“The scale of the fuel oil demand is expected to decline by 2030 at a CAGR of 4.0%”, says Visiongain

19 December 2019
Energy

The Fuel Oil Market Report 2020-2030: Forecasts by Engagement Models (Contract, Spot), by Delivery Mode (Pipeline, Trucks, Retail Fuel Outlet, Bunker Ships), By Application (Electricity Generation, Marine Bunkers, Industrial, Petrochemicals, Agriculture, Others), by Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa) and analysis of leading companies operating in this industry.

The scale of the fuel oil demand is expected to decline by 2030 at a CAGR of 4.0%. Health and environmental issues linked with the strong residual fuel oil sulfur content have culminated in current policies and regulations that have significantly reduced prospects of future global use of residual fuel oil. The petrochemical sector's share is projected to rise from the current 13% to 15% by 2040.

Fuel oil, which during the refining process is the residual from the distillation of crude oil, relates to a collection of the least unstable and hardest of commonly available fuels. Approximately 10% of the generated fuel oil is used to drive large ships. A further 15% is used for ventilation and the remainder is used for further processing by refineries.

Global oil demand rose by 1.3% in 2018, led by strong growth in the United States. The start-up of large petrochemical projects drove product demand, which partially offset a slowdown in growth in gasoline demand. The United States and China showed the largest overall growth, while demand fell in Japan and Korea and was stagnant in Europe.

Global oil demand growth slowed down in 2018 as higher oil prices partially offset robust economic activity around the world. Demand grew by 1.3 mb/d (total liquid demand, including biofuels) in 2018, less than the increase of 1.5 mb/d in 2017.

Oil demand in advanced economies remained relatively robust, but, in emerging markets, oil demand slowed markedly in 2018. Average Brent oil prices were 30% higher in 2018 than in 2017.

The United States showed the largest overall growth at 540 kb/d, followed by China. The strong expansion of petrochemical demand in the United States boosted consumption, which also benefited from a rise in industrial production and very strong demand for trucking services.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

Recent News

Visiongain Publishes Non-Destructive Testing (NDT) Market Report 2021-2031

India, China, Malaysia, and Brazil are all building new bridges, dams, railroads, power plants, and refineries as part of their infrastructural growth. As a result, demand for NDT and inspection services and equipment is expected to rise, propelling the expansion of businesses that provide these services and equipment.

14 October 2021

Read

Visiongain Publishes Liquefied Natural Gas (LNG) Storage Tank Market Report 2021-2031

In many key markets, the fundamental principles for LNG growth – such as falling domestic supply and increased need for energy – remain intact. In the meanwhile, cheap prices allow for extra penetration of LNG.

15 September 2021

Read

Visiongain Publishes Flexible Battery Storage Market Report 2021-2031

The proliferation of the internet and smartphones around the world, as well as increased focus on medical device R&D and adoption of advanced healthcare technologies, as well as rising expenditure on healthcare infrastructure development, particularly in developing economies, are all contributing to the growth of the wearable devices market.

14 September 2021

Read

Visiongain Publishes State-of-Charge (SoC) Market Report 2021-2031

Although the main growth sector in the electric vehicles is lithium batteries in a number of vital medical device, including the ventilators critical to this epidemic (EVs).

07 September 2021

Read

Kelloggs
3m
Thales
Shell
TEVA
Lockheed-Martin
Pfizer
Raytheon
Halliburton
Du-Pont
Honeywell
Daimler
BASF
Bayer
BP
BAE-Systems
Unilever