Newark, Dec. 15, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global marine diesel oil (MDO) market is expected to grow from USD 4.85 billion in 2022 to USD 6.78 billion by 2030, at a CAGR of 4.28% during the forecast period 2022-2030.
Marine diesel oil with various sulfur content levels is getting sold. For instance, IFO 380 and IFO 180 have the highest sulfur content of 3.5% based on ISO 8217. It is traded in a low-sulfur variant with less than 1% sulfur content. The ships can enter the emission control area (ECA) using this. Also, if the ship-owners utilise the engine fuel blend with a high sulfur range, the emission values can be met using supplemental technology like filter systems and scrubbers. The various blending ratios of marine diesel oil led to its use in numerous engines. These factors are driving the market. However, the lighter Marine gas oil (MGO) and Marine Diesel Oil (MDO) fuels have a considerably high price in comparison to heavy fuel oil (HFO). Therefore commercial ships broadly use the latter oil for the most part. These big ships use MDO in restricted areas only. These ships switch to the HFO after they cross the restricted area to save operational costs. These factors are acting as the restraint for the market.
Request market scope and parent market analysis sample PDF: https://www.thebrainyinsights.com/enquiry/sample-request/13111
Competitive Strategy
To enhance their market position in the global marine diesel oil (MDO) market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For example, in December 2014, Neste Oil, a Finnish oil firm and bunker supplier, started trading 0.1% DMB MDO. The organization introduced this MDO product before the new Emission Control Area (ECA) regulation of January next year. This led to an increase in the sales of MDO and thus helped in the expansion of market share for the organization.
Market Growth & Trends
Marine Diesel Oil (MDO) is a kind of power oil with a combination of heavy fuel oil and gasoil. It has more gasoil in comparison to intermediate fuel oil, which is utilised in the marine field. It is also known as “distillate marine diesel”. MDO is broadly operated by medium-speed marine diesel engines and is also in demand for high-speed maritime diesel engines. They are applied in larger medium-speed and low-speed propulsion engines that generally burn residual fuel. These fuels are the result of a visbreaking refinery and catalytic cracking. The low-sulfur fuel oil in the marine industry is generally divided into pure distillate, marine gas oil (MGO) and marine diesel oil (MDO), a combination that contains both distillates and residuals. At present, the marine industry represents around one-tenth of petroleum consumption. The sulfur cap, when introduced in 2020, the global demand for distillates is forecasted to increase by 85 million tonnes per year, i.e., from 1.2 to 1.3 billion tonnes, as most vessels would have to switch from HFO to MDO or another compliant fuel blend. All these factors are driving the marine diesel oil market.
Key Findings
- In 2022, the medium & high speed marine diesel engine segment dominated the market with the largest market share of 69.20% and market revenue of 3.28 billion.
The application segment is divided into low-speed marine diesel engine and medium & high speed marine diesel engine. In 2022, the medium & high speed marine diesel engine segment dominated the market with the largest market share of 69.20% and market revenue of 3.28 billion. MDO is broadly used by medium-speed and medium/high-speed marine diesel engines. The low-sulfur fuel oil in the marine industry is generally divided into marine gas oil (MGO), a pure distillate, and marine diesel oil (MDO), a blend that contains both distillates and residuals.
- In 2022, the heavy-duty diesel oil segment dominated the market with the largest market share of 75.60% and market revenue of 3.66 billion.
The type segment is divided into light diesel oil and heavy-duty diesel oil. In 2022, the heavy-duty diesel oil segment dominated the market with the largest market share of 75.60% and market revenue of 3.66 billion. Marine diesel oil is identical to diesel fuel, but it has a more density. Marine diesel oil generally refers to mixes with a little ratio of heavy fuel oil.
Get a comprehensive report summary describing the market size and forecast: https://www.thebrainyinsights.com/report/marine-diesel-oil-mdo-market-13111
Regional Segment Analysis of the Marine Diesel Oil (MDO) Market:
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacifc region occurred as the largest market for the global marine diesel oil (MDO) industry, with a market share of 36.86% and a market value of around 1.79 billion in 2022. Asia Pacific dominates the marine diesel oil (MDO) market due to its predominance in the global maritime trade. The North America is having the second highest market share in the marine diesel oil (MDO) market. This is attributed to an increase in maritime tourism and growing shipbuilding activities. Also, stringent laws have led to a surge in the adoption of green fuels. This eventually propelled the growth of the market.
Get additional highlights on the growth strategies adopted by vendors and their product offerings: https://www.thebrainyinsights.com/enquiry/request-customization/13111
Key players operating in the global marine diesel oil (MDO) market are:
- BP p.l.c
- Shell plc
- Exxon Mobil Corporation
- Indian Oil Corporation Ltd.
- TotalEnergies SE
- PT Pertamina (Persero)
- Chevron Corporation
- Kuwait Dana Lubes Company
- Neste
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global marine diesel oil (MDO) market based on below mentioned segments:
Global Marine Diesel Oil (MDO) Market by Application:
- Low-speed Marine Diesel Engine
- Medium and High Speed Marine Diesel Engine
Global Marine Diesel Oil (MDO) Market by Type:
- Light Diesel Oil
- Heavy-Duty Diesel Oil
Interested in Procure Data? Visit: https://www.thebrainyinsights.com/buy-now/13111/single
About the report:
The global marine diesel oil (MDO) market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
Avail access to The Brainy Insights and our exceptional market research database.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: http://www.thebrainyinsights.com
