19 December 2019
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.
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