Fuel oil
Fuel oil is a fossil fuel consisting mainly of residues from the distillation of crude oil. It is mainly used in steam boilers in power plants, aboard ships and in industrial plants. Fuel oil is viscous at room temperature, so commercial fuel oil is usually blended with other petroleum fractions to achieve the desired viscosity and flash point.
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The production of fuel oil
Fuel oil is extracted from crude oil to meet specifications for a specific use. Fuel oil is then divided into two major categories, namely residual oil and distillate oil produced in the combustion process.
Fuel oil is chemically enhanced with dispersants and antioxidants to meet the specific requirements of the application. Fuel oil often consists of a mixture of petroleum hydrocarbons.
This fuel oil is chemically enhanced with dispersants and antioxidants to meet the specific requirements of the application. There is also fuel oil that consists of a mixture of methane sequences that typically contains 10-16 carbon atoms per molecule.
Fuel oil market trends
The global fuel oil market is mainly driven by the heavy oil market. The black oil market is mainly driven by the Middle East. In that region, there is a growing demand for crude oil for export to other countries. High maturity product markets include the United States, Australia, Canada and Europe. The United States depends on imports from Canada and East Coast Russia. Regions with high growth potential include Brazil, Chile and South Africa. Within the Asia-Pacific region, India, Korea and Singapore are the main export regions, exporting large quantities to the other countries in the region. In Latin America, Brazil is the net exporter of the product to other countries in the region.
The fuel oil market size was valued at $163.3 billion in 2019 and is expected to reach $227.2 billion by 2027, growing at a CAGR of 4.19% from 2020 to 2027.
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