Bunker Fuel Market Report Includes Global Size, Share, Overall Analysis and Forecast by 2023 having Major Key Players: Gazpromneft- NTC, AEGEAN MARINE PETROLEUM S.A., LUKOIL, ExxonMobil & Chemoil

The major trend witnessed in the global bunker fuel market is the shift toward cleaner and environment-friendly fuels used in bunkers. Owing to the rising need to tackle the environmental pollution caused by conventional fuels used in ship bunkers, various companies producing these fuels are investing on the research and development of cleaner fuels.

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Bunker fuel is utilized by shipping corporations for fueling their marine fleet. Distillate fuel and residual fuel are the two types of fuels commonly used in bunkers. Of the two, residual fuel dominates the bunker fuel market, with around three-fourths of the share.

The end users of bunker fuel comprise tanker vessels, container vessels, and bulk and general cargo vessels. Bulk and general cargo vessels held the largest share in the bunker fuel market during the historical period, owing to the fact that the majority of the transportation of goods is carried out through bulk and general cargo vessels.

The major driver identified in the bunker fuel market is the expanding fleet size of shipping vessels. Owing to the rapid industrialization and commercialization in developing countries such as China, India, Vietnam, and the Philippines, exports as well as imports in these countries have risen significantly. To facilitate the movement of goods across various nations, the demand for shipping vessels is increasing considerably.

The bunker fuel market is consolidated in nature, as the capital investment required to produce the fuel is huge. Hence, the market has a limited number of big players operating within. Some of the key players in the global bunker fuel industry are Gazpromneft Marine Bunker LLC, Aegean Marine Petroleum Network Inc., Lukoil-Bunker LLC, ExxonMobil Corporation, and Chemoil Energy Limited.

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The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.

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