Bunker Fuel Market Grow With CAGR Of 9.4% | Focuses On Top Companies, Region And Opportunities

Allied Market Research published a report, titled, "Bunker Fuel Market by Type (Marine Gas Oil (MGO) and Residual Fuel Oil (RFO)), Commercial Distributor (Oil Majors, Large Independent, and Small Independent), and End User (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing, Gas Tanker, and Others): Global Opportunity Analysis and Industry Forecast, 2018 - 2025.

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.

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.

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Based on end use, the Bunker fuel 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 Bunker fuel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific holds the highest share of the bunker fuel market share 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.

Key Findings of the Bunker Fuel Market:
o The Asia-Pacific Bunker fuel market size is predicted to hold a share of over 46.7% by the end of 2025
o 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
o 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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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. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.

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