How Big Is the Fuel Oil Market

Q: How big is the fuel oil market?

The fuel oil market was valued at USD 75 Billion in 2024 and is expected to reach USD 110 Billion by 2031

Q: What is the growth rate of the fuel oil market?

The fuel oil market is expected to grow at a CAGR of 6.7% from 2025 to 2031.

Q: What drives the fuel oil market?

Industrial heating demand, marine fuel requirements, and power generation needs are major growth drivers.

Q: Who are the major players in the fuel oil market?

Top players include ExxonMobil, Shell, BP, Chevron, TotalEnergies, and Indian Oil Corporation.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

How Big Is the Fuel Oil Market | Growth Analysis & Forecast 2025

Code: MTA5819

Publication Date: Jul 2025

What is the size of Fuel Oil Market?

According to 绿帽社 internal database and industry insights, the Global Fuel Oil Market was valued at USD 75 Billion in 2024 and is expected to reach USD 110 Billion by 2031, growing at a compound annual growth rate of 11.10% during the forecast period (2025-2031).

Due to increasing energy demand, especially in industrial and marine sectors, and the continued reliance on heavy and light fuel oils for heating, power generation, and transportation, the market is predicted for the strong growth in the coming years.

Key Growth Drivers of the Fuel Oil Market

Growing demand for industrial heating and boiler applications
Rising marine transport activities and use of bunker fuel
Continued use of fuel oil in backup power generation systems
Infrastructure expansion in emerging economies
Fluctuating natural gas supply encouraging fuel oil substitution

Fuel Oil Market Trends

Fuel Oil market is growing over the years with strong trends such as rising shift towards low-sulphur fuel oils in compliance with IMO regulations. Demand is steady in off-grid regions where alternative fuels are limited. There is a growing emphasis on cleaner refining and desulfurization technologies. Digital tracking of fuel quality and emissions is becoming standard in marine and industrial applications. Some refineries are reconfiguring to prioritize higher-margin, compliant fuel oil products.

Emerging Developments in the Fuel Oil Market

Fuel oil market is being advanced with the blending of bio-based components to lower emissions and meet environmental regulations. Also, the monitoring systems are being deployed to track sulphur content and combustion efficiency. Companies are investing in residue upgrading to maximize value from heavy fuel oils. Modular refineries are being built in developing regions to locally process fuel oil. Efforts are underway to integrate carbon capture solutions with fuel oil combustion systems.