According to the latest report by IMARC Group “Bunker Fuel Market Report, Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global bunker fuel market reached a value of US$ 140.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 203.7 Billion by 2027, exhibiting a CAGR of 6.3% during 2022-2027.
Bunker fuel, alternatively referred to as marine fuel, represents heavy, residual oil used to power the engines or motors of the marine fleet. It is available in numerous types, such as high sulfur fuel oil (HSFO), very low sulfur fuel oil (VLSFO), marine diesel oil (MDO), liquefied natural gas (LNG), etc. These categories of bunker fuel are obtained after extracting diesel, gasoline, and other light hydrocarbons from crude oil during fractional distillation in refineries. They are extremely cost-effective and have high viscosity. Consequently, bunker fuel products are extensively utilized in containers, tankers, general cargo, bulk carriers, and other vessels across the globe.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The increasing globalization and the escalating demand for international seaborne trade, owing to the improving export and import activities across countries, are among the key factors driving the bunker fuel market. In addition to this, the elevating oil and gas exploration activities in deep offshore areas are also positively influencing the market growth. Furthermore, the rising usage of naval fleets by government bodies to strengthen geographical border securities is acting as another significant growth-inducing factor. Besides this, the growing environmental concerns and the inflating investments by leading market players in research and development (R&D) activities to produce clean and eco-friendly product variants are further augmenting the global market. Apart from this, the expanding natural gas trade and the shifting preferences toward LNG-fueled fleet to reduce the harmful impact of high sulfur fuel oil on the oceanic ecosystem are expected to propel the bunker fuel market over the forecasted period.
Breakup by Fuel Type:
- High Sulfur Fuel Oil (HSFO)
- Very Low Sulfur Fuel Oil (VLSFO)
- Marine Diesel Oil (MDO)
- Liquefied Natural Gas (LNG)
Breakup by Vessel Type:
- General Cargo
- Bulk Carrier
Breakup by Seller:
- Major Oil Companies
- Leading Independent Sellers
- Small Independent Sellers
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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Competitive Landscape with Key Player:
- Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG)
- BP Plc (LON: BP)
- Chevron Corporation (NYSE: CVX)
- Exxon Mobil Corporation (NYSE: XOM)
- Gazprom Neft PJSC (Gazprom)
- Neste Oyj (HEL: NESTE)
- Petroliam Nasional Berhad (PETRONAS)
- Royal Dutch Shell Plc (LON: SHEL)
- TOTAL S.A (EPA: TTE)
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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