세계의 VLSFO(초저유황 연료유) 시장(-2032년) : 최종사용자별, 유황 함유량별, 용도별, 점도 등급별, 소스별, 지역별

Global Very Low Sulphur Fuel Oil Market Research Report By End User (Shipping, Power Generation, Industrial Boilers, Other Industries), By Sulphur Content (0.5% Sulfur, 0.1% Sulfur), By Application (Main Engine, Auxiliary Engine, Boiler), By Viscosity Grade (IFO 180, IFO 380, MGO), By Source (Refinery, Hydrocracker) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) Forecast to 2032

Market Overview

The Very Low Sulphur Fuel Oil Market Industry is estimated to expand at a CAGR (growth rate) of approximately 7.15% over the forecast period.

The demand for Very Low Sulphur Fuel Oil (VLSFO) is increasing as global rules tighten to reduce marine emissions. The International Maritime Organization (IMO) has imposed a 0.5% global sulphur cap on marine fuels, dramatically lowering the allowable sulphur concentration in ship fuel. This has increased the need for VLSFO, which fulfills the new specifications.

Recent developments include investments in VLSFO refineries and blending facilities, research into alternative low-sulfur fuels, and the introduction of new VLSFO providers. These discoveries point to a developing market for VLSFO, as the maritime sector works to comply with environmental rules and decrease its carbon impact.

The growing desire for cleaner fuel sources is a primary driver of the Very Low Sulphur Fuel Oil Market Industry. As environmental concerns grow, countries around the world are enacting stronger rules on sulphur emissions from ships. This has resulted in an increasing demand for very low sulphur fuel oil (VLSFO), which contains much less sulphur than standard bunker fuels. VLSFO helps to minimize pollutants and enhance air quality, especially in coastal areas and ports.

Technological developments in fuel manufacturing are also helping to drive the expansion of the Very Low Sulphur Fuel Oil Market Industry. Refineries are investing in innovative technology to manufacture VLSFO that fulfills more strict environmental requirements. These technologies use advanced refining procedures to remove sulfur from crude oil, yielding cleaner fuel products.

Market Segment insights

The shipping industry is expected to lead the global Very Low Sulphur Fuel Oil (VLSFO) market, accounting for a considerable portion of revenue in 2024 and beyond. The rising demand for VLSFO in the maritime sector is primarily due to severe regulations implemented by the International Maritime Organization (IMO) to minimize sulphur emissions from ships. Sulphur Content is an important component in the Very Low Sulphur Fuel Oil Market.

The Very Low Sulphur Fuel Oil Market has three application segments: main engine, auxiliary engine, and boiler.

The Viscosity Grade section of the market is divided into IFO 180, IFO 380, and MGO.

The Very Low Sulphur Fuel Oil Market is divided into two segments based on source: refineries and hydrocrackers.

Regional insights

The Very Low Sulphur Fuel Oil Market is divided into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is predicted to expand the fastest throughout the forecast period. The region is home to some of the world's greatest economies, including China and India, which are rapidly industrializing and urbanizing. This has resulted in an increase in demand for energy, particularly Very Low Sulphur Fuel Oil. Furthermore, government rules in the region are becoming more stringent, encouraging the use of cleaner fuels like Very Low Sulphur Fuel Oil.

The Very Low Sulphur Fuel Oil Market was valued at USD 164.11 billion in 2023 and is expected to grow to USD 305.4 billion by 2032, with a CAGR of 7.15% over the forecast period. The market's growth is mostly due to increased demand from the power production, transportation, and industrial sectors. Furthermore, rising environmental concerns and strict government laws aimed at reducing air pollution are projected to drive market expansion.

Major Players

Shell, ExxonMobil, Chevron, Shell Gas Power, TotalEnergies, Saudi AramcoNewparaCNOOC, PTT Chemical, Glencore, Trafigura, Vitol, BP, Reliance Industries, Gunvor, and Sinopec are among the major players in the Very Low Sulphur Fuel Oil Market.

TABLE OF CONTENTS

1. EXECUTIVE SUMMARY

• 1.1. MARKET OVERVIEW
• 1.2. KEY FINDINGS
• 1.3. MARKET SEGMENTATION
• 1.4. COMPETITIVE LANDSCAPE
• 1.5. CHALLENGES AND OPPORTUNITIES
• 1.6. FUTURE OUTLOOK

