The global gas oil market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Gas oil is a mixture of hydrocarbons produced from crude oil distillation process. The major usage of gas oil is to produce industrial heating oil and other fuel such as locomotive, heavy machinery, power generator and marine fuel.
As gas oil is the major source of producing fuel for petrochemical, power, metallurgical industries, growth in these industries is expected to increase the growth of gas oil market. Demand from fuel based markets is actually increasing because of growing demand for end-use products from the rapidly increasing population with extra income in developing countries. Rising demand for diesel fuel and other heating fuel from various industries such as power, heavy machinery and locomotive industry is likely to drive gas oil demand.
Drivers and Restraints of Gas Oil Market
Growing investments in downstream industries in regions like Asia and the Americas are likely to offer tremendous possibilities for gas oil market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Gas oil is exposed to the probability of volatility in supply and price of crude oil. Gas oil has an adverse effect on the environment. Its acute toxicity and flammability often make environmental regulatory institutions to implement strict regulations on gas oil usage. Existing and future regulations concerning the use of gas oil are likely to challenge the market growth.
Asia was the largest consumer of gas oil and this pattern is anticipated to continue to be identical over the following few years. Consumption in China is showing upward trend because of increase in economic activity. Growing demand for fuel, energy, construction and other industries will drive gas oil market in China. With major production capacities in China and South East Asia, the region is likely to grow in terms of global supply capability. Consumption of gas oil in the Americas and the Middle East is likely to grow at a significant rate due to demand from fuel and energy industry. Demand from Europe and Africa was low relatively and is likely to stay same in the next few years.
Top players in this market include Total SA, Shell, Indian Oil Corp., Saudi Aramco, Exxon Mobil, PetroChina among others.
The report covers exhaustive analysis on:
- Global Market Size
- Global Market Segments
- Market Regional Analysis
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth