Heavy Fuel Oil Market to be dominated by Industrial segment through 2028
Rise in seaborne trade activities to drive Global Heavy Fuel Oil Market in
the forecast period, 2023-2028.
According
to TechSci Research report, “Global Heavy
Fuel Oil Market
- By Region, Competition,
Forecast & Opportunities, 2028”, Global Heavy Fuel Oil Market is anticipated to grow at a 2.84% CAGR in
the forecast period, 2024-2028, The escalating industrialization and
liberalization of national economies have boosted the call for consumer
products, thus strengthening business activities. Heavy fuel oil is employed
primarily in the shipping industry as a marine fuel. It is used to generate
movement as well as heat and has high density and viscosity.
Also, shipping is a key element of globalization
that enables international trade and supports supply chains, and it plays a
crucial role in cross-border shipping. In addition, it promotes industrial
development by supporting manufacturing expansion, uniting consumers and
industries, and promoting regional economic and trade integration.
Additionally, the expansion in the availability of shipping data and the
application of big data analytics in the shipping industry is also providing
escalated market visibility as well as pricing trends. Escalated maritime
business activities will significantly influence the expansion of the heavy
fuel oil market during the foreseen period.
Browse
over XX market data Figures spread through 180 Pages and an in-depth TOC on "Heavy Fuel Oil Market.”
Based
on Application, Global Heavy Fuel Oil Market is segmented into— Industrial, Non-Industrial.
Industrial Segment to Dominate the Market, he industrial application segment is
dominating the global heavy fuel oil market. In 2022, it accounted for a share
of over 60% of the market. The growth of this segment is driven by the
increasing demand for heavy fuel oil in power generation, marine, and
industrial applications. Heavy fuel oil is a low-cost and efficient fuel that
is used in a variety of industrial applications. It is used to generate
electricity in power plants, to power ships and other marine vessels, and to
heat buildings and industrial processes. The increasing demand for electricity
and the growing fleet of marine vessels are the major factors driving the
growth of the industrial application segment of the heavy fuel oil market.
Based
on Region, Asia Pacific region is expected to dominate the market for Heavy
Fuel Oil during the forecast period. The
Asia-Pacific region is expected to dominate the global heavy fuel oil market in
the coming years. This is due to the following factors The growing demand for
heavy fuel oil in China, India, and other countries in the region, The
increasing economic development in the region, which is leading to an increase
in the demand for energy and The availability of cheap labor and land in the
region, which is making it economical to produce and transport heavy fuel oil.
Major
companies operating in the Global Heavy Fuel Oil market are:
- Verona Products Pvt. Ltd
- Alicid Organic Industries Ltd
- Shangqiu Donghe Special Equipments Co.
Ltd
- OOO Oil-Garant
- Moletech International Technology
Limited
- Sazeh Pardaz Simorgh Company
- Concord Overseas
- Ningling Lanning Technology Co. Ltd
- Honari Co
- Bell Performance Inc
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“The
global Heavy Fuel Oil market is driven by several key factors that shape its
growth and development. One of the key drivers of the global heavy fuel oil
(HFO) market is the energy demand from various industries, particularly in
emerging economies. HFO has historically been a cost-effective option for power
generation and heavy industries due to its high energy density and
affordability. As industrialization and urbanization continue in regions like
Asia and Africa, there is a growing need for reliable and affordable energy
sources, and HFO has met that demand.
Additionally,
the maritime sector, including shipping and transportation, has been a
significant driver of the HFO market. Ships use HFO as a primary fuel source
for propulsion and electricity generation due to its energy efficiency.
However, it's worth noting that the maritime industry is also undergoing
changes due to environmental regulations, which can both drive and constrain
the HFO market. Regulations like the International Maritime Organization's
(IMO) sulfur cap have pushed the industry to seek cleaner alternatives to
high-sulfur HFO. Moreover, geopolitical factors, such as disruptions in
oil-producing regions, can impact the supply and prices of HFO. The
availability and price of HFO are closely tied to global oil markets, making it
vulnerable to geopolitical tensions and supply chain disruptions. These factors
collectively contribute to the dynamics of the global HFO market, impacting its
growth and stability.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
Heavy Fuel Oil Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented
By
Classification (Low, Medium, High), by Application (Industrial, Non-Industrial),
By End-User (Shipping, Others), By Region, Competition, 2018-2028”, has evaluated the future growth potential of global Heavy
Fuel Oil market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision-makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global Heavy Fuel Oil market.
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