Heavy Fuel Oil Market by End-user and Geography - Forecast and Analysis 2020-2024

The heavy fuel oil market size will decrease by USD 52.68 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by end-user (shipping and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BP Plc, Chevron Corp., Exxon Mobil Corp., Indian Oil Corp. Ltd., Neste Oyj, PetroChina Co. Ltd., Qatar Petroleum, Rosneft Oil Co., Royal Dutch Shell Plc, and TOTAL SA.

Market Overview

Market Competitive Analysis

The market is fragmented, and the degree of fragmentation will remain the same during the forecast period. PetroChina Co. Ltd., Qatar Petroleum, Rosneft Oil Co., Royal Dutch Shell Plc, and TOTAL SA are some of the major market participants. Although the rising seaborne trade will offer growth opportunities, the implementation of MARPOL regulations will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this heavy fuel oil market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this heavy fuel oil market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• BP Plc
• Chevron Corp.
• Exxon Mobil Corp.
• Indian Oil Corp. Ltd.
• Neste Oyj
• PetroChina Co. Ltd.
• Qatar Petroleum
• Rosneft Oil Co.
• Royal Dutch Shell Plc
• TOTAL SA

Heavy Fuel Oil Market: Segmentation by Region

APAC had the largest heavy fuel oil market share in 2019. The growing requirement for energy and the growth in seaborne trade will influence the demand for heavy fuel oil in this region.

37% of the market’s decremental growth will originate from APAC during the forecast period. Singapore and China are the key markets for heavy fuel oil in APAC.

Heavy Fuel Oil Market: Segmentation by End-user

Heavy oil is highly preferred in the marine segment as the energy obtained from burning heavy fuel oil inside a combustion chamber rotates the propeller of the ship, thus propelling the vessel.

Market growth in this segment will be slower than the growth of the market in the others’ segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the heavy fuel oil market size.

Heavy Fuel Oil Market: Key Drivers and Trends

The increasing industrialization and liberalization of national economies have fueled the demand for consumer products, thus enhancing trade activities. Heavy fuel oil is mainly used in the shipping industry as marine fuel. It is used to generate motion as well as heat and has high density and viscosity. Furthermore, seaborne transport is a key component of globalization that enables international trade and support supply chains, and also plays a crucial role in cross-border transportation. It further nurtures industrial development by supporting manufacturing growth, bringing together consumers and industries, and promoting regional economic and trade integration. Additionally, the growth in the availability of shipping data and application of Big data analytics in the shipping industry also provides greater visibility into the market as well as the pricing trends. The rise in seaborne trade activities will significantly influence the growth of the heavy fuel oil market during the forecast period.

• Scrubbers are used to remove particulate matters and harmful gases, which are generated as a result of combustion processes in marine engines in order to implement pollution control into the environment.
• Companies that manufacture marine scrubbers are forming collaborations within the value chain to improve the technology and simplify the installation process.
• The scrubbing systems are manufactured and installed to treat exhaust from engines, onshore and onboard marine vessels, auxiliary engines and boilers, to ensure that no damage is done to human life and environment by toxic chemicals.
• The development of scrubber technology fuels the use of high-sulfur heavy fuel oil.
• During 2020-2024, the market will register a CAGR of over (15)%.

Heavy Fuel Oil Market: Key Highlights of the Report for the Forecast Period 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive heavy fuel oil market growth during the next five years
• Precise estimation of the heavy fuel oil market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the heavy fuel oil market industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of heavy fuel oil market vendors