Fuel Oil Market Size And Forecast
According to Verified Market Research, The Global Fuel Oil Market was valued at USD 156.56 Billion in 2018 and is projected to reach USD 212.23 Billion by 2026, growing at a CAGR of 3.98% from 2019 to 2026.

The Global Fuel Oil Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics, involves the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Fuel Oil Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.

What is a Fuel Oil?
Fuel oils are extracted from the refined crude oil to meet the specifications for a specific use. Fuel oil is bifurcated into two major categories including residual oils and distillate oil that are produced by the combustion process. These fuel oils are further classified by grade numbers including no. 1 and 2 called distillate oils, residual oils in a grade no. 5 and 6. Number 4 grade oil is either a combination of residual and distillate oils or distillate oil. Number 6 grade oil is also known as Bunker C. No. 1 and 2 are referred to as light fuel oil that is produced from crude oil’s distillation or crude oil’s straight distillation in the presence of a catalyst. These fuel oils are chemically enhanced with dispersants, antioxidants inhibitors to fulfill the specific requirements based on application. No. 1 fuel oil comprises petroleum hydrocarbons mixture, mainly mixture of methane series typically having from 10-16 carbon atoms each molecule. In addition to this, residual fuel oils including fuel oil no. 4 are produced with the blending stocks addition to distillation residues to meet the viscosity specifications provided by the American Society for Testing and Materials (ASTM).

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Global Fuel Oil Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.

Energy demand from various industries such as transportation and Petroleum Refineries is rapidly increasing across the globe. Transport energy demand is mainly driven by the large size of transport activities, an increasing number of transportation modes, and related energy efficiency. Transport sector witnesses more than 80% consumption of fuel oil among all the end-user industries due to factors including less availability of alternative fuels such as biofuels and higher production cost of biofuel, technology barriers of plug-in electric vehicles and cost of batteries. Furthermore, the rising purchasing power of consumers due to growing per capita income in emerging economies including India, Korea, Thailand is expected to increase energy consumption.

Hence, the high demand for fuel oil in the transportation sector will significantly contribute to the increased growth of the global fuel oil market. However, the fluctuating fuel oil price may affect the overall supply chain of fuel oil and is further expected to restrict the global fuel oil market growth over the forecast period.

Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The “Fuel Oil Market” is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.

Global Fuel Oil Market, Competitive Landscape
The Global Fuel Oil Market is highly fragmented with the presence of a large number of players globally. Some of the major companies are BP p.l.c., Royal Dutch Shell, ExxonMobil Corporation, Total, Chevron, Rosneft, Lukoil, Gazprom Neft PJSC, Petrobras, and PetroChina.

ExxonMobil Corporation is one of the top five players for the Global Fuel Oil market.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

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Global Fuel Oil Market: Scope of the Report
This report provides an all-inclusive environment of the analysis for the Global Fuel Oil Market. The market estimates provided in the report are the result of in-depth secondary research, primary interviews, and in-house expert reviews. These market estimates have been considered by studying the impact of various social, political and economic factors along with the current market dynamics affecting the Global Fuel Oil Market growth.

Along with the market overview, which comprises of the market dynamics the chapter includes Porter’s Five Forces analysis which explains the five forces: namely buyers bargaining power, suppliers bargaining power, the threat of new entrants, the threat of substitutes, and degree of competition in the Global Fuel Oil Market. It explains the various participants, such as system integrators, intermediaries and end-users within the ecosystem of the market. The report also focuses on the competitive landscape of the Global Fuel Oil Market.

Global Fuel Oil Market, By Product
• Distillate Fuel Oil
• Residual Fuel Oil

Global Fuel Oil Market, By Application
• Transportation
• Petrochemical Industry
• Petroleum Refineries
• Other

Global Fuel Oil Market, By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia Pacific
• Rest of the World
o Latin America
o Middle East & Africa

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