Market Overview

Growth of Heavy Fuel Oil Market to be Impacted by the Rise in Seaborne Trade Activities | Technavio


The market will accelerate at a CAGR of around -15% between 2020-2024

The report, heavy fuel oil market 2020-2024 has been added to Technavio's catalog. It provides a comprehensive analysis of the market, including its global and regional market share as well as market segmentation based on geographic regions and end-user for the forecast period 2020-2024.

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Technavio has announced its latest market research report titled Global Heavy Fuel Oil Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Heavy Fuel Oil Market 2020-2024 (Graphic: Business Wire)

To learn more about the global trends impacting the future of market research: Download Free Sample Report

The report on the heavy fuel oil market includes:

Heavy Fuel Oil Market Analysis and Forecast 2020-2024: Features

  • Competitive landscape
  • Market segmentation
    • Geographic Segmentation
    • End-user Segmentation
  • Market drivers
  • Market trends
  • Market challenges
  • Five forces analysis
  • Market landscape
  • Market sizing & forecast

Heavy Fuel Oil Market 2020-2024: Competitive Landscape

  • Vendors covered
  • Vendor classification
    • BP Plc
    • Chevron Corp.
    • Exxon Mobil Corp.
    • Indian Oil Corp. Ltd.
    • Neste Oyj
    • PetroChina Co. Ltd.
    • Qatar Petroleum
    • Rosneft Oil Co.
    • Royal Dutch Shell Plc
    • TOTAL SA

Heavy Fuel Oil Market Landscape 2020-2024: Geographic Landscape

  • APAC - size and forecast 2019-2024
  • Europe - size and forecast 2019-2024
  • MEA - size and forecast 2019-2024
  • North America - size and forecast 2019-2024
  • South America - size and forecast 2019-2024
  • Key leading countries

Heavy Fuel Oil Market Landscape 2020-2024: End-user Segmentation

  • Shipping - size and forecast 2019-2024
  • Others - size and forecast 2019-2024

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Rising seaborne trade activities will drive the heavy fuel oil market

The demand for consumer products is increasing due to rapid industrialization and liberalization of national economies. This is leading to an increase in trade activities. Shipping is becoming an efficient and swift method of transportation with advancements in technology. Seaborn transport plays a crucial role in cross-border transportation as it enables international trade and supports supply chain. This is propelling the demand for heavy fuel oil as it is majorly used as a marine fuel in almost all medium and low-speed marine diesel engines.

Development of scrubber technology – An emerging trend in the heavy fuel oil market

According to the IMO 2020 sulfur emission regulation, ships are required to minimize their sulfur oxide emissions to 0.5% m/m by 1st January 2020. This is driving the demand for scrubbers in the exhaust system of a ship to remove particulate matters and harmful gases, such as sulfur oxides and nitrogen oxides. It ensures safety from toxic chemicals by treating exhaust from engines, auxiliary engines and boilers, and onshore and offshore marine vessels. This makes the use of high-sulfur heavy fuel oil safe to both human life and environment.

Other Key Topics Covered in the Report are:


  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis


  • Market definition
  • Market sizing 2019
  • Market size and forecast 2019-2024

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  • Market drivers
  • Market challenges


  • Development of scrubber technology
  • Adoption of modular mini refineries
  • Usage of additives to improve the combustion of heavy fuel oil

Technavio also offers Custom Research services providing focused, comprehensive, and tailored research.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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