Fuel Oil Market Report and Forecast 2025-2034

The global fuel oil market reached a volume of 4.80 MB/d in 2024, primarily driven by the rising demand of fuel oil worldwide. Aided by growing industrialisation, the industry is expected to witness a further growth in the forecast period of 2025-2034.

The global fuel oil market is primarily driven by the crude market oil, which is majorly being driven by the Middle East region, which tops the list in terms of oil production. The region has booming demand for crude oil for exports to other nations. This is further driving the fuel oil market. The high maturity markets of the product include the United States, Australia, Canada, and Europe. The United States is dependent on imports from Canada and East Coast Russia. The regions which have a high scope of growth are Brazil, Chile, and South Africa. Within the Asia-Pacific region, India, Korea, and Singapore are the major exporting regions, exporting heavy volumes to the other countries in the region. Similarly, within Latin America, Brazil is the net exporter of the product to the other countries in the region.

Market Segmentation

The report titled “Fuel Oil Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Heavy Fuel Oil
• Light Fuel Oil

Market Breakup by Application

• Road and Domestic Waterway
• Marine Bunkers
• Petrochemicals
• Residential/Commercial/Agricultural
• Electricity Generation
• Others

Market Breakup by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Market Analysis

The market for fuel oil is being driven by the increasing application of heating oil, especially in the United States of America. The oil is widely used in boilers as well as furnaces, both in commercial as well as residential buildings. The demand for fuel oil is also being aided by the rising demand for electricity in power plants, which is generated with the help of fuel oil. Some constraints to the market like lower outputs during the COVID-19 lockdowns and increasing government regulations on crude oil extraction.

The major driving factor for the fuel oil market is the growing demand for crude oil among its consumers. Fuel oil is a residue of crude oil received after the distillation process. The increasing output of crude oil, thus, results in an increased output of fuel oil. The rising demand for crude oil, especially in North America, owing to the abundant of shale oil reserves and superior technologies, is driving the growth of fuel oil further.

The demand is also boosting in emerging regions like China and India. The economic growth of these countries is leading to more industries, leading to increased demand for fuel oil. The growth is also being aided by the rapidly rising population as well as urbanisation.

Regions like Africa and the Middle East are also supporting the demand growth for fuel oil. The discovery of new shale oil reserves in Africa is leading to increased production. Middle East region is the leading region in terms of oil production. The import demand from other countries is driving the demand for fuel oil as well.

Competitive Landscape

The report gives a detailed analysis of the following key players in the global fuel oil market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Exxon Mobil Corporation.
• Shell International B.V.
• Uniper SE
• Chevron Corporation
• GS Caltex Corporation.
• Gazpromneft - Lubricants Ltd.
• PJSC Lukoil
• MOL Group
• Neste Oyj
• Petróleo Brasileiro S.A

The comprehensive report provides an in-depth assessment of the industry based on the Porter’s five forces model along with giving a SWOT analysis.