According to the recent report by IMARC Group, titled “Bunker Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global bunker fuel market size 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, commonly known as marine fuel, is a heavy residual oil utilized to power the engines or motors of the marine fleet. It is obtained after extracting diesel, gasoline, and other light hydrocarbons from crude oil during the fractional distillation in factories. Bunker fuel can be of various types, including marine diesel oil (MDO), liquefied natural gas (LNG), very low sulfur fuel oil (VLSFO), high sulfur fuel oil (HSFO), etc. It is a viscous liquid with a distinctive odor that consists of high sulfur content and can be reduced using several processes. A small quantity of lighter fuel, such as diesel, is often mixed to make bunker fuel less thick. Bunker fuel is used in containers, tankers, general cargo vehicles, bulk carriers, etc.
Global Bunker Fuel Market Trends
The elevating demand for international seaborne trade is among the primary factors stimulating the bunker fuel market. Besides this, the escalating oil and gas exploration activities in deep offshore areas are further augmenting the market growth. Apart from this, the rising need for bunker oil to refuel sea vessels during sailing is also catalyzing the global market. Moreover, owing to the growing environmental concerns, market players are investing in research and development (R&D) projects to develop clean, eco-friendly fuels, which is acting as another significant growth-inducing factor. Furthermore, the government bodies of various countries are strengthening geographical border security and increasing the number of naval fleets. This, in turn, is expected to bolster the bunker fuel market in the coming years.
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Global Bunker Fuel Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG), BP Plc, Chevron Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC (Gazprom), LUKOIL, Neste Oyj, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell Plc and TOTAL S.A.
The report has segmented the market on the basis on region, fuel type, vessel type and seller.
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:
Containers
Tankers
General Cargo
Bulk Carrier
Others
Breakup by Seller:
Major Oil Companies
Leading Independent Sellers
Small Independent Sellers
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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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 behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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