At 9.4% CAGR, Global Bunker Fuel Market to Exhibit $273.05 Billion by 2025

Rise in import and export activities resulting in the growth of the marine trade and increasing oil and gas exploration activities in emerging oil-producing regions drive the growth in the industry. However, stringent government regulations regarding use of bunker fuel such as residual fuel oil (RFO) containing pollutants such as sulfur and nitrogen that are capable enough to disturb the marine life cycle would hinder the market growth.

The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global bunker fuel market generated $137.21 billion in 2017, and is expected to reach $273.05 billion by 2025, growing at a CAGR of 9.4% from 2018 to 2025.

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Residual fuel to dominate, MGO to rule in terms of growth through 2025

Among the types, the residual fuel segment grabbed the largest market share of 60% in 2017 and would maintain its revenue lead through 2025. This is because the fuel is cheaper in comparison to alternative fuel MGO and is therefore, widely used by shipping companies in their transport vessels. However, the marine gas oil (MGO) segment would grow at the highest CAGR of 14.5% from 2018 to 2025.

Container segment to dominate through 2025

Among end-users, the container segment grabbed the largest market share of 22.2% in 2017 and would maintain its revenue lead through 2025. Increase in demand of basic commodities and chemical products across emerging economies such as China and India drive the growth of segment as large number of transport vessels are needed to transport container freight loaded with different goods in bulk.

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Frontrunners of the industry

Leading market players analyzed in the research 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. The other players in the value chain include Aegean Marine Petroleum Network, Inc., Lukoil-Bunker LLC, Chemoil Energy Limited, and others.

Key Findings of the Bunker Fuel Market:
• The Asia-Pacific Bunker fuel market size is predicted to hold a share of over 46.7% by the end of 2025
• The residual fuel segment is expected to hold a dominant share of over 60.0% in the global bunker fuel market in terms of revenue in 2017, and is predicted to reduce to 41.4% by 2025
• The oil majors, commercial distributor segment is projected to have a share of over 41.6% in 2017, and is projected to reduce to 40.9% by the end of 2025

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