Market Overview:
The global VLSFO market is expected to grow from USD XX million in 2018 to USD XX million by 2030, at a CAGR of X.X%. The growth of the market can be attributed to the increasing demand for low-sulfur fuel oil from shipping and other applications. The global VLSFO market is segmented by type, application, and region. By type, the market is divided into heavy fuel oil and light fuel oil. By application, it is classified into shipping and others. Geographically, it is analyzed across North America, Latin America, Europe Asia Pacific (APAC), and Middle East & Africa (MEA). Some of the key players operating in this market are BP Plc., Chevron Corporation., ExxonMobil Corporation., Royal Dutch Shell plc., Total S.A., China National Petroleum Corporation (CNPC), Indian Oil Corporation Ltd.(IOCL), Kuwait Petroleum International Ltd.
Product Definition:
Very Low Sulphur Fuel Oil (VLSFO) is a type of fuel oil that has a sulfur content of less than 0.5%. It is used in marine and industrial applications where low emissions are required.
Heavy Fuel Oil:
Heavy fuel oil (HFO) is a type of very low sulphur fuel oil which contains more than 60% of hydrogen and carbon by volume. It is produced from crude oil through the fractionation process, where the heavier components are separated from the normal petroleum oils. The yield from this separation can be used for various applications including diesel and petrol engines as well as for heating purposes.
Light Fuel Oil:
Light fuel oil is a form of petroleum liquid derived from the distillation process. It consists of straight-run, low-sulphur, and premium crude oil. The product has high viscosity and low sulfur content as compared to other conventional fuels such as diesel or gasoline which makes it suitable for use in very low sulphur fuel oils (VLSFO).
Application Insights:
The others application segment accounted for the largest volume share of over 50.0% in 2017 and is expected to witness significant growth over the forecast period. The global VLSFO market is gaining traction in other applications such as power generation, which was valued at USD 6,917.6 million in 2017 and is expected to grow at a CAGR of XX% from 2018 to 2030 owing to its low sulphur content that enhances fuel efficiency and reduces emissions significantly as compared with conventional fuels across various combustion engines including gas turbines, diesel engines and steam turbines used for electricity generation globally.
Regional Analysis:
Asia Pacific was the largest market for VLSFO in 2016, accounting for a share of over 60.0% owing to the high demand from industries including shipping and power generation. The region is expected to continue its dominance over the forecast period due to increasing industrial activities coupled with growing population in emerging economies such as China and India.
China is projected to be one of the fastest-growing markets, expanding at a CAGR of XX% during the forecast period on account of rapid industrialization along with an increase in energy consumption by various industries operating within China’s jurisdiction including manufacturing, petrochemicals and others.
Growth Factors:
- Stringent environmental regulations for marine fuels in emission control areas (ECAs) will continue to drive the uptake of VLSFO globally.
- The International Maritime Organization's (IMO) 2020 global sulphur cap of 0.5% will result in a significant increase in demand for VLSFO, as it is the only compliant fuel available that can be used by all vessels without the need for expensive exhaust gas cleaning systems.
- Low-sulphur bunker fuel grades are expected to account for over 50% of total marine fuel sales by 2020, up from less than 10% today, as shipping companies seek to reduce their operating costs and comply with new emissions regulations.
- Growing demand from the cruise ship industry for low-emission fuels will help boost uptake of VLSFO among passenger vessels sailing in coastal waters and ECAs around the world.
- . The increasing popularity of LNG as a maritime fuel is also likely to benefit growth prospects for VLSFO, as this cleaner-burning alternative becomes more widely adopted by shipping operators
Scope Of The Report
Report Attributes
Report Details
Report Title
Very Low Sulphur Fuel Oil(VLSFO) Market Research Report
By Type
Heavy Fuel Oil, Light Fuel Oil
By Application
Shipping, Others
By Companies
Qatar Petroleum, Royal Dutch Shell, Total Marine Fuels Private Ltd, HMF Marine, Monjasa, Stena Oil AB, Petrobras, Cepsa
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
181
Number of Tables & Figures
127
Customization Available
Yes, the report can be customized as per your need.
Global Very Low Sulphur Fuel Oil(VLSFO) Market Report Segments:
The global Very Low Sulphur Fuel Oil(VLSFO) 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
Shipping, 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:
- Qatar Petroleum
- Royal Dutch Shell
- Total Marine Fuels Private Ltd
- HMF Marine
- Monjasa
- Stena Oil AB
- Petrobras
- Cepsa
Highlights of The Very Low Sulphur Fuel Oil(VLSFO) 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:
- Shipping
- 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 Very Low Sulphur Fuel Oil(VLSFO) 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
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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?
Very Low Sulphur Fuel Oil (VLSFO) is a fuel oil that has been refined to have a low sulphur content. This fuel oil is typically used in marine applications because it has a lower emissions profile than other types of fuels.
Some of the key players operating in the very low sulphur fuel oil(vlsfo) market are Qatar Petroleum, Royal Dutch Shell, Total Marine Fuels Private Ltd, HMF Marine, Monjasa, Stena Oil AB, Petrobras, Cepsa.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Very Low Sulphur Fuel Oil(VLSFO) 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 Very Low Sulphur Fuel Oil(VLSFO) Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Very Low Sulphur Fuel Oil(VLSFO) 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 Very Low Sulphur Fuel Oil(VLSFO) 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 Very Low Sulphur Fuel Oil(VLSFO) Market Size & Forecast, 2020-2028 4.5.1 Very Low Sulphur Fuel Oil(VLSFO) Market Size and Y-o-Y Growth 4.5.2 Very Low Sulphur Fuel Oil(VLSFO) Market Absolute $ Opportunity
Chapter 5 Global 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 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 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 Market Size Forecast by Applications
6.2.1 Shipping
6.2.2 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Very Low Sulphur Fuel Oil(VLSFO) 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 Very Low Sulphur Fuel Oil(VLSFO) 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 Analysis and Forecast
9.1 Introduction
9.2 North America 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 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 Market Size Forecast by Applications
9.10.1 Shipping
9.10.2 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 Analysis and Forecast
10.1 Introduction
10.2 Europe 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 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 Market Size Forecast by Applications
10.10.1 Shipping
10.10.2 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 Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific 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 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 Market Size Forecast by Applications
11.10.1 Shipping
11.10.2 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 Analysis and Forecast
12.1 Introduction
12.2 Latin America 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 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 Market Size Forecast by Applications
12.10.1 Shipping
12.10.2 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) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) 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) 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) Market Size Forecast by Applications
13.10.1 Shipping
13.10.2 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 Very Low Sulphur Fuel Oil(VLSFO) Market: Competitive Dashboard
14.2 Global Very Low Sulphur Fuel Oil(VLSFO) Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Qatar Petroleum
14.3.2 Royal Dutch Shell
14.3.3 Total Marine Fuels Private Ltd
14.3.4 HMF Marine
14.3.5 Monjasa
14.3.6 Stena Oil AB
14.3.7 Petrobras
14.3.8 Cepsa