Transparency Market Research has published a new report "Low Sulfur Fuel Oil Market - Global Industry Analysis, Size, Share, Trends, Growth and Forecast 2015 - 2023" to its report store.
Albany, NY -- (SBWIRE) -- 09/04/2015 -- Tougher environmental standards are fuelling the demand for low sulfur fuel oil and may also propel the demand for less polluting grades of crude oil around the world. Sulfur is a natural element of crude oil, from which shipping fuel is obtained. It is the key component in pollutants emitted by ships or vehicles. Carbon emissions from vehicles and ships have remained the leading contributor to the aggravating levels of air pollution for several years. Stringent regulations and environmental norms implemented by governments aim to curb the soaring levels of pollution. While such regulations caused serious damage to the traditional fuel industry, it is definitely boosting demand for global low sulfur fuel oil market.
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Low Sulfur Fuel Oil Market Steered by Increasing Demand for Advanced Emission Control Technologies
Against the current backdrop, clean and low sulfur fuel oil is required to support advanced emission control technologies. In the past few decades, several countries with developed economies, including Canada, Japan, Western European countries, and the U.S., have made a smooth transition to ultra-low sulfur fuel oil.
Similarly, emerging markets such as India, Brazil, Mexico, and China have also significantly reduced the sulfur content in their fuels. The sole aim of the sulfur control processes implemented across these countries is to meet the prevailing environmental standards. Recently, the International Maritime Organization implemented strict regulations that require ships to use fuel with no more than 1% sulfur content in northern Europe. Hence, refineries in the region are most likely to produce light crude oils, which according to market experts will incredibly boost the low sulfur fuel oil market in the region.
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Stringent Regulatory Policies to Propel Low Sulfur Fuel Oil Market
Presently, the low sulfur fuel diesel produced in refineries adheres to the standards laid down by the Environment Protection Agency. Since diesel oil and heating oil essentially have similar properties, dealers are capitalizing on the sale of low sulfur fuel as heating oil. As per the current ASTM standards, heating oil must have less than 0.5% sulfur. The difference in the price of heating oil and low sulfur oil, though, is negligible. However, if the demand for low sulfur oil increases at a healthy rate, the price difference will be effectively reduced to zero. The analysis conducted by regulating authorities compares traditional heating oil and low sulfur heating oil based on their attributes such as air pollutant emissions, quantity of residue deposited, cost incurred on equipment maintenance, and estimated environmental impact.
The stringent regulatory policies and strict environmental standards laid down by governments across the globe are therefore the primary factors aiding the growth of the global sulfur fuel oil market. While the market is poised to exhibit remarkable growth, lack of knowledge regarding the benefits of low sulfur fuel oil can considerably inhibit the growth of the market. Nevertheless, advances in technology will create new opportunities for the key market player in the near future.
Some of the leading companies operating in the global sulfur fuel oil market include Marathon Petroleum Company LP, Neste Oil, Whiteley Fuel Oil Company, Exxon Mobil Corporation, Lehigh Fuels LLC, R.W. Davis Oil Company, Chevron Corporation, and United Metro Energy Corp.
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