Market Overview:
The global low sulfur oil market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the stringent environmental regulations by various governments across the globe for reducing emissions from maritime vessels. Low sulfur oil is used as a fuel in maritime vessels as it emits less SOx and other pollutants than high sulfur fuel oils. This has led to an increase in demand for low sulfur oil, especially in regions such as Europe and North America, where stringent environmental regulations are imposed on maritime vessels operating within their waters. The global low sulfur oil market can be segmented on the basis of type into heavy fuel oil and light fuel oil. The heavy fuel oil segment is expected to account for a larger share of the global market than the light fueloil segment duringthe forecast period from 2018to 2030 owingto its higher calorific value and lower price point compared with lightfueloil .
Product Definition:
Low sulfur oil is a type of crude oil that has a low sulfur content. It is used to produce gasoline and other petroleum products that meet environmental standards for low emissions.
Heavy Fuel Oil:
Heavy fuel oil, commonly known as HEFO, is a type of petroleum distillate used as an alternative to conventional fuels such as gasoline and diesel. It is produced during the fractionation process of crude oil. The production process involves separating different components namely; paraffins, waxes & oils and heavy hydrocarbons which are then recombined to produce HEFO.
Light Fuel Oil:
Light fuel oil (LFO) is a liquid petroleum product that consists of more than 90% of paraffinic hydrocarbons. It has a very low boiling point and is usually sold in the form of “pellets”. The pelleted form can be easily burned in any household or industrial furnace without causing any harm to the environment.
Application Insights:
Tanker vessels were the largest application segment and accounted for a volume share of over 40% in 2017. General cargo vessel operations usually involve long-distance voyages, which require large quantities of low sulfur oil to be carried. These vessels are generally larger than container ships but smaller than bulk carriers. The demand for these types of vessels is expected to grow at a CAGR of XX% from 2018 to 2030 owing to their ability toraise operating costs by reducing fuel consumption rates.
Container ships are the fastest growing application segment with a volume share anticipated near 50% in the global market by 2030 owingto its increasing use as an energy source across various industries including automotive and industrial manufacturing sectors worldwide. Sulfur content has no impact on container handling operations; however, it doesaffect engine performance when present in high concentrations (above 0.5%).
Regional Analysis:
Asia Pacific was the largest regional market in 2017 and accounted for over 50% of the global revenue share. The region is anticipated to continue its dominance over the forecast period, with China being a key contributor to regional growth. Asia Pacific has been witnessing strong economic growth on account of increasing foreign investments coupled with rising trade activities across major ports including Shanghai, Hong Kong, Singapore and Ningbo among others. This factor is expected to have a positive impact on product demand in this region over the forecast period.
The European market also held significant shares in terms of volume as well as revenue share owing to large-scale adoption from countries including U.K., Germany and France among others where sulfur content level is high than that allowed under EU regulations (0.5% by weight or more). However, these countries are allowed an additional supply of low sulfur fuel oil under specific conditions which are monitored by Eurostat (the European Commission's official statistics body) based at Brussels.
Growth Factors:
- Increasing demand for low sulfur oil in the transportation sector as a result of stringent environmental regulations on emissions of sulfur dioxide from vehicles and engines is expected to be a key growth driver for the global low sulfur oil market during the forecast period.
- Stringent fuel quality specifications laid down by major Original Equipment Manufacturers (OEMs) for gasoline and diesel fuels are also anticipated to drive demand for low sulfur oils in the coming years.
- Rapid industrialization and urbanization across emerging economies, such as China and India, is expected to create opportunities for growth of the global low sulfur oil market over the next few years.
- Growing awareness about benefits of using low sulfur oils, such as improved engine performance and reduced emissions, is likely to boost demand for these oils in automotive applications over the forecast period.
Scope Of The Report
Report Attributes
Report Details
Report Title
Low Sulfur Oil Market Research Report
By Type
Heavy Fuel Oil, Light Fuel Oil
By Application
Tanker Vessels, Container Vessels, Bulk Vessels, General Cargo Vessels
By Companies
Sinopec, CNPC, CNOOC, Exxon Mobil, BP, Shell, China Marine Bunker, World Fuel Services, Bunker Holding, Total Marine Fuel, Chemoil, Bright Oil, Gazpromneft
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
214
Number of Tables & Figures
150
Customization Available
Yes, the report can be customized as per your need.
