LONDON--(BUSINESS WIRE)--The global fuel oil market size is expected to reduce by USD 84.77 billion while decelerating at a CAGR of about 13% during 2020-2024. Technavio's report indicates a negative growth in the short term due to the spread of the COVID-19 pandemic. The imposition of lockdowns worldwide led to the complete closure of manufacturing facilities, which affected the supply and demand for fuel oil. However, the market is expected to gain traction and witness steady growth over the forecast period due to the rising demand for oil in developing countries such as China and India.
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"One of the primary growth drivers for this market is the rise in world energy demand,” says a senior analyst for the Energy industry at Technavio. The global demand for energy has been increasing continuously due to the strong growth in economic activities worldwide. Besides, the growth of the transportation, residential, and commercial sectors, especially in emerging economies such as China and India has significantly increased the global demand for fuel oil.
Fuel Oil Market Segment Highlights for 2020
- The fuel oil market is expected to post a year-over-year growth rate of -45.57%.
- Based on the application, the market saw significant growth in the marine segment in 2019. The growth of the segment can be attributed to the rise in the number of naval and seaborne trade activities worldwide.
- The market growth in the marine segment will be significant during the forecast period.
- 6% of the growth will originate from the North America region.
- The growth of the market in North America is driven by factors such as the increasing demand for space heating fuel, growing refinery capacity, and proliferating marine trade.
- The US is the key market for fuel oil in North America.
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- The fuel oil market size is expected to accelerate at a CAGR of about -13% during the forecast period.
- The fuel oil market is segmented by Application (Marine, Industrial, and Others) and Geography (APAC, MEA, Europe, South America, and North America).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including BP Plc, Chevron Corp., Exxon Mobil Corp., JXTG Holdings Inc., PJSC LUKOIL, PT Pertamina (Persero), Qatar Petroleum, Reliance Industries Ltd., Royal Dutch Shell Plc, and SK Innovation Co. Ltd.
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.