Singapore Bunker Fuel Market to grow at Significant Rate through 2027
High-end investments in
research & development activities by market players and rise in offshore
exploration & production of hydrocarbon are expected to drive the demand of
Singapore bunker fuel market through the forecast period, 2023-2027.
According to TechSci Research report, “Singapore Bunker Fuel Market By Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine
Gasoil, and Others), By Commercial Distributor (Oil Majors, Large Independent,
and Small Independent), By Application (Container, Bulk Carrier, Oil Tanker,
General Cargo, Chemical Tanker, Fishing Vessels, Gas Tankers, and Others), By
Region, Competition Forecast & Opportunities, 2027”, the
Singapore bunker fuel market is expected to witness a growth of steady CAGR in
the forecast period, 2023-2027. Transportation of essential commodities using
marine routes and the imposition of strict environmental regulations are the
primary factors driving the demand for clean bunker fuels across the country.
An increase in hydrogen resource development in offshore areas and growing
bunker requirements in crude oil and product tankers is putting a significant
impact on the growth of the Singapore bunker fuel market in the next five
years.
Bunker fuel is an oil loaded into bunker tanks that is
to be used as fuel, which is as different from oil carried as cargo. Bunker oil
is poured into ship bunkers to power the engines. Bunker oil contains
contaminants and metals that can cause corrosion in commercial ships, cargo,
and cruise ships. Sometimes, it can lead to environmental hazards in case of
spillage. Bunker oil is a kind of residual fuel of high viscosity used in
stationery and marine power plants. Bunker oil is divided into three main
categories including, high sulfur fuel oil, low sulfur fuel oil, and diesel
oil.
However, the initiatives taken by shipping companies
to lower the fuel usage and intense competition among the regional market
players may restrain the Singapore bunker fuel market growth in the forecast
period.
Browse XX Figures spread through XX Pages and an
in-depth TOC on "Singapore Bunker Fuel Market”
Singapore
bunker fuel market is segmented into type,
commercial distributor, application, regional distribution, and company.
Based on type, the market is
divided into high sulfur fuel oil, low sulfur fuel oil, marine gasoil, and
others. Low sulfur fuel oil is dominating the market and is expected to
maintain its dominance throughout the forecast period, 2023-2027. Imposition of
the regulations and strict sulfur regulations are expected to drive the demand
for affordable low sulfur fuel oil.
Based on the commercial
distributor, the market is divided into oil majors, large independent, and
small independent. Oil majors are expected to capture the largest market share
in the forecast period. Ongoing technological advancements and improving
international trade activities are expected to demand bunker fuel to support
maritime activities.
Based on application, the
market is divided into the container, bulk carrier, oil tanker, general cargo,
chemical tanker, fishing vessels, gas tankers, and others. The container
segment is expected to account for a significant market share in the forecast
period. The surge in demand for transportation of oil and oil-based products
and growing trade-related agreements in the country is boosting the demand of
the Singapore bunker fuel market. Also, rapid globalization and increase in
industrial transportation coupled with import and export activities are
expected to accelerate the Singapore bunker fuel market growth through the
forecast period.
Major market players operating in the Singapore bunker fuel market are:
- ExxonMobil Corporation
- BP Singapore Pte Ltd.
- Total S.A.
- Royal Dutch Shell plc.
- Neste Oyj
- Saudi Arabian Oil Company
- Marathon Petroleum Corporation
- Valero Energy Corporation
- Pemex
- OAO Gazprom
- China Petroleum & Chemical Corp (Sinopec Corporation)
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“Drastic
changes in sulfur emission policies, rise in maritime activities, and growing
investments in the oil & gas industry are influencing the demand of the
Singapore bunker fuel market in the forecast period. Market players are advised
to invest in R&D activities and improve the availability of marine bunker
fuel to meet the growing requirements and stay ahead in the market. Also, rapid
technological development in the oil & gas industry is expected to
accelerate the exploration at deep offshore locations, which is expected to
propel the Singapore bunker fuel market growth till 2027” said Mr. Karan
Chechi, Research Director with TechSci Research, a global research-based management
consulting firm.
“Singapore Bunker Fuel
Market By Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, and
Others), By Commercial Distributor (Oil Majors, Large Independent, and Small
Independent), By Application (Container, Bulk Carrier, Oil Tanker, General
Cargo, Chemical Tanker, Fishing Vessels, Gas Tankers, and Others), By Region,
Competition Forecast & Opportunities, 2027” has
evaluated the future growth potential of Singapore bunker fuel market and
provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of Singapore bunker
fuel market.
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