Fuel Oil Global Market Report 2024

The global fuel oil market 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 global fuel oil market 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.

The surge in demand for oil is anticipated to be a driving force behind the projected growth of the fuel oil market. In the realm of the petroleum industry, the term "oil" is utilized to refer to crude oil, which constitutes a naturally occurring blend of hydrocarbons and various organic compounds discovered within subsurface rock formations. Industries reliant on transportation, industrialization, and power generation exhibit an amplified requirement for energy. Moreover, factors like the expanding global populace, ongoing economic progress, and seasonal variations notably influence the demand for fuel oil. For instance, in December 2022, reports from the Energy Information Administration (EIA) indicated a rise in oil production, climbing from 11.2 million barrels per day (b/d) in 2020 to 11.6 million barrels per day (b/d) in 2021. Additionally, as per the projections of the International Energy Agency, an intergovernmental organization headquartered in France, global oil demand is anticipated to surge to 105.7 million barrels per day (mb/d) by 2028, indicating a cumulative growth of 6% from the year 2022. Consequently, the escalating demand for oil is a key driver in the expansion of the fuel oil market. day (b/d) in 2020 to 11.6 million barrels per day (b/d) in 2021. Additionally, as per the projections of the International Energy Agency, an intergovernmental organization headquartered in France, global oil demand is anticipated to surge to 105.7 million barrels per day (mb/d) by 2028, indicating a cumulative growth of 6% from 2022. Therefore, the increasing demand for oil is driving the growth of the fuel oil market.

The burgeoning demand for electricity is set to power the growth of the fuel oil market in the foreseeable future. Electricity, the movement of electric charge through conductors, fuels an array of electrical devices and systems, underpinning modern technology and our daily lives. The escalating need for electricity holds particular significance in the fuel oil sector, as it plays a pivotal role in enhancing the efficiency, safety, and control of fuel oil heating systems. The amalgamation of electricity with fuel oil can pave the way for more dependable and energy-efficient heating solutions. For instance, in 2022, as per data published by Our World in Data, a UK-based scientific online publication, the demand for electricity in the United States surged from 4,192.9 terawatt-hours (TWh) in 2021 to 4,338.1 TWh in 2022. This upswing in electricity demand is a pivotal driver for the burgeoning growth of the fuel oil market.

The upward trend in emissions is anticipated to impede the progress of the fuel oil market in the foreseeable future. Escalating emissions involve the increased release of substances or radiation into the environment. The emissions stemming from fossil fuels, including oil, have a noteworthy impact on the environment and contribute to climate change. For example, in March 2023, the International Energy Agency (IEA), an autonomous intergovernmental organization headquartered in France, reported a 2.5% rise (equivalent to 268 million tons) in oil-related emissions in 2022, totaling 11.2 gigatons. Thus, the surge in emissions presents a challenge for the fuel oil market.

The leading companies in the fuel oil market are embracing cutting-edge technologies like eFining to fortify their market standing. eFining technology involves a methanol-to-jet fuel (MTJ) process, enabling the reliable and large-scale conversion of eMethanol to eSAF (electronic sustainable aviation fuel). In May 2023, Honeywell International Inc., a US-based conglomerate corporation, unveiled its UOP eFining technology - a revolutionary method for generating sustainable aviation fuel (SAF) from captured carbon dioxide (CO2) and renewable hydrogen. This technology surpasses others in terms of efficiency and scalability, positioning it as a prime choice for adoption in the aviation sector. Its efficiency, cost-effectiveness, and scalability make it a pivotal tool in meeting the escalating demand for renewable fuels, particularly SAF. This advancement aligns with global endeavors to expedite the integration of sustainable aviation fuels and attain ambitious decarbonization objectives in the aviation industry.

In September 2022, Approved Oil Company, a US-based provider of energy products and oils, acquired New Utrecht Fuel Oil Co. for an undisclosed amount. This acquisition is part of Approved's strategic effort to broaden its market presence, tap into new industry knowledge, enhance customer service capabilities, and capitalize on economies of scale. This move positions Approved as a more robust contender in the fuel oil market, enabling it to provide enhanced services to its customers. New Utrecht Fuel Oil Co. is a US-based full-service oil company.

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).

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 report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the fuel oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Fuel oil comes primarily in two forms such as heavy fuel oil (HFO) and light fuel oil. Heavy fuel oil stands out for its higher density and viscosity compared to other fuel oils. It is utilized across various sectors, including transportation via road and domestic waterways, marine bunkers, petrochemicals, residential, commercial, agricultural use, and electricity generation. It can be sourced through oil pipelines, gas stations, and distribution outlets.

This report provides fuel oil market statistics, including fuel oil industry global market size, regional shares, competitors with a fuel oil market share, detailed fuel oil market segments, market trends and opportunities and any further data you may need to thrive in the fuel oil industry. This fuel oil market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The fuel oil market consists of sales of jet fuel, furnace oil, bunker fuel, industrial fuel oil, marine fuel oil, storage tanks, bitumen, asphalt, and kerosene. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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