Bunker Fuel Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos

 

The global Bunker fuel market is expected to register a CAGR of around 5% over the period of 2021-2027. Bunker fuel is a fuel oil used in marine vessels. It is poured into the ship bunkers to keep the engines running. Ships use three types of marine fuels, which include high sulfur fuel oil, low sulfur fuel oil, and diesel oil. Bunker fuel is majorly used in propelling cargo carriers, industrial ships, service vessels, and miscellaneous ships. The residual oil leftover gasoline, diesel, and other light hydrocarbons extracted from crude oil during the refining process are termed bunker fuel. Factors such as escalating demand for international seaborne trade have increased export and import activities worldwide coupled with rising oil and gas exploration activities in deep offshore areas are accentuating the market size of bunker fuel.

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Moreover, the marine shipping industry is facing challenges to reduce engine exhaust emissions and greenhouse gases (GHG), and the International Maritime Organization (IMO) and national environmental agencies of many countries have issued rules and regulations that drastically reduce GHG and emissions emanating from marine sources are fueling the demand for bunker fuel market.

 According to UnivDatos Market Insights (UMI)’ research report “global Bunker Fuel market”, the market is expected to witness robust growth during the forecast period 2021-2027F. Factors that are attracting the market size of the bunker fuel are a significant rise in demand for marine diesel oil and the steady adoption of low-sulfur fuel oils. In addition, the rise in offshore oil & gas exploration activities and the international maritime organization (IMO) regulations on sulfur content in marine fuel have boosted the growth of the global bunker fuel market. However, with emerging trade tensions between different countries like the United States and China, high tariffs and other trade barriers being imposed on various goods are likely to hinder the market growth during the forecast period.

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Moreover, ongoing progress in the field of international trading of goods, offshore renewable energy production, and offshore E&P are expected to increase the requirement for bunker fuel in the market. Also, the rising need for different oil grades in the market is anticipated to create ample opportunities for the participants to expand their product portfolio which escalates the market size of bunker fuel. 

Based on type, the bunker fuel market is classified into high sulfur fuel oil, low sulfur fuel oil, marine gas oil, liquefied natural gas, and others. The liquefied natural gas segment caters to extensive market share in the bunker fuel market. The rising shift to LNG for propulsion is comparatively more advantageous than the traditional methods of fueling ships with heavy fuel oil, marine gas oil, marine diesel oil, etc. It is mainly because LNG-based propulsion reduces carbon footprint significantly and increases the ship’s operational efficiency which is escalating the demand for LNG in the bunker fuel market. 

Based on commercial distributors, the bunker fuel market is segmented into oil majors, large independent distributors, and small independent distributors. The large independent segment acquired a considerable market share in the bunker fuel market. It is mainly due to the presence of blending facilities, storage terminals, financial stability, and others in these companies.

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Based on application, the bunker fuel market is segmented into the container, bulk carrier, oil tanker, general cargo, the chemical tanker, fishing vessels, gas tanker, and others. The container segment is expected to account for a significant market share in the forecast period. The surge in demand for transportation of oil and oil-based products and growing trade-related agreements in the emerging economies is boosting the demand of the bunker fuel market. 

Asia Pacific to witness extensive growth

For a better understanding of the market adoption of the Bunker fuel industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, Spain, Italy, France, Rest of Europe); Middle East & Africa (UAE, Saudi Arabia, Nigeria, Egypt, South Africa and Rest of MEA), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), Rest of the World. The Asia Pacific is expected to hold a significant market share in the forecast period owing to the increase in presence of a huge consumer base and the rise in maritime trade activities in the region. Moreover, presence of the developing countries such as China, Japan, Singapore, South Korea, and India contribute to the growth of the bunker fuel market in Asia-Pacific.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global Bunker fuel market are BP Plc, Exxon Mobil Corporation, Royal Dutch Shell Plc, Lukoil, Sinopec Group, Gazprom Neft PJSC, Chevron Corporation, Petronas, TotalEnergies, Neste Oil. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions. 

“Global Bunker fuel Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.       

Market Segmentation:

1.     By Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gas Oil, Liquefied Natural Gas, and Others)

2.     By Commercial Distributor (Oil Majors, Large Independent Distributors, And Small Independent Distributors)

3.     By Application (Container, Bulk Carrier, Oil Tanker, General Cargo, The Chemical Tanker, Fishing Vessels, Gas Tanker, and Others)

4.     By Region (North America, Europe, Middle East & Africa, Asia-Pacific, Rest of the World)

5.     By Company (BP Plc, Exxon Mobil Corporation, Royal Dutch Shell Plc, Lukoil, Sinopec Group, Gazprom Neft PJSC, Chevron Corporation, Petronas, TotalEnergies, Neste Oil)

Key questions answered in the study:

1.     What are the current and future trends of the global Bunker fuel industry?

2.     How the industry has been evolving in terms of type, commercial distributor, and application?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the global Bunker fuel industry?

5.     What is the customer orientation, purchase behavior, and expectations from the global Bunker fuel supplier across various region and countries? 

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL BUNKER FUEL MARKET COVID-19 IMPACT

6 GLOBAL BUNKER FUEL MARKET REVENUE 2019-2027F

7 MARKET INSIGHTS BY TYPE

8 MARKET INSIGHTS BY COMMERCIAL DISTRIBUTOR

9 MARKET INSIGHTS BY APPLICATION

10 MARKET INSIGHTS BY REGION

11 BUNKER FUEL MARKET DYNAMICS

12 BUNKER FUEL MARKET OPPORTUNITIES

13 BUNKER FUEL MARKET TRENDS

14 LEGAL & REGULATORY FRAMEWORK

15 DEMAND AND SUPPLY-SIDE ANALYSIS

16 VALUE CHAIN ANALYSIS

17 COMPETITIVE SCENARIO

18 COMPANY PROFILED

19 DISCLAIMER 

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