The fuel oil market will register a CAGR of nearly 1% by 2023
NEW YORK, May 14, 2019 /PRNewswire/ --
About this market
The rise in world refining capacity is one of the key factors expected to trigger the fuel oil market growth in the forthcoming years. Investments in the new refinery projects are ramping up the global refining capacity. In addition, the growing demand for oil as fuel in the transportation and power generation sectors has further boosted the global refining capacity. Furthermore, as fuel oil production will eventually rise in the world refining capacity, in turn, boosting the fuel oil market growth during the forecast period. Analysts have predicted that the fuel oil market will register a CAGR of nearly 1% by 2023.
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Market Overview
Rise in world energy demand
With the demand for energy increasing across the world, the consumption rate of fuel oil is expected to remain robust and bolster the growth of the global fuel oil market.
Fluctuations in crude oil prices
The uncertainty in crude oil prices will hamper investments in E&P and refining projects. This will impede the growth of the global fuel oil market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the fuel oil market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented with the presence of several market players. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
Read the full report: https://www.reportlinker.com/p05775102/?utm_source=PRN
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