2. MARKET INTRODUCTION

• 2.1. DEFINITION
• 2.2. SCOPE OF THE STUDY
  • 2.2.1. RESEARCH OBJECTIVE
  • 2.2.2. ASSUMPTION
  • 2.2.3. LIMITATIONS

3. RESEARCH METHODOLOGY

• 3.1. OVERVIEW
• 3.2. DATA MINING
• 3.3. SECONDARY RESEARCH
• 3.4. PRIMARY RESEARCH
  • 3.4.1. PRIMARY INTERVIEWS AND INFORMATION GATHERING PROCESS
  • 3.4.2. BREAKDOWN OF PRIMARY RESPONDENTS
• 3.5. FORECASTING MODEL
• 3.6. MARKET SIZE ESTIMATION
  • 3.6.1. BOTTOM-UP APPROACH
  • 3.6.2. TOP-DOWN APPROACH
• 3.7. DATA TRIANGULATION
• 3.8. VALIDATION

4. MARKET DYNAMICS

• 4.1. OVERVIEW
• 4.2. DRIVERS
• 4.3. RESTRAINTS
• 4.4. OPPORTUNITIES

5. MARKET FACTOR ANALYSIS

• 5.1. VALUE CHAIN ANALYSIS
• 5.2. PORTER'S FIVE FORCES ANALYSIS
  • 5.2.1. BARGAINING POWER OF SUPPLIERS
  • 5.2.2. BARGAINING POWER OF BUYERS
  • 5.2.3. THREAT OF NEW ENTRANTS
  • 5.2.4. THREAT OF SUBSTITUTES
  • 5.2.5. INTENSITY OF RIVALRY
• 5.3. COVID-19 IMPACT ANALYSIS
  • 5.3.1. MARKET IMPACT ANALYSIS
  • 5.3.2. REGIONAL IMPACT
  • 5.3.3. OPPORTUNITY AND THREAT ANALYSIS

6. VERY LOW SULPHUR FUEL OIL MARKET, BY END USER (USD BILLION)

• 6.1. SHIPPING
• 6.2. POWER GENERATION
• 6.3. INDUSTRIAL BOILERS
• 6.4. OTHER INDUSTRIES

7. VERY LOW SULPHUR FUEL OIL MARKET, BY SULPHUR CONTENT (USD BILLION)

• 7.1. 0.5% SULFUR
• 7.2. 0.1% SULFUR

8. VERY LOW SULPHUR FUEL OIL MARKET, BY APPLICATION (USD BILLION)

• 8.1. MAIN ENGINE
• 8.2. AUXILIARY ENGINE
• 8.3. BOILER

9. VERY LOW SULPHUR FUEL OIL MARKET, BY VISCOSITY GRADE (USD BILLION)

• 9.1. IFO 180
• 9.2. IFO 380
• 9.3. MGO

10. VERY LOW SULPHUR FUEL OIL MARKET, BY SOURCE (USD BILLION)

• 10.1. REFINERY
• 10.2. HYDROCRACKER

11. VERY LOW SULPHUR FUEL OIL MARKET, BY REGIONAL (USD BILLION)

• 11.1. NORTH AMERICA
  • 11.1.1. US
  • 11.1.2. CANADA
• 11.2. EUROPE
  • 11.2.1. GERMANY
  • 11.2.2. UK
  • 11.2.3. FRANCE
  • 11.2.4. RUSSIA
  • 11.2.5. ITALY
  • 11.2.6. SPAIN
  • 11.2.7. REST OF EUROPE
• 11.3. APAC
  • 11.3.1. CHINA
  • 11.3.2. INDIA
  • 11.3.3. JAPAN
  • 11.3.4. SOUTH KOREA
  • 11.3.5. MALAYSIA
  • 11.3.6. THAILAND
  • 11.3.7. INDONESIA
  • 11.3.8. REST OF APAC
• 11.4. SOUTH AMERICA
  • 11.4.1. BRAZIL
  • 11.4.2. MEXICO
  • 11.4.3. ARGENTINA
  • 11.4.4. REST OF SOUTH AMERICA
• 11.5. MEA
  • 11.5.1. GCC COUNTRIES
  • 11.5.2. SOUTH AFRICA
  • 11.5.3. REST OF MEA

12. COMPETITIVE LANDSCAPE

• 12.1. OVERVIEW
• 12.2. COMPETITIVE ANALYSIS
• 12.3. MARKET SHARE ANALYSIS
• 12.4. MAJOR GROWTH STRATEGY IN THE VERY LOW SULPHUR FUEL OIL MARKET
• 12.5. COMPETITIVE BENCHMARKING
• 12.6. LEADING PLAYERS IN TERMS OF NUMBER OF DEVELOPMENTS IN THE VERY LOW SULPHUR FUEL OIL MARKET
• 12.7. KEY DEVELOPMENTS AND GROWTH STRATEGIES
  • 12.7.1. NEW PRODUCT LAUNCH/SERVICE DEPLOYMENT
  • 12.7.2. MERGER & ACQUISITIONS
  • 12.7.3. JOINT VENTURES
• 12.8. MAJOR PLAYERS FINANCIAL MATRIX
  • 12.8.1. SALES AND OPERATING INCOME
  • 12.8.2. MAJOR PLAYERS R&D EXPENDITURE. 2023

