The global fuel oil market is rising owing to the growth in petrochemicals, transportation, and building materials industry segments. Demand for better quality fuel oil is on a rise as it enhances engine life and maximizes productivity. However, the high prices of crude oil are affecting the market by slowing down its growth rate. Volatility in crude oil prices and scarcity of the crude oil has forced various R&D centers across the globe to find out an alternative source of fuel oil to satisfy the growing demand.
The transportation industry is the largest consumer of fuel oil followed by other significant users like petrochemical industry, petroleum refineries, among others. The U.S. is the largest consumer of fuel oil globally while China is biggest consumer of fuel oil in Asia. Increasing fuel prices and declining demand of fuel oil from power generation are some of the major challenges faced by this market. Asia Pacific is the largest market for imported fuel oil due to the limited production and increasing demand in Asian market.
Based on end-use applications:
- Electricity Industry
- Transportation Industry
- Building Material
- Petrochemical Industry
- Petroleum Refineries
Research report on fuel oil analyzes this market based on its market segments and major geographies. Geographies analyzed under this research study are
- North America
- Asia Pacific
- Rest of the World
This report provides complete analysis of current market trends, industry growth drivers, restraints, market structure, and predictions for upcoming years. It also includes analysis of recent technological advancements in this market, Porter’s five force analysis, and detailed company profiles of top industry players. Report provides review of micro and macro factors essential for existing market players and new entrants along with detailed value chain analysis.
The major players in this industry are Verona Products Pvt. Ltd., Concord Overseas, Alicid Organic Industries Ltd., Ningling Lanning Technology Co. Ltd., Shangqiu Donghe Special Equipments Co. Ltd., Honari Co., OOO Oil-Garant, Bell Performance Inc., Moletech International Technology Limited Zhangzhou Qiyu Renewable Energy Technology Co. Ltd, Sazeh Pardaz Simorgh Company, and others.
Reasons for Buying this Report
- This research report provides an up-to-date analysis on the latest trends of the market
- It provides a comprehensive analysis of major competitors and their market strategies
- It provides a seven-years forecast assessed on the basis of how the market is predicted to grow
- It provides a clear understanding of key product segments, technological advancements and new product developments
- It provides pin-point analysis of changing competition dynamics to stay ahead of the competition