Market Overview:
The global marine low sulphur fuel oil market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the stringent environmental regulations by various governments across the globe for reducing emissions from ships, and also the increasing demand for low sulphur fuel oil from shipping companies in order to meet these regulations. Based on type, ultra-low sulfur fuel oil is expected to account for a major share of the global marine low sulphur fuel oil market during the forecast period. This can be attributed to its ability to reduce emissions significantly as compared with other types of fuels available in the market. Based on application, bulk carriers are expected to account for a major share of the global marine low sulphur fuel oil market during the forecast period. This can be attributed mainly due to their large size and high consumption of fuels as compared with other types of vessels.
Product Definition:
Marine low sulphur fuel oil is a type of fuel oil that has been specifically designed for marine use and has a lower sulphur content than other types of fuel oil. This makes it less harmful to the environment and helps to reduce air pollution from ships.
Ultra-low Sulfur Fuel Oil:
ULSFO is a special fuel oil, which has been developed by the marine industry to meet stringent environmental regulations. It contains very low levels of sulfur and other harmful components. The product was created as an alternative to diesel in order to reduce the amount of SOx released into the atmosphere during combustion. ULSFOs are produced from vegetable oils or animal fats with high content of fatty acids, glycerin and moisture content ranging from 40% - 70%.
Very-low Sulfur Fuel Oil:
Very-low sulfur fuel oil (VLSFO) is a special type of marine diesel oil, which contains less than 10% of the Sulphur content. It has been designed to meet the specifications set by U.S. Coast Guard for use in vessels operating exclusively in inland or coastal water and that do not require more than 15 degrees (F) temperature rise above freezing point during operation.
Application Insights:
Oil tankers and bulk carriers were the major application segments in the market. These vessels are used to transport oil products including fuel, lubricants and chemicals on a long-distance voyage. The general cargo segment includes liners that transport goods other than oil products. General cargo ships make use of low sulfur fuel as they do not require frequent stops for loading and unloading purposes owing to their longer travel distances. Container ships are used to transport containers on international trade activities such as imports & exports between countries. Low sulfur fuels help container ships operate more efficiently, which helps them travel longer distances without refuelling or resupply operations at sea ports or offshore facilities.
The demand for LSFO is expected to increase over the forecast period due largely to its usage in various applications including power generation plants, industrial manufacturing units along with domestic consumers across several end-use industries globally mainly in North America.
Regional Analysis:
Asia Pacific is expected to be the largest market for low sulphur fuel oil over the forecast period. The region has been a major producer and consumer of petroleum products including LSOF Oils. Increasing population in Asia Pacific, especially in China and India coupled with rising living standards have led to an increase in maritime activities resulting into increased demand for LSOF oils across the globe.
The growing trade between Asia Pacific economies and other regions has resulted into increasing demand for containers, which will further drive product consumption across various industries such as food & beverage, chemicals, automotive among others. In addition increasing government regulations regarding sulfur content in crude oil due to environmental effects are anticipated to propel market growth over the coming years.
Growth Factors:
- Stringent environmental regulations by the International Maritime Organization (IMO) for reducing the sulphur content in marine fuels from 3.5% to 0.5% by 2020 will drive the demand for low sulphur fuel oil
- The global trade volume is expected to grow which will subsequently increase the demand for marine low sulphur fuel oil
- Increasing number of cruise ships and container vessels are likely to use low sulphur fuel oil as a compliance measure
- Rising awareness among ship owners about the benefits of using low Sulphur Fuel Oil such as reduced emissions and improved engine performance is likely to propel market growth
Scope Of The Report
Report Attributes
Report Details
Report Title
Marine Low Sulphur Fuel Oil Market Research Report
By Type
Ultra-low Sulfur Fuel Oil, Very-low Sulfur Fuel Oil
By Application
Oil Tankers, Bulk Carriers, General Cargo, Container Ships, Others
By Companies
BP, Exxon Mobil, Chevron, Royal Dutch Shell, Sinopec, Petrobras, PetroChina, Indian Oil, Total, Gazpromneft Marine Bunker
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
233
Number of Tables & Figures
164
Customization Available
Yes, the report can be customized as per your need.
Global Marine Low Sulphur Fuel Oil Market Report Segments:
The global Marine Low Sulphur Fuel Oil market is segmented on the basis of:
Types
Ultra-low Sulfur Fuel Oil, Very-low Sulfur 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
Oil Tankers, Bulk Carriers, General Cargo, Container Ships, Others
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:
- BP
- Exxon Mobil
- Chevron
- Royal Dutch Shell
- Sinopec
- Petrobras
- PetroChina
- Indian Oil
- Total
- Gazpromneft Marine Bunker
Highlights of The Marine Low Sulphur Fuel 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:
- Ultra-low Sulfur Fuel Oil
- Very-low Sulfur Fuel Oil
- By Application:
- Oil Tankers
- Bulk Carriers
- General Cargo
- Container Ships
- Others
- 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 Marine Low Sulphur Fuel 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?
