Demand for Distillate Oil Testing to Experience a Significant Dip in 2020, Influenced by COVID-19 Pandemic
Heavy distillate oil is the large proportion of the refined products produced from crude oil. Maintaining the quality and quantity of the various heavy fuels such as fuel oil, lube oil, residual fuel, and vacuum oil is important to the traders, refiners, and distributors. Distillate oil testing includes a detailed analysis of the distillate oil, quality inspection, treatment services, laboratory troubleshooting, blending, specification analysis, and contamination identification. Growing demand for accurate and reliable distillate oil analysis by the refiners, traders, and distributors are boosting the distillate oil testing market significantly. Distillate oil testing service providers offer the testing and inspection of the various range of heavy petroleum products. Moreover, factors such as rapidly growing industrialization and urbanization with the increasing demand for petroleum products have significantly fueled the distillate oil testing market growth. Stringent and mandatory testing guidelines for distillate oil testing across the globe is another crucial factor that fuels the distillate oil testing market. Increasing demand for heavy fuels due to its regular consumption in large engines including ships, trains, and industry machineries along with distillate oil analysis is also contributing to the growth of the distillate oil testing market. Distillate Oil Testing Market: Key Dynamics Substantial requirement from refiners, producers, and distributors for quality testing driving the market Distillate oil testing service providers offer bulk inventory inspection, quality control testing, blending, and additive treatment to the end users such as refiners, producers, and distributors. End users are nowadays more focused on refinery optimization process and distillate oil marketing. An increasing need for distillation oil testing to optimize the refinery process is driving the distillate oil testing market. Furthermore, Distributors are also demanding for quality inspection of heavy oil to strengthen the oil marketing. These factors are ultimately propelling the distillate oil testing market growth. On the other hand, a lesser amount of heavy oil production in a few regions and inadequate presence of prominent distillate oil service providers in those regions is one of the restraints that is hampering the market growth. Distillate Oil Testing Market: Segmentation On the Basis of Test Type, distillate oil testing market is segmented into: Ash content test Pour point test Flashpoint test Others On the basis of Fuel Type, distillate oil testing market is segmented into: Fuel oil Lube oil Vacuum gas oil Bunker fuel Residual fuel Others On the Basis of End Users, distillate oil testing market Segmented into Distributors Refiners Traders Others Distillate Oil Testing Market: Competition Landscape Some of the prominent distillate oil testing service providers are Intertek Group plc, SGS SA, BEREAU VERITAS, Shiva Analyticals & Testing Laboratories India, sigmatest.org., The Oil Lab, OAS and J. K. ANALYTICAL LABORATORY & RESEARCH CENTRE. Leading distillate oil testing service providers are making efforts to maximize the oil performance and eliminate the adverse factors. For instance, Intertek Group plc, one of the leading distillate oil testing service providers offers an extensive range of heavy distillate fuel testing such as ash content test, flash point test, pour point test and relative density test to improve the quality of the heavy distillate fuel. Also, Intertek Group plc is also investing capital on fuel recertification Laboratory. For example, on 5th February, the company has launched an aviation fuel recertification facility in Fiji. This Aviation Fuel Recertification Laboratory expands companyu2019s current inspection services of petroleum products in this region. Prominent distillate oil testing service providers are maintaining the quality assurance by following testing standards such as ASTM, IP and ISO. Distillate Oil Testing Market: Regional Overview An increasing need for pure heavy fuels for marine transportation and industrial machine engines in North America region is one of the vital factors that creates the opportunity for local distillate oil testing service providers to capture the major market share. Moreover, adequate presence of key distillate oil testing service providers in this region is contributing to the distillate oil testing market growth. In terms of demand for distillate oil testing, Europe is expected to witness significant market growth due to substantial industrialization, especially the transportation sector in the forecast period. Moderate presence of petroleum refineries in the APEJ region and demand for heavy distillate oil quality testing in this region is driving the distillate oil testing market considerably. For instance, worldu2019s largest oil refinery is situated in India at Jamnagar which produces around 1,240,000 barrels per day. On the other hand, continuous oil production in the MEA region, especially in countries such as Saudi Arabia and Iran boosts the distillate oil testing market significantly. The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies. ABOUT US: Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. 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