The global Bunker fuel market is likely to showcase a robust CAGR growth of around 5% during the forecast period (2021-2027).
A comprehensive overview of the global bunker fuel market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the bunker fuel market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels. The global Bunker fuel market is likely to showcase a robust CAGR growth of around 5% during the forecast period (2021-2027).
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Market Overview
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.
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.
COVID-19 Impact
The COVID-19 pandemic has adversely impacted the global power industry. Several countries enforced nationwide lockdowns as part of measures to limit the spread of the coronavirus. This resulted in a temporary ban on import and export activities, slowed down, and delayed shipping and ship crew movements in many countries had severely disrupted the logistics and supply chain industries which in turn negatively impacted the bunker fuel market.
Global Bunker fuel market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into:
· High Sulfur Fuel Oil
· Low Sulfur Fuel Oil
· Marine Gasoil
· Liquefied Natural Gas
· Others
Based on the 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.
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By Application, the market is primarily bifurcated into:
· Container
· Bulk Carrier
· Oil Tanker
· General Cargo
· Chemical Tanker
· Fishing Vessels
· Gas Tanker
· Others
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.
Global Bunker Fuel Market Geographical Segmentation Includes:
· North America
Ø United States
Ø Canada
Ø Rest of North America
· Europe
Ø Germany
Ø France
Ø Spain
Ø Italy
Ø United Kingdom
Ø Rest of Europe
· Asia-Pacific
Ø China
Ø India
Ø Australia
Ø Japan
Ø Rest of Asia-Pacific
· Middle East & Africa
Ø UAE
Ø Saudi Arabia
Ø Nigeria
Ø Egypt
Ø South Africa
Ø Rest of MEA
· Rest of the World
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 Asia-Pacific), and Rest of 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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The major players targeting the market include:
· BP Plc
· Exxon Mobil Corporation
· Royal Dutch Shell Plc
· Lukoil
· Sinopec Group
· Gazprom Neft PJSC
· Chevron Corporation
· Petronas
· TotalEnergies
· Neste Oil
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts’ sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global bunker fuel market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global Bunker Fuel market?
· Which factors are influencing the global Bunker fuel market over the forecast period?
· What are the global challenges, threats, and risks in the global Bunker Fuel market?
· Which factors are propelling and restraining the global Bunker Fuel market?
· What are the demanding global regions of the global Bunker Fuel market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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