Global Low Sulfur Oil Market Report Segments:
The global Low Sulfur Oil market is segmented on the basis of:
Types
Heavy Fuel Oil, Light Fuel Oil
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Tanker Vessels, Container Vessels, Bulk Vessels, General Cargo Vessels
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Sinopec
- CNPC
- CNOOC
- Exxon Mobil
- BP
- Shell
- China Marine Bunker
- World Fuel Services
- Bunker Holding
- Total Marine Fuel
- Chemoil
- Bright Oil
- Gazpromneft
Highlights of The Low Sulfur Oil Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Heavy Fuel Oil
- Light Fuel Oil
- By Application:
- Tanker Vessels
- Container Vessels
- Bulk Vessels
- General Cargo Vessels
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Low Sulfur Oil Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Low sulfur oil is a type of vegetable oil that has been processed to reduce the amount of sulfur compounds. This type of oil is often used in cooking because it has a milder flavor and does not produce strong smells when heated.
Some of the key players operating in the low sulfur oil market are Sinopec, CNPC, CNOOC, Exxon Mobil, BP, Shell, China Marine Bunker, World Fuel Services, Bunker Holding, Total Marine Fuel, Chemoil, Bright Oil, Gazpromneft.
The low sulfur oil market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Low Sulfur Oil Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Low Sulfur Oil Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Low Sulfur Oil Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Low Sulfur Oil Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Low Sulfur Oil Market Size & Forecast, 2018-2028
4.5.1 Low Sulfur Oil Market Size and Y-o-Y Growth
4.5.2 Low Sulfur Oil Market Absolute $ Opportunity
Chapter 5 Global Low Sulfur Oil Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Low Sulfur Oil Market Size Forecast by Type
5.2.1 Heavy Fuel Oil
5.2.2 Light Fuel Oil
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Low Sulfur Oil Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Low Sulfur Oil Market Size Forecast by Applications
6.2.1 Tanker Vessels
6.2.2 Container Vessels
6.2.3 Bulk Vessels
6.2.4 General Cargo Vessels
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Low Sulfur Oil Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Low Sulfur Oil Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Low Sulfur Oil Analysis and Forecast
9.1 Introduction
9.2 North America Low Sulfur Oil Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Low Sulfur Oil Market Size Forecast by Type
9.6.1 Heavy Fuel Oil
9.6.2 Light Fuel Oil
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Low Sulfur Oil Market Size Forecast by Applications
9.10.1 Tanker Vessels
9.10.2 Container Vessels
9.10.3 Bulk Vessels
9.10.4 General Cargo Vessels
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Low Sulfur Oil Analysis and Forecast
10.1 Introduction
10.2 Europe Low Sulfur Oil Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Low Sulfur Oil Market Size Forecast by Type
10.6.1 Heavy Fuel Oil
10.6.2 Light Fuel Oil
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Low Sulfur Oil Market Size Forecast by Applications
10.10.1 Tanker Vessels
10.10.2 Container Vessels
10.10.3 Bulk Vessels
10.10.4 General Cargo Vessels
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Low Sulfur Oil Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Low Sulfur Oil Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Low Sulfur Oil Market Size Forecast by Type
11.6.1 Heavy Fuel Oil
11.6.2 Light Fuel Oil
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Low Sulfur Oil Market Size Forecast by Applications
11.10.1 Tanker Vessels
11.10.2 Container Vessels
11.10.3 Bulk Vessels
11.10.4 General Cargo Vessels
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Low Sulfur Oil Analysis and Forecast
12.1 Introduction
12.2 Latin America Low Sulfur Oil Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Low Sulfur Oil Market Size Forecast by Type
12.6.1 Heavy Fuel Oil
12.6.2 Light Fuel Oil
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Low Sulfur Oil Market Size Forecast by Applications
12.10.1 Tanker Vessels
12.10.2 Container Vessels
12.10.3 Bulk Vessels
12.10.4 General Cargo Vessels
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Low Sulfur Oil Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Low Sulfur Oil Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Low Sulfur Oil Market Size Forecast by Type
13.6.1 Heavy Fuel Oil
13.6.2 Light Fuel Oil
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Low Sulfur Oil Market Size Forecast by Applications
13.10.1 Tanker Vessels
13.10.2 Container Vessels
13.10.3 Bulk Vessels
13.10.4 General Cargo Vessels
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Low Sulfur Oil Market: Competitive Dashboard
14.2 Global Low Sulfur Oil Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Sinopec
14.3.2 CNPC
14.3.3 CNOOC
14.3.4 Exxon Mobil
14.3.5 BP
14.3.6 Shell
14.3.7 China Marine Bunker
14.3.8 World Fuel Services
14.3.9 Bunker Holding
14.3.10 Total Marine Fuel
14.3.11 Chemoil
14.3.12 Bright Oil
14.3.13 Gazpromneft
