The Asia-Pacific Bunker Fuel Market is Expected to Grow at a Lucrative CAGR during the Forecast Period, 2024-2028
The rising number
of LNG-fueled fleets and increasing natural gas trade has led to the growth of
Asia-Pacific bunker fuel market.
According to
TechSci Research report, Asia-Pacific Bunker Fuel
Market- By Country, Competition, Forecast and
Opportunities, 2028, the Asia-Pacific bunker fuel market is anticipated to
register robust growth during the forecast period. The International Maritime
Organization's (IMO) regulation on the sulphur level in marine fuel and the
increase in offshore oil & gas exploration operations are the two key
factors driving the growth of the global bunker fuel industry. Increased
interest in LNG as an alternative marine resource fuel is anticipated to help
the bunker fuel to grow in the Asia-Pacific market.
During the
projected period, the preference for LNG-based vessels and the expansion of LNG
commerce are two of the key variables influencing the demand for bunker fuels
in Asia-Pacific. In addition, given the restriction placed on high sulphide
fuel oil (HSFO), VLSFO is anticipated to generate a sizable amount of market
demand beyond 2022. As a result, during the predicted period, such measures are
probably going to result in higher demand for LNG as a bunker fuel.
After January 2020,
the demand for VLSFO decreased because of global supply chain disruptions, a
reduction in consumer demand for everyday goods and products, the adoption of
lockdown in most of the nations, and a recession in the world economy. After
mid-2021, the demand for VLSFO has risen significantly because of the
accessibility of all trade channels and a rise in relative prices.
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Asia-Pacific bunker
fuel market is divided into type, commercial distributor, application, and country.
Based on type, the market is divided into high sulfur fuel oil, low sulfur fuel
oil, marine gasoil, and others. Based on commercial distributor, the market is
divided into oil majors, large independent, and small independent. Based on
application, the market is divided into container, bulk carrier, oil tanker,
general cargo, chemical tanker, fishing vessels, gas tankers, and others. Based
on country, the market is segmented into China, Japan, India, South Korea,
Australia, Vietnam, Indonesia, Singapore, Philippines, Malaysia, and rest of
the Asia-Pacific.
Based on type, the
low sulfur fuel oil is projected as the most lucrative segment. The
introduction of IMO-2020 has reduced the demand for high sulphide fuel oil
(HSFO), which is anticipated to boost future market growth for low sulphide
fuel oil.
Based on commercial
distributor, the oil major sector is likely to dominate during the projection
period as the most lucrative sector, with the largest revenue share in the
bunker fuel market. This increase is attributable to the oil major’s dominance
in the Asia-Pacific region of the crude oil tanker chartering market.
Based on application,
the container segment holds the largest share, as the increase in trade-related
agreements and the demand for ship-based cargo transportation has been
proliferated. Additionally, it is anticipated that the market for bunker fuel
for container shipping will grow because of the expansion of manufacturing and
industrial facilities in areas like LAMEA and Asia-Pacific.
Based on country, China
dominates the Asia-Pacific market. By value, China is the top exporter and the
second-largest importer of products. China exports a variety of goods,
including furniture, chemicals, plastics, iron and steel products, automotive
items, and electronic equipment. China's marine vessels are anticipated to
boost their use of LNG as bunker fuel.
Key market players
in the Asia-Pacific bunker fuel market are:
- China COSCO Holdings Company Limited
- Ocean Network Express PTE Ltd
- Indian Oil Corporation Limited
- Chimbusco Pan Nation Petro-Chemical Co.,Ltd
- BP and Sinopec
- Hindustan Petroleum Corporation
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“The demand for Asia-Pacific
bunker fuel market is being affected by significant changes in sulphur emission
rules, an increase in maritime activity, and rising investments in the oil and
gas sector during the projection period. With the increased economic
performance of developing nations like China and India, the demand for maritime
transportation is anticipated to increase as well, providing the bunker fuel
market's players with considerable potential prospects. Additionally, the oil
and gas industry's quick technological advancements are anticipated to speed up
offshore exploration, which is expected to drive the Asia-Pacific bunker fuel
market's expansion through 2028” said, Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Asia-Pacific Bunker Fuel Market Segmented 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 Country, Competition, Forecast and Opportunities, 2028” has
evaluated the future growth potential of Asia-Pacific bunker fuel market and
provides statistics & information on market size, 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 Asia-Pacific bunker fuel market.
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