Bunker Fuel Market Expected to Garner $273.05 Bn by 2025 at 9.4% CAGR, Says AMR
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The growth of the bunker fuel market is driven by rise in oil and gas explorations and surge in import and export activities that culminate in increased marine trade. Additionally, expansion of bunker fuel business in emerging economies such as India and China would provide lucrative opportunities to emerging market players in the near future. However, market growth is impeded by strict government regulations concerning the use of bunker fuel that contains sulfur and nitrogen, as they tend to disturb the marine life cycle.
Marine gas oil (MGO) segment to exhibit the fastest growth rate in the near future
By type, the marine gas oil (MGO) segment is expected to register the highest CAGR of 14.5% during the forecast period, due to rapid increase in its usage on account of lower sulfur content that complies with recent regulations imposed by the international maritime organization (IMO) on the use of sulfur in marine fuels. However, the residual fuel oil (RFO) segment occupied three-fifths of global market share in 2017 and is projected to continue its dominance through 2025, on account of it being widely used by shipping companies in their transport vessels due to lower cost.
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Oil majors segment projected to remain the largest contributor to the global market
By commercial distributor, the oil majors segment contributed more than two-fifths for the market share in 2017 and is expected to retain its dominance through 2025. However, the large independent segment is projected to grow at the fastest CAGR of 9.9% during the forecast period, as they trade marine fuels across the main regions of the world and are responsible for around 60% of all bunker sales globally.
Asia-Pacific to retain its global dominance through 2025
Asia-Pacific generated almost half of the overall market revenue in 2017 and is anticipated to continue its dominance through 2025. This is attributed to the presence of the world’s major commodity consumption centers in the region and the rise of hydrocarbon exploration in the South China Sea.
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Key market players
The key players analyzed in the report include BP plc, Exxon Mobil, Royal Dutch Shell plc, Sinopec Group, Gazpromp Neft PJSC, Chevron Corporation, Petroliam Nasional Berhad (Petronas), Total S.A., and Neste. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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