Global Bunker Fuel Market is valued approximately at USD 121 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.1% over the forecast period 2020-2027. Bunker fuel is a fuel oil used for marine vessels. It is pumped into the bunkers of the ship to fuel the engines. Ships primarily use three types of marine fuels, including high Sulphur fuel oil, low Sulphur fuel oil and diesel oil. Nowadays, awareness-raising to minimize environmental pollution and strict government regulations are expected to create opportunities for fuels, including LNG, gasoil, LPG, and others to replace the above-mentioned bunker fuels. The MO Regulation on the sulphur content of marine fuel and the rise in offshore oil & gas exploration activities are main drivers for the growth of the global Bunker Fuel market. However, efforts to minimize fuel consumption by the shipping industry are a key factor in limiting the growth of the global market.
The increase in emphasis on LNG as an alternative marine fuel is expected to build opportunities in the global market for bunker fuel. Vessels and ship owners choose the lowest priced fuel oil available on the market, accounting for more than 65 per cent of overall travel expenses. As a result, vendors and manufacturers face dynamic rivalry in the bunker oil industry. This situation is also expected to provide an opportunity to achieve a high profit margin due to emergency fuel requirements. Bunker oil is given to meet the requirements for fuel in ports. As travel is the most preferred mode of transport for trade, which in turn, needs more fuel and has to refill the tanker many times during the journey. This is expected to raise demand for the global fuel oil bunker market over the forecast period. Vessels have a wide load-bearing capacity relative to other modes of transport that are driving industrial development at a rapid rate. Thus, this is another significant factor driving the development of the bunker oil industry.
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The regional analysis of global Bunker Fuel Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. The Asia-Pacific bunker fuel bunker market is expected to expand due to growing shipbuilding activities and increasing inter-regional trade. Continuing R&D projects, combined with the involvement of many manufacturers in the industry, would improve product acceptance. Increasing maritime trade in South East Asia, especially across Indonesia and China, would further accelerate the industrial landscape.
Major market player included in this report are
Exxon Mobil Corporation
Royal Dutch Shell Plc
Gazpromneft Marine Bunker LLC
KPI Bridge Oil A/S
Chemoil Energy Limited
Bunker Holding A/S
Gac Bunker Fuels Ltd
Bomin Bunker Oil Corp
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.