Global Fuel Oil Market
Fuel Oil Market Size And Forecast
According to Verified Market Research, The Global Fuel Oil Market was valued at USD 156.56 Billion in 2018 and is projected to reach USD 212.23 Billion by 2026, growing at a CAGR of 3.98% from 2019 to 2026.
Fuel Oil Market Outlook
Energy demand from various industries such as transportation and Petroleum Refineries is rapidly increasing across the globe. Transport energy demand is mainly driven by the large size of transport activities, an increasing number of transportation modes, and related energy efficiency. Transport sector witnesses more than 80% consumption of fuel oil among all the end-user industries due to factors including less availability of alternative fuels such as biofuels and higher production cost of biofuel, technology barriers of plug-in electric vehicles and cost of batteries. Furthermore, the rising purchasing power of consumers due to growing per capita income in emerging economies including India, Korea, Thailand is expected to increase energy consumption.
Fuel Oil Market, Competitive Landscape
The Global Fuel Oil Market is highly fragmented with the presence of a large number of players globally. Some of the major companies are BP p.l.c., Royal Dutch Shell, ExxonMobil Corporation, Total, Chevron, Rosneft, Lukoil, Gazprom Neft PJSC, Petrobras, and PetroChina.
ExxonMobil Corporation is one of the top five players for the Global Fuel Oil market.
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