Bunker Fuel Market is expected to grow at an impressive CAGR
The global bunker fuel market
is expected to grow due to the rising number of LNG-fueled fleet and increasing
natural gas trade during the forecast period.
According to TechSci Research
report, Bunker Fuel Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2028, the global bunker
fuel market is anticipated to register robust growth during the forecast period.
The two main reasons influencing the growth of the global bunker fuel market
are the International Maritime Organization's (IMO) rule on the sulfur level in
marine fuel and the rise in offshore oil & gas exploration operations. The
global market for bunker fuel is predicted to benefit from increased attention
being paid to LNG as an alternative marine fuel.
The LNG bunkering business
has recorded considerable expenditure in infrastructure construction. As a
result, LNG-based vessels are now preferred over conventional vessels by ship
owners, especially those who operate in the European or American Sea. Additionally,
LNG-fueled ships have not significantly penetrated the bulk carrier market due
to the fact that bulk carriers are designed to transport large cargoes and that
LNG technology for this class of boats is still in its infancy. The beef
transporters make up most of the boats that are presently in assistance.
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bunker fuel market.”
The global bunker fuel market
is segmented based on type, commercial distributor, application, and
region. 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 region, the market is further bifurcated into North
America, Asia-Pacific, Europe, South America, and Middle East & Africa.
Based on type, the low sulfur
fuel oil segment is projected as the most lucrative segment. The demand for
high sulfur fuel oil (HSFO) has declined as a result of the implementation of
IMO-2020, which is predicted to spur the demand for low sulfur fuel oil during
the forecast period.
Based on commercial
distributor, the oil majors’ segment is projected as the most lucrative segment.
With the largest revenue share in the global bunker fuel market, the oil majors’
segment is anticipated to continue to rule during the forecast period. The
global dominance of the oil majors’ segment in the crude oil tanker chartering
industry is credited with this expansion.
Based on application, the
container segment holds the largest share due to the rise in trade-related
agreements and the demand for cargo transportation via ships. Additionally, the
expansion of industries and manufacturing facilities in regions such as LAMEA
and Asia-Pacific is predicted to fuel the expansion of the global bunker fuel
market during the forecast period.
Based on region, Asia Pacific
is the dominating region. As a result of the enormous marine commerce potential
of nations such as India, China, Singapore, and Japan, Asia-Pacific is
anticipated to dominate the bunker fuel industry. China is the top exporter of
products and the second-largest importer of goods as of 2021. Mechanical and
electrical machinery and equipment, automotive goods, including car parts,
chemicals and polymers, iron and steel products, and furniture are among
China's top exports. Additionally, the nation's fleet is showing a severe
oversupply scenario. The People's Republic of China's Ministry of Transport
reports that in 2021, Shanghai port reached a record high for container
throughput, surpassing 47.03 million TEU (Twenty-foot Equivalent Unit), an
increase of 8.1% from levels in 2020.
Additionally, the Indian
government announced an investment of USD 22 billion by 2035 to modernize the
current ports and create new ports to boost the proportion of the marine sector
in both domestic and international trade. During the projection period, it is
anticipated that the port infrastructure expansion will raise demand from the
Asia-Pacific maritime industry and marine fuel suppliers. Therefore, Asia-Pacific
is anticipated to rule the global bunker fuel market during the forecast period.
Key market players in the global bunker fuel market are:
- Exxon
Mobil Corporation
- Gazprom
Neft PJSC
- Lukoil
Oil Company
- Total
Energies SE
- Chevron
Corporation
- Gulf
Agency Company Ltd (GAC)
- Bomin
Bunker Holding GmbH & Co. KG
- Bunker
Holding A/S
- Fratelli Cosulich S.p.A.
- Adani Bunkering Private Limited (part of Adani Group)
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“The demand for bunker fuel
is being affected by significant changes in sulfur emission rules, an increase
in maritime activity, and rising investments in the oil and gas sector. Market
participants are recommended to make investments in R&D initiatives and
increase the supply of marine bunker fuel to fulfil the expanding demand and
maintain their competitive edge. Additionally, the oil and gas industry's quick
technological advancement is anticipated to speed up offshore exploration,
which, in turn, will drive the growth of the global bunker fuel market by 2028,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Bunker Fuel Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F - 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), and By Region, Competition” has evaluated the future
growth potential of the global 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 the global bunker fuel market.
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