New York, United States , Dec. 18, 2023 (GLOBE NEWSWIRE) -- The Global Mazut Market Size is to Grow Insignificant in 2022 to Significant Pace by 2032, at a Compound Annual Growth Rate (CAGR) of Substantial during the projected period.
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Mazut is a low-quality heavy-fuel oil that is used in power plants and other applications. It works well in high-pressure, high-temperature conditions. It is used in industrial procedures that generate smoke, large boilers, and turbines due to its high smoke point. This product's high energy value makes it ideal for use in larger boilers that produce steam. The most important component in grading this fuel is the sulphur content, which is heavily influenced by the source fuel. This substance is referred to as "dirty oil" for shipping purposes, and because viscosity affects whether or not it can be stimulated, shipping is further restricted. Mazut is a byproduct of the evaporation of petrol and lighter crude oil components. As demand for energy and power expanded, it became clear that heavier, residual fractions of crude oil, such as mazut, could be used as fuel. These heavier fractions were especially useful in shipping and industrial applications due to their high energy content. Furthermore, mazut was used in industrial facilities to generate steam and electricity. It was particularly popular in places where alternative, cleaner fuels were either unavailable or prohibitively expensive.
Browse 200 market data Tables and 100 Figures spread through 120 Pages and in-depth TOC on the "Global Mazut Market Size, Share, and COVID-19 Impact Analysis, By Type (High Viscosity Oil, Oil Sand, Natural Bitumen, Other), By Application (Machinery Equipment, Aerospace defence, Ship Industry, Other), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The high viscosity oil segment dominates the market with the largest revenue share over the forecast period
Based on the type, the global mazut market is segmented into high viscosity oil, oil sand, natural bitumen, other. Among these, the high viscosity oil segment is dominating the market with the largest revenue share over the forecast period. The viscosity of Mazut high-viscosity oil is greater than that of most other oils. This makes it more difficult for the oil to circulate through the engine, reducing fuel efficiency and increasing engine wear. They're common in heavy-duty applications like construction and industrial machinery.
The machinery equipment segment is witnessing significant CAGR growth over the forecast period.
On the basis of application, the global mazut market is segmented into machinery equipment, aerospace defence, ship industry, others. Among these, the machinery equipment, segment is witnessing significant growth over the forecast period. The increase can be attributed to increased demand from the construction, automotive, and energy sectors. Increasing infrastructure industry growth over the forecast period. Aerospace and defence are expected to grow significantly during the forecast period. The mazut has been widely used because of its inherent properties such as corrosion and oxidation resistance, which are found in most aerospace materials.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast period. China, India, and Japan have increased their demand for heavy machinery and automobiles. The presence of various automakers can also be attributed to market growth. Additionally, rising consumer investment power in emerging economies such as India, Korea, and Thailand is expected to boost energy consumption. As a result, rising demand for fuel oil in the transportation sector will significantly contribute to the growth of the global mazut market.
Europe is expected to grow the fastest during the forecast period. Mazut has historically been extensively used in Russia and other former Soviet countries for heating and power generation due to abundant domestic reserves. However, there has been a slow shift towards cleaner fuels in recent years. Power plants typically operate at low capacity factors due to the high cost of petroleum in comparison to other fuels, air pollution regulations, and the lower efficiencies of their ageing generating technology. Furthermore, due to the low cost and availability of mazut, parts of Eastern Europe, including Ukraine and Belarus, have used it for power generation and heating systems for various automobile manufacturers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global mazut market are Royal Dutch/Shell Group, CNRL, Chevron, Eco petrol, Petrobras, PDVSA, Pemex, Statoil, BP, TOTAL, ExxonMobil, Sinopec,
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Recent Market Developments
In October 2023, ExxonMobil has announced an all-stock merger with Pioneer Natural Resources.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global mazut market based on the below-mentioned segments:
Mazut Market, Type Analysis
- High Viscosity Oil
- Oil Sand
- Natural Bitumen
- Other
Mazut Market, Application Analysis
- Machinery Equipment
- Aerospace Défense
- Ship Industry
- Other
Mazut Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
Mazut Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & and Africa
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