Market Size of Marine Gas Oil Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Marine Gas Oil Market Analysis
The marine gas oil market is expected to register a CAGR of over 4% during the forecast period. In 2020, the market was negatively affected by the COVID-19 pandemic, as international trade and tanker movement fell due to a fall in global demand. However, now the market has rebounded and reached pre-pandemic levels. It is expected to witness steady growth during the forecast period.
- Because of the IMO 2020 convention that reduced the permissible limit of sulfur content in marine fuels, the demand for marine gas oil, which has a significantly lower sulfur content, is expected to incentivize its usage as a marine fuel. This is expected to drive the market during the forecast period.
- However, the relatively higher cost of IMO 2020-compliant low-sulfur Marine Gas Oil (MGO), compared to other marine fuels, is expected to restrain the market growth during the forecast period.
- However, developing new, advanced chemical additives for MGO that would improve engine efficiency and performance is expected to provide a significant growth opportunity for the market during the forecast period.