13. COMPANY PROFILES

• 13.1. SHELL
  • 13.1.1. FINANCIAL OVERVIEW
  • 13.1.2. PRODUCTS OFFERED
  • 13.1.3. KEY DEVELOPMENTS
  • 13.1.4. SWOT ANALYSIS
  • 13.1.5. KEY STRATEGIES
• 13.2. EXXONMOBIL
  • 13.2.1. FINANCIAL OVERVIEW
  • 13.2.2. PRODUCTS OFFERED
  • 13.2.3. KEY DEVELOPMENTS
  • 13.2.4. SWOT ANALYSIS
  • 13.2.5. KEY STRATEGIES
• 13.3. CHEVRON
  • 13.3.1. FINANCIAL OVERVIEW
  • 13.3.2. PRODUCTS OFFERED
  • 13.3.3. KEY DEVELOPMENTS
  • 13.3.4. SWOT ANALYSIS
  • 13.3.5. KEY STRATEGIES
• 13.4. SHELL GAS POWER
  • 13.4.1. FINANCIAL OVERVIEW
  • 13.4.2. PRODUCTS OFFERED
  • 13.4.3. KEY DEVELOPMENTS
  • 13.4.4. SWOT ANALYSIS
  • 13.4.5. KEY STRATEGIES
• 13.5. TOTALENERGIES
  • 13.5.1. FINANCIAL OVERVIEW
  • 13.5.2. PRODUCTS OFFERED
  • 13.5.3. KEY DEVELOPMENTS
  • 13.5.4. SWOT ANALYSIS
  • 13.5.5. KEY STRATEGIES
• 13.6. SAUDI ARAMCONEWPARACNOOC
  • 13.6.1. FINANCIAL OVERVIEW
  • 13.6.2. PRODUCTS OFFERED
  • 13.6.3. KEY DEVELOPMENTS
  • 13.6.4. SWOT ANALYSIS
  • 13.6.5. KEY STRATEGIES
• 13.7. PTT GLOBAL CHEMICAL
  • 13.7.1. FINANCIAL OVERVIEW
  • 13.7.2. PRODUCTS OFFERED
  • 13.7.3. KEY DEVELOPMENTS
  • 13.7.4. SWOT ANALYSIS
  • 13.7.5. KEY STRATEGIES
• 13.8. GLENCORE
  • 13.8.1. FINANCIAL OVERVIEW
  • 13.8.2. PRODUCTS OFFERED
  • 13.8.3. KEY DEVELOPMENTS
  • 13.8.4. SWOT ANALYSIS
  • 13.8.5. KEY STRATEGIES
• 13.9. TRAFIGURA
  • 13.9.1. FINANCIAL OVERVIEW
  • 13.9.2. PRODUCTS OFFERED
  • 13.9.3. KEY DEVELOPMENTS
  • 13.9.4. SWOT ANALYSIS
  • 13.9.5. KEY STRATEGIES
• 13.10. VITOL
  • 13.10.1. FINANCIAL OVERVIEW
  • 13.10.2. PRODUCTS OFFERED
  • 13.10.3. KEY DEVELOPMENTS
  • 13.10.4. SWOT ANALYSIS
  • 13.10.5. KEY STRATEGIES
• 13.11. BP
  • 13.11.1. FINANCIAL OVERVIEW
  • 13.11.2. PRODUCTS OFFERED
  • 13.11.3. KEY DEVELOPMENTS
  • 13.11.4. SWOT ANALYSIS
  • 13.11.5. KEY STRATEGIES
• 13.12. RELIANCE INDUSTRIES
  • 13.12.1. FINANCIAL OVERVIEW
  • 13.12.2. PRODUCTS OFFERED
  • 13.12.3. KEY DEVELOPMENTS
  • 13.12.4. SWOT ANALYSIS
  • 13.12.5. KEY STRATEGIES
• 13.13. GUNVOR
  • 13.13.1. FINANCIAL OVERVIEW
  • 13.13.2. PRODUCTS OFFERED
  • 13.13.3. KEY DEVELOPMENTS
  • 13.13.4. SWOT ANALYSIS
  • 13.13.5. KEY STRATEGIES
• 13.14. SINOPEC
  • 13.14.1. FINANCIAL OVERVIEW
  • 13.14.2. PRODUCTS OFFERED
  • 13.14.3. KEY DEVELOPMENTS
  • 13.14.4. SWOT ANALYSIS
  • 13.14.5. KEY STRATEGIES

14. APPENDIX

• 14.1. REFERENCES
• 14.2. RELATED REPORTS