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Heavy Fuel Oil Market Segmented By classification that is low, medium, high, and by its application that is Industrial and Non-Industrial.
Heavy fuel oil generally consists of sulphur, carbon, hydrogen and some impurities, such as metals, ash and small quantities of water. Heavy fuel oil is a low grade fuel and is obtained from the distillation process of lighter petroleum products, such as kerosene and gasoline.
Heavy fuel oil is the by-product obtained in refineries. It is a carbon-intensive fuel. After complete burning, it releases many gases, such as sulphur dioxide and other pollutants into the atmosphere, contributing to greenhouse gas emission.
Heavy fuel oil is majorly used to produce electricity for blast furnaces and fire boilers in various end use industries. In addition to this, heavy fuel oil is also used to provide heat, usually in residential, commercial and institutional buildings.
Heavy fuel oil is an important fuel source for a variety of end use industries and thus, the heavy fuel market is all set to witness major growth in the coming years. This low-grade heavy fuel oil is a sulphur and carbon intensive product and used in large quantities for electric power generation. It is also used in numerous marine vessels.
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The heavy fuel oil market is expected to create substantial opportunities in the market in the coming future. There are several factors responsible for the growth of the heavy fuel oil market, such as reduced emission, safety concerns related to the environment and demand for reduced transportation cost.
The key driver for the Heavy Fuel Oil Market which is the addition of new and innovative products which are energy efficient, of high quality and provide flexible solutions with advanced technologies.
However, there are several negative factors which will create challenges for the growth of the Heavy Fuel Oil Market. For instance, heavy fuel oil emits hazardous chemicals, such as sulphur, which is harmful for aquatic animals. That apart, this fuel also adds several others chemicals which can destroy the pH value of water to lakes and seas. In addition to this, the key restraining factor for the Heavy Fuel Oil Market are the environmental regulations being implemented to safeguard marine life.
Though the Heavy Fuel Oil Market will witness some changes, manufacturers will still witness strong opportunities to gain maximum share in the near future owing to growing demand from ferries, cruises and others. Improved efficiency will be the reigning trend in the heavy fuel oil market in the near term.
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The prime factor responsible for the growth any region is largely depends is the gross domestic product (GDP), which also denotes the economic health of any region. Currently, China and India have witnessed prominent growth in the GDP owing to positive growth in industrial, agriculture as well as services sectors. Increasing growth in regional economy, increasing foreign investments and easy availability of cheap labour are some of the key factors expected to create market growth in the Asia Pacific region.
North America and Western Europe are also expected to create positive footprint in the heavy fuel oil market owing to the growth in the regional economy and advent of innovative technologies which will reduce the time interval of the process, etc.
Some of the key players operating in the heavy fuel oil market are:
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