Marine Low Sulphur Fuel Oil is a type of fuel oil that is used in marine applications. It has a lower sulphur content than other types of fuel oil, which makes it safer to use. Marine Low Sulphur Fuel Oil also has a higher octane rating than other types of fuel oil, which means it can resist detonation and thus provide better performance in engines.
Some of the major companies in the marine low sulphur fuel oil market are BP, Exxon Mobil, Chevron, Royal Dutch Shell, Sinopec, Petrobras, PetroChina, Indian Oil, Total, Gazpromneft Marine Bunker.
The marine low sulphur fuel oil market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Marine Low Sulphur Fuel 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 Marine Low Sulphur Fuel Oil Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Marine Low Sulphur Fuel 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 Marine Low Sulphur Fuel 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 Marine Low Sulphur Fuel Oil Market Size & Forecast, 2018-2028
4.5.1 Marine Low Sulphur Fuel Oil Market Size and Y-o-Y Growth
4.5.2 Marine Low Sulphur Fuel Oil Market Absolute $ Opportunity
Chapter 5 Global Marine Low Sulphur Fuel 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 Marine Low Sulphur Fuel Oil Market Size Forecast by Type
5.2.1 Ultra-low Sulfur Fuel Oil
5.2.2 Very-low Sulfur Fuel Oil
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Marine Low Sulphur Fuel 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 Marine Low Sulphur Fuel Oil Market Size Forecast by Applications
6.2.1 Oil Tankers
6.2.2 Bulk Carriers
6.2.3 General Cargo
6.2.4 Container Ships
6.2.5 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Marine Low Sulphur Fuel 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 Marine Low Sulphur Fuel 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 Marine Low Sulphur Fuel Oil Analysis and Forecast
9.1 Introduction
9.2 North America Marine Low Sulphur Fuel 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 Marine Low Sulphur Fuel Oil Market Size Forecast by Type
9.6.1 Ultra-low Sulfur Fuel Oil
9.6.2 Very-low Sulfur 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 Marine Low Sulphur Fuel Oil Market Size Forecast by Applications
9.10.1 Oil Tankers
9.10.2 Bulk Carriers
9.10.3 General Cargo
9.10.4 Container Ships
9.10.5 Others
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 Marine Low Sulphur Fuel Oil Analysis and Forecast
10.1 Introduction
10.2 Europe Marine Low Sulphur Fuel 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 Marine Low Sulphur Fuel Oil Market Size Forecast by Type
10.6.1 Ultra-low Sulfur Fuel Oil
10.6.2 Very-low Sulfur 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 Marine Low Sulphur Fuel Oil Market Size Forecast by Applications
10.10.1 Oil Tankers
10.10.2 Bulk Carriers
10.10.3 General Cargo
10.10.4 Container Ships
10.10.5 Others
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 Marine Low Sulphur Fuel Oil Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Marine Low Sulphur Fuel 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 Marine Low Sulphur Fuel Oil Market Size Forecast by Type
11.6.1 Ultra-low Sulfur Fuel Oil
11.6.2 Very-low Sulfur 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 Marine Low Sulphur Fuel Oil Market Size Forecast by Applications
11.10.1 Oil Tankers
11.10.2 Bulk Carriers
11.10.3 General Cargo
11.10.4 Container Ships
11.10.5 Others
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 Marine Low Sulphur Fuel Oil Analysis and Forecast
12.1 Introduction
12.2 Latin America Marine Low Sulphur Fuel 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 Marine Low Sulphur Fuel Oil Market Size Forecast by Type
12.6.1 Ultra-low Sulfur Fuel Oil
12.6.2 Very-low Sulfur 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 Marine Low Sulphur Fuel Oil Market Size Forecast by Applications
12.10.1 Oil Tankers
12.10.2 Bulk Carriers
12.10.3 General Cargo
12.10.4 Container Ships
12.10.5 Others
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) Marine Low Sulphur Fuel Oil Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Marine Low Sulphur Fuel 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) Marine Low Sulphur Fuel Oil Market Size Forecast by Type
13.6.1 Ultra-low Sulfur Fuel Oil
13.6.2 Very-low Sulfur 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) Marine Low Sulphur Fuel Oil Market Size Forecast by Applications
13.10.1 Oil Tankers
13.10.2 Bulk Carriers
13.10.3 General Cargo
13.10.4 Container Ships
13.10.5 Others
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 Marine Low Sulphur Fuel Oil Market: Competitive Dashboard
14.2 Global Marine Low Sulphur Fuel Oil Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 BP
14.3.2 Exxon Mobil
14.3.3 Chevron
14.3.4 Royal Dutch Shell
14.3.5 Sinopec
14.3.6 Petrobras
14.3.7 PetroChina
14.3.8 Indian Oil
14.3.9 Total
14.3.10 Gazpromneft Marine Bunker
