What is Heavy Fuel Oil?
Heavy fuel oil is a fuel used to generate morion that has a particularly have high density and viscosity. Heavy fuel oils (HFO) are most widely used as marine fuel, virtually all medium and low-speed marine diesel engines are designed for heavy fuel oil. The factors such as High Demand for Heavy Fuel Oil as Marine Fuel and Increased Demand for Heavy Fuel Oil due to its Relatively Low Cost for Reduced Transportation Cost are the key drivers for the global Heavy Fuel Oil market. In addition, Increased Seaborne Trade Activities also fueling the growth of the market. However, Environmental Concerns Related to Heavy Fuel Oil Applications may hamper the market growth.
The market study is broken down by Type (Low, Medium and High), by Application (Industrial (Oil and Gas, Mining, Shipping and Contracting and Other) and Non- Industrial (Residential, Commercial and Institutes)) and major geographies with country level break-up.
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Research Analyst at AMA estimates that Vendors from United States will contribute to the maximum growth of Global Heavy Fuel Oil market throughout the predicted period.
Total SE (France), Exxon Mobil Corporation (United States), Neste Oyj (Finland), Royal Dutch Shell plc (Netherlands), Hiap Huat Holdings Berhad (Malaysia), Chevron Phillips Chemical (United States), PJSC Rosneft Oil Company (Russia), Qatar Petroleum (Qatar), PetroChina Co. Ltd. (China) and Indian Oil Corp. Ltd. (India) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Exxon Mobil Corp. (United States) and Tauber Oil Company (United States).
AdvanceMarketAnalytics has segmented the market of Global Heavy Fuel Oil market by Type, Application and Region.
On the basis of geography, the market of Heavy Fuel Oil has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
- Increased Seaborne Trade Activities
- High Demand for Heavy Fuel Oil as Marine Fuel
- Increased Demand for Heavy Fuel Oil due to its Relatively Low Cost for Reduced Transportation Cost
- Increasing Industrialization and Liberalization of National Economies
- Growth in the Shipping Industry
- Heavy Fuel Oil Banned as a Fuel Source for Ships Travelling in the Antarctic
- Environmental Concerns Related to Heavy Fuel Oil Applications
Key Target AudienceHeavy Fuel Oil Manufacturers, Raw Material Suppliers, Distributors, Emerging Companies, Research Professionals and End-users
About ApproachDuring this study the evaluation and validation of the market size is done through various sources including primary and secondary analysis. AMA Research & Media follows industrial and regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
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