Global Bunker Fuel Market has registered a dynamic growth, as a result of enormous growth in oil and gas exploration activities worldwide.

Rise in marine borne trade has increased the demand for bunker fuel and bunkering services. Increase in oil and gas exploration activities in emerging oil regions drive the growth of the bunker fuel market as many bunker fuel suppliers changed their focus of operation to these offshore resource site. Growth in opportunities for market players to expand business of bunker fuel in emerging economies such as India, Japan, and China are expected to provide lucrative opportunities for the growth of the global bunker fuel market, due to exploration of untapped hydrocarbon reserves in these oil emerging countries.

The global bunker fuel market was valued at $137,215.5 million in 2017, and is projected to reach $273,050.4 million by 2025, growing at a CAGR of 9.4% from 2018 to 2025. Bunker fuel is a type of fuel oil that is used abroad vessels. It is poured into ships bunkers to power its engines. Bunker fuel gets its name from tanks on ports and in ships that it is stored in. Previously, they were known as coal bunkers but now they are called as bunker fuel tanks.

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Based on commercial distributor, the market is divided into oil majors, large independents, and small independents. Oil majors are those companies involved in both production and trading of marine fuel products across the world, whereas independents are those that are involved in the trading of marine fuel products across major regions in the world. Small independents trade marine fuel products only in some restricted regions of the world. Major and large independents have advantage over small independents as they are more financially stable and owns storage terminals and blending facilities in major bunkering ports.

Based on type, the global bunker fuel market is segmented into marine gas oil (MGO) and residual fuel oil (RFO). RFO is the heaviest fraction of crude oil distillation with high concentration of pollutants such as sulfur and with high viscosity. Combustion of this fuel produces much darker smoke than other fuels and requires specific temperature for pumping and storage. Due to this drawback, it is the cheapest marine fuel available in the market. MGO is a pure distillate oil and has the lowest sulfur content.

Based on end use, the market is divided into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessel, gas tanker, and others (Yacht, refrigerated bulk, cruise). Bunker fuel is increasingly used in heavy transportation vessels to transport containers, bulk carriers, and oil tankers across the world.

Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific holds the major share in the global bunker fuel market due to the growth in hydrocarbon exploration activities in Asia-Pacific, especially in South China sea. Due to this, many bunker fuel suppliers shifted their operations to the off-shore ports and destination, which are deliberately closer to the offshore hydrocarbon resource site.

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Market players have adopted agreement, partnership, and expansion as their key strategies to gain competitive advantage in this market. The key players profiled in this report include BP plc, ExxonMobil, Royal Dutch Shell plc, Lukoil, Sinopec Group, Gazprom Neft PJSC, Chevron Corporation, Petroliam Nasional Berhad (Petronas), Total S.A., and Neste.

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