WILMINGTON, DE / ACCESSWIRE / August 26, 2022 / Transparency Market Research Inc. -The sales forecast for bunker fuel market estimates the market to rise a CAGR of 2.5% during the forecast period, from 2019 to 2027. The bunker fuel market size is expected to touch value of US$ 177.8 Bn by 2027. A large increase in the demand for marine diesel oil and the continuous uptake of low-sulfur fuel oils are anticipated to emerge as growth frontiers for bunker fuel market in the forthcoming years. Aiming to increase the supply of marine diesel bunker fuels and liquefied natural gas, participants in the modern bunker fuel market are allocating their resources.
The International Marine Organization's rules is expected to support the expansion of the global bunker fuel market within the given timeframe. This is because there has been a trend of shifting away from marine diesel oils and LNG in favor of high sulfur fuel oils.
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Fuel oil is a common choice for bunker fuel right now. The use of alternative intermediate distillate fuels as bunker fuels is still a possibility, though. High sulfur fuel oil (HSFO), marine diesel oil (MDO), marine gas oil (MGO), very low sulfur fuel oil (VLSFO), and intermediate fuel oil (IFO) are the several types of fuel used as bunker fuel. Rapid urbanization and growing globalization have raised demand for a variety of commodities worldwide. Since seaborne trade is profitable, it is extensively adopted around the world. For shipping, a variety of ships, including container fleets, tanker fleets, and bulk & general cargo fleets, are employed. In light of this, it is projected that the market for bunker fuel will grow as marine activity increases globally.
Key Findings of Market Report
- A significant portion of the businesses involved in bunker fuel trading's business is supplying bunker fuel and related services to the oil and natural gas industry. The offshore fleet is mostly made up of platform supply ships, exploration ships, cable laying ships, anchor handling ships, and standby ships. A steady transition from onshore toward offshore reserves has been caused by the exploration industry's rapid development and rise in demand for additional hydrocarbon reserves. This is likely to expand the scope for bunker fuel market.
- Asia Pacific is predicted to be a very promising region of the global bunker fuel market in the coming years. The Asia Pacific market for bunker fuel is anticipated to grow significantly throughout the forecast timeline. Singapore, Japan, and South Korea all have observed tremendous economic growth. The United Nations Conference on Trade and Development estimated that 10 billion tons of goods were transported by sea globally in 2018, with Asia Pacific accounting for 60% of that volume. This is anticipated to increase demand for bunker fuel in the Asia Pacific region.
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Global Bunker Fuel Market: Key Players
Some of the key market players are
- Chevron U.S.A. Inc.
- World Fuel Services Corporation
- Brightoil Petroleum (Holdings) Limited
- Exxon Mobil Corporation
- BP Sinopec Marine Fuels
- Saudi Arabian Oil Co.
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Global Bunker Fuel Market: Segmentation
Fuel
- High Sulfur Fuel Oil (HSFO)
- Very Low Sulfur Fuel Oil (VLSFO)
- Marine Diesel Oil (MDO)
- Liquefied Natural Gas (LNG)
Application
- Tanker Fleet
- Glass Container Fleet
- Bulk & General Cargo Fleet
- Others
Seller
- Major Oil Companies
- Leading Independent Sellers
- Small Independent Sellers
Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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