERVIEW
7.2.CLASSIFICATION MARKET FORECASTS AND ANALYSIS
7.3.LOW
7.3.1. Overview
7.3.2.Low Market Forecast and Analysis
7.4.MEDIUM
7.4.1. Overview
7.4.2.Medium Market Forecast and Analysis
7.5.HIGH
7.5.1. Overview
7.5.2.High Market Forecast and Analysis
8.HEAVY FUEL OIL MARKET - REVENUE AND FORECASTS TO 2028 â" APPLICATION
8.1. OVERVIEW
8.2.APPLICATION MARKET FORECASTS AND ANALYSIS
8.3.INDUSTRIAL
8.3.1. Overview
8.3.2.Industrial Market Forecast and Analysis
8.4.NON-INDUSTRIAL
8.4.1. Overview
8.4.2.Non-Industrial Market Forecast and Analysis
9.HEAVY FUEL OIL MARKET REVENUE AND FORECASTS TO 2028 â" GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1. 1North America Heavy Fuel Oil Market Overview
9.1. 2North America Heavy Fuel Oil Market Forecasts and Analysis
9.1. 3North America Heavy Fuel Oil Market Forecasts and Analysis - By Classification
9.1. 4North America Heavy Fuel Oil Market Forecasts and Analysis - By Application
9.1. 5North America Heavy Fuel Oil Market Forecasts and Analysis - By Countries
9.1. 5.1United States Heavy Fuel Oil Market
9.1. 5.1. 1United States Heavy Fuel Oil Market by Classification
9.1. 5.1. 2United States Heavy Fuel Oil Market by Application
9.1. 5.2Canada Heavy Fuel Oil Market
9.1. 5.2.1Canada Heavy Fuel Oil Market by Classification
9.1. 5.2.2Canada Heavy Fuel Oil Market by Application
9.1. 5.3Mexico Heavy Fuel Oil Market
9.1. 5.3.1Mexico Heavy Fuel Oil Market by Classification
9.1. 5.3.2Mexico Heavy Fuel Oil Market by Application
9.2.EUROPE
9.2.1Europe Heavy Fuel Oil Market Overview
9.2.2Europe Heavy Fuel Oil Market Forecasts and Analysis
9.2.3Europe Heavy Fuel Oil Market Forecasts and Analysis - By Classification
9.2.4Europe Heavy Fuel Oil Market Forecasts and Analysis - By Application
9.2.5Europe Heavy Fuel Oil Market Forecasts and Analysis - By Countries
9.2.5.1Germany Heavy Fuel Oil Market
9.2.5.1. 1Germany Heavy Fuel Oil Market by Classification
9.2.5.1. 2Germany Heavy Fuel Oil Market by Application
9.2.5.2France Heavy Fuel Oil Market
9.2.5.2.1France Heavy Fuel Oil Market by Classification
9.2.5.2.2France Heavy Fuel Oil Market by Application
9.2.5.3Italy Heavy Fuel Oil Market
9.2.5.3.1Italy Heavy Fuel Oil Market by Classification
9.2.5.3.2Italy Heavy Fuel Oil Market by Application
9.2.5.4United Kingdom Heavy Fuel Oil Market
9.2.5.4.1United Kingdom Heavy Fuel Oil Market by Classification
9.2.5.4.2United Kingdom Heavy Fuel Oil Market by Application
9.2.5.5Russia Heavy Fuel Oil Market
9.2.5.5.1Russia Heavy Fuel Oil Market by Classification
9.2.5.5.2Russia Heavy Fuel Oil Market by Application
9.2.5.6Rest of Europe Heavy Fuel Oil Market
9.2.5.6.1Rest of Europe Heavy Fuel Oil Market by Classification
9.2.5.6.2Rest of Europe Heavy Fuel Oil Market by Application
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Heavy Fuel Oil Market Overview
9.3.2Asia-Pacific Heavy Fuel Oil Market Forecasts and Analysis
9.3.3Asia-Pacific Heavy Fuel Oil Market Forecasts and Analysis - By Classification
9.3.4Asia-Pacific Heavy Fuel Oil Market Forecasts and Analysis - By Application
9.3.5Asia-Pacific Heavy Fuel Oil Market Forecasts and Analysis - By Countries
9.3.5.1Australia Heavy Fuel Oil Market
9.3.5.1. 1Australia Heavy Fuel Oil Market by Classification
9.3.5.1. 2Australia Heavy Fuel Oil Market by Application
9.3.5.2China Heavy Fuel Oil Market
9.3.5.2.1China Heavy Fuel Oil Market by Classification
9.3.5.2.2China Heavy Fuel Oil Market by Application
9.3.5.3India Heavy Fuel Oil Market
9.3.5.3.1India Heavy Fuel Oil Market by Classification
9.3.5.3.2India Heavy Fuel Oil Market by Application
9.3.5.4Japan Heavy Fuel Oil Market
9.3.5.4.1Japan Heavy Fuel Oil Market by Classification
9.3.5.4.2Japan Heavy Fuel Oil Market by Application
9.3.5.5South Korea Heavy Fuel Oil Market
9.3.5.5.1South Korea Heavy Fuel Oil Market by Classification
9.3.5.5.2South Korea Heavy Fuel Oil Market by Application
9.3.5.6Rest of Asia-Pacific Heavy Fuel Oil Market
9.3.5.6.1Rest of Asia-Pacific Heavy Fuel Oil Market by Classification
9.3.5.6.2Rest of Asia-Pacific Heavy Fuel Oil Market by Application
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Heavy Fuel Oil Market Overview
9.4.2Middle East and Africa Heavy Fuel Oil Market Forecasts and Analysis
9.4.3Middle East and Africa Heavy Fuel Oil Market Forecasts and Analysis - By Classification
9.4.4Middle East and Africa Heavy Fuel Oil Market Forecasts and Analysis - By Application
9.4.5Middle East and Africa Heavy Fuel Oil Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Heavy Fuel Oil Market
9.4.5.1. 1South Africa Heavy Fuel Oil Market by Classification
9.4.5.1. 2South Africa Heavy Fuel Oil Market by Application
9.4.5.2Saudi Arabia Heavy Fuel Oil Market
9.4.5.2.1Saudi Arabia Heavy Fuel Oil Market by Classification
9.4.5.2.2Saudi Arabia Heavy Fuel Oil Market by Application
9.4.5.3U.A.E Heavy Fuel Oil Market
9.4.5.3.1U.A.E Heavy Fuel Oil Market by Classification
9.4.5.3.2U.A.E Heavy Fuel Oil Market by Application
9.4.5.4Rest of Middle East and Africa Heavy Fuel Oil Market
9.4.5.4.1Rest of Middle East and Africa Heavy Fuel Oil Market by Classification
9.4.5.4.2Rest of Middle East and Africa Heavy Fuel Oil Market by Application
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Heavy Fuel Oil Market Overview
9.5.2South and Central America Heavy Fuel Oil Market Forecasts and Analysis
9.5.3South and Central America Heavy Fuel Oil Market Forecasts and Analysis - By Classification
9.5.4South and Central America Heavy Fuel Oil Market Forecasts and Analysis - By Application
9.5.5South and Central America Heavy Fuel Oil Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Heavy Fuel Oil Market
9.5.5.1. 1Brazil Heavy Fuel Oil Market by Classification
9.5.5.1. 2Brazil Heavy Fuel Oil Market by Application
9.5.5.2Argentina Heavy Fuel Oil Market
9.5.5.2.1Argentina Heavy Fuel Oil Market by Classification
9.5.5.2.2Argentina Heavy Fuel Oil Market by Application
9.5.5.3Rest of South and Central America Heavy Fuel Oil Market
9.5.5.3.1Rest of South and Central America Heavy Fuel Oil Market by Classification
9.5.5.3.2Rest of South and Central America Heavy Fuel Oil Market by Application
10.INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. HEAVY FUEL OIL MARKET, KEY COMPANY PROFILES
11. 1. BP PLC
11. 1. 1. Key Facts
11. 1. 2.Business Description
11. 1. 3.Products and Services
11. 1. 4.Financial Overview
11. 1. 5.SWOT Analysis
11. 1. 6.Key Developments
11. 2.CHEVRON CORP
11. 2.1. Key Facts
11. 2.2.Business Description
11. 2.3.Products and Services
11. 2.4.Financial Overview
11. 2.5.SWOT Analysis
11. 2.6.Key Developments
11. 3.EXXON MOBIL
11. 3.1. Key Facts
11. 3.2.Business Description
11. 3.3.Products and Services
11. 3.4.Financial Overview
11. 3.5.SWOT Analysis
11. 3.6.Key Developments
11. 4.NESTE
11. 4.1. Key Facts
11. 4.2.Business Description
11. 4.3.Products and Services
11. 4.4.Financial Overview
11. 4.5.SWOT Analysis
11. 4.6.Key Developments
11. 5.SHELL GLOBAL
11. 5.1. Key Facts
11. 5.2.Business Description
11. 5.3.Products and Services
11. 5.4.Financial Overview
11. 5.5.SWOT Analysis
11. 5.6.Key Developments
11. 6.SA OIL
11. 6.1. Key Facts
11. 6.2.Business Description
11. 6.3.Products and Services
11. 6.4.Financial Overview
11. 6.5.SWOT Analysis
11. 6.6.Key Developments
11. 7.TAUBER OIL
11. 7.1. Key Facts
11. 7.2.Business Description
11. 7.3.Products and Services
11. 7.4.Financial Overview
11. 7.5.SWOT Analysis
11. 7.6.Key Developments
11. 8.HILAP HUAT HOLDINGS BERHARD
11. 8.1. Key Facts
11. 8.2.Business Description
11. 8.3.Products and Services
11. 8.4.Financial Overview
11. 8.5.SWOT Analysis
11. 8.6.Key Developments
11. 9.EMO
11. 9.1. Key Facts
11. 9.2.Business Description
11. 9.3.Products and Services
11. 9.4.Financial Overview
11. 9.5.SWOT Analysis
11. 9.6.Key Developments
11. 10.QATAR PETROLEUM
11. 10.1. Key Facts
11. 10.2.Business Description
11. 10.3.Products and Services
11. 10.4.Financial Overview
11. 10.5.SWOT Analysis
11. 10.6.Key Developments
12.APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
1.BP Plc
2.Chevron Corp
3.Exxon Mobil
4.NESTE
5.Shell Global
6.SA Oil
7.Tauber Oil
8.Hilap Huat Holdings Berhard
9.EMO
10.Qatar Petroleum
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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