“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 Oil & Gas Pipeline Leak Detection Market Report 2021-2031

The COVID-19 crisis has dramatically affected oil and gas production and demand, leaving no midstream markets untouched as drilling screeched to a halt, pipeline projects were sidelined and global storage neared capacity in a stark reversal of trends at the start of 2020.

25 November 2020

Read

Visiongain Publishes Chemical Enhanced Oil Recovery (EOR) Market Report 2020-2030

Increasing oil consumption, high recovery rates through successful implementation of CEOR, coupled with high cost of new exploration is expected to drive the implementation of CEOR over the coming years.

22 October 2020

Read

Visiongain Publishes Carbon Capture, Transportation & Storage Market Report 2021-2031

Visiongain expects that various public support mechanisms will remain the principal driver throughout the forecast period. Estimates for the cost of CCS range between research papers as well as between capture technologies and plant characteristics.

02 October 2020

Read

Visiongain Publishes Coal Tar Market Report 2020-2030

Supply gap due to production halt brought about by COVID-19 pandemic is expected restrict sales growth. However, the rising demand for coal tar products from the healthcare sector is expected to stabilize market growth during the forecast period.

25 September 2020

Read

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