Global Bunker Fuel Oil Market 2019-2026
The global bunker fuel oil market is estimated to witness magnanimous growth over the assessment period, as per this latest report. Bunker fuel refers to a type of fuel oil that is used abroad vessels. It is poured into ship bunkers to power its engines. Bunker fuel oil is named from the tanks on ports and in ships that it is stored in. Previously, they were known as coal bunkers but now they are called as bunker fuel oil tanks. Presently, owing to the mounting marine borne trade, the demand for bunker fuel oil and bunkering services has witnessed wild proliferation. It is one to the most primary reasons causative to the rising demand for bunker fuel oil market.
In addition, rise in oil and gas exploration activities in various emergent oil regions is also expected to drive the global bunker fuel oil market as many bunker fuel suppliers are observed to change their focus of operations towards these offshore resource sites. Alternatively, fuel reduction initiatives by shipping industries are expected to hamper the growth of the global bunker fuel oil market. Apart from that, owing to the stringent regulations in the protection of the environment, as introduced by various governments across the nation have enabled the reduction in the use of residual fuel oil such as nitrogen and sulphur.
Instead of this, the shipping industry is now witnessing change in the focus and is looking for new, sustainable alternatives such as liquefied natural gas (LNG), which is less harmful to the marine environment. Furthermore, growth in the opportunities for market players for the expansion of business of bunker fuel in emergent economies such as India, China, and Japan is also expected to provide additional impetus to the market, in the form of expansion opportunities due to the exploration of untapped hydrocarbon reserves in these oil emerging countries.
Top Key Vendors In The Global Bunker Fuel Oil Market Include:
Gazpromneft, Exxon Mobil, Shell, Alliance Oil Company, China Marine Bunker, Lukoil-Bunker, Bunker Holding, Southern Pec, Chemoil, World Fuel Services, Total Marine Fuel, Sinopec, Shanghai Lonyer Fuels
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The global bunker fuel oil market is segmented by type, application, and reigon. Based on type, the global bunker fuel oil market is segmented into Intermediate Fuel Oil (IFO) 180, Intermediate Fuel Oil (IFO) 380, Intermediate Fuel Oil (IFO) 500, Intermediate Fuel Oil (IFO) 700, MDO/MGO, Low Sulfur (LS) 380, and Low Sulfur (LS) 180. Based on application, the global bunker fuel oil market is segmented into bunker vessels, containers, oil tanker, general cargo, chemical tanker, gas tanker, and fishing vessels.
Detailed Regional Analysis:
The global bunker fuel oil market is studied for the segments of United States, Europe, China, Japan, India, Southeast Asia, Central and South America, and Middle East and Africa. Europe is further segmented into Germany, UK, France, Italy, Spain, Russia, and Poland. Southeast Asia is further segmented into Malaysia, Singapore, Philippines, Indonesia, Thailand, and Vietnam. On the other hand, Central and South America is segmented into Brazil, Mexico, and Colombia. The Middle East & Africa is further segmented into Saudi Arabia, United Arab Emirates, Turkey, Egypt, South Africa, and Nigeria. Asia Pacific is likely to spearhead the market during the forecast period